Resolute Forest Products reported net income of $31 million for the third quarter, or $0.32 per diluted share, on sales of $1.2 billion. This compares with a net loss of $44 million, or $(0.46) per share, on sales of $1.2 billion in the third quarter of 2011.
Excluding $24 million of special items, net income for the quarter was $7 million.
“We're pleased with these results, considering the specific challenges we faced in the quarter and the unexpected extent of the maintenance required to bring our recently acquired St. Felicien mill up to par," said Richard Garneau, president and CEO. “Our cost-focused strategy allowed us to maintain attractive margins in the paper and wood products segments despite lower shipments overall. This is the direct result of our focus on the items we control: selling only profitable tons and maintaining world-class operational standards."
In his outlook, Garneau noted: “While demand in the specialty segment is under pressure, we believe that our Dolbeau facility will improve our overall competitive position. With our focus on running for profit and not for tons, we will continue to manage our capacity as we've done in the last 12 months, assessing our network of mills to ensure that we produce only the tons our customers order.”