Canada's Resolute Forest Products posts smaller loss

Thu Feb 6, 2014 8:47am EST
 
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Feb 6 (Reuters) - Canada's Resolute Forest Products Inc reported a smaller loss due to lower paper-machine closure costs and other asset impairment charges.

Net loss attributable to the company narrowed to $3 million, or 3 cents per share, in the fourth quarter, from $45 million, or 47 cents per share, a year earlier.

Excluding one-time items, the company, formerly known as AbitibiBowater, earned 34 cents per share.

Analysts on average had expected earnings of 29 cents per share, according to Thomson Reuters I/B/E/S.

Sales rose 2 percent to $1.15 billion.

The company owns or operates more than 40 pulp and paper mills and wood products facilities in the United States, Canada and South Korea.

Resolute's paper-machine closure costs, impairment and other related charges fell 62 percent to $33 million in the quarter.

Shares of Resolute closed at C$21.04 on the Toronto Stock Exchange on Wednesday. They have risen about 50 percent in the last six months, outperforming the Toronto Stock Exchange 300 Composite Index's 8 percent gain.