Financial Reports
May 26, 2017 - Resolute Forest Products Inc. reported a net loss for the quarter ended March 31, 2017, of $47 million, or $0.52 per share, compared to a net loss of $8 million, or $0.09 per share, in the same period in 2016.
May 2, 2017 - Domtar Corporation on April 27 released preliminary results for its first quarter of 2017, pointing to good momentum in pulp markets. The company noted its pulp business is growing having shipped nearly 25 percent more tons when compared to the same quarter last year. When compared to the fourth quarter of 2016, pulp shipments increased nine per cent.
Apr. 11, 2017 - BillerudKorsnäs preliminary first quarter results have been negatively impacted by quality costs emanating from production during the second half of 2016 and start-up costs for the Rockhammar re-build late 2016. Despite these issues, BillerudKorsnäs explains it experienced a relatively good first quarter in its current fiscal year based on high production volumes. Operating profit for the first quarter is estimated to amount to approximately SEK 550 million ($81 million).
Catalyst Paper reported significantly improved operating results for the quarter ended September 30, aided by a cost-reduction program that has save $63.1 million so far this year.
Finnish board maker Metsä Board is exiting from several unprofitable paper businesses, and has concentrated the company’s production in linerboard and folding boxboard.
Second quarter operating results for Catalyst Paper were negatively impacted by the stronger Canadian dollar, lower production and sales volumes, the continued impact of the countervailing duty (CVD) on exports to the United States of supercalendered paper, and higher maintenance and power costs for the Canadian operations.
Resolute Forest Products Inc. recorded an operating loss of US$18 million for the second quarter, compared to operating income of US$16 million in the year-ago period. Key to the quarter's reported performance was a non-recurring US$37 million closure and impairment related charge, almost all of which resulted from the permanent shutdown of a newsprint machine at the Augusta facility during the quarter.
Domtar reported net earnings of US$18 million for the second quarter of 2016 compared to net earnings of US$4 million for the first quarter of 2016 and net earnings of US$38 million for the second quarter of 2015. Sales for the second quarter of 2016 were US$1.3 billion.
Tembec reports that its consolidated sales for the three-month period ended June 25, 2016, were $376 million, as compared to $365 million in the same quarter a year ago. The company generated net earnings of $9 million or $0.09 per share in the June 2016 quarter compared to a net loss of $16 million or $0.16 per share in the June 2015 quarter.
Canfor Pulp Products Inc. reported net income of $2.2 million for the second quarter of 2016, compared to $23.1 million for the first quarter of 2016 and $17.7 million for the second quarter of 2015. For the six months ended June 30, 2016, the company's net income was $25.3 million compared to $45.7 million for the six months ended June 30, 2015.
The leader of Quebec’s official opposition party is calling on Premier Philippe Couillard to take action on countervailing duties applied to supercalendered paper exports to the United States. Sylvain Gaudreault, member of provincial parliament for Jonquière and leader of the opposition, says the duty is threatening the future of two mills in his territory.
The federal government has taken a trade complaint about the U.S. tariffs on imports of Canadian supercalendered paper to the World Trade Organization.The Honourable Chrystia Freeland, Minister of International Trade, announced that Canada has filed a request for consultations with the World Trade Organization to challenge U.S. countervailing duties on supercalendered paper imported from Canada.Consultations are the first step in the WTO dispute settlement mechanism.
A ruling by the U.S. International Trade Commission that the U.S. paper industry is materially injured by imports of supercalendered paper from Canada will result in a countervailing duty of up to 20 per cent on these products.
The U.S. Department of Commerce has made its final determination in the countervailing duty (CVD) investigation of imports of supercalendered paper from Canada, and the duties are even higher for some mills than the interim rates.
With the expiration of the 2006 Softwood Lumber Agreement between Canada and the U.S. on Oct. 12, lumber trade between the two nations is now governed by a “standstill provision” that precludes the U.S. from bringing trade action against Canadian softwood lumber producers for 12 months.
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