BUZZ-Domtar Corp: Q3 profit beats on lower costs

Thu Oct 23, 2014 12:02pm EDT
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** Canadian paper and pulp products producer's Toronto-listed shares up 10.3 pct at C$44.78

** Company's U.S.-listed shares trading up 10 pct at $39.77

** Posts much better-than-expected Q3 profit, helped by 3 pct drop in operating expenses

** Says lower raw material costs, higher selling prices for paper and higher pulp shipments, partially offset by lower selling prices for pulp, helped drive profit beat

** Reports adjusted profit of 94 cents per share, well above analysts' average estimate of 82 cents

** Says it expects to benefit from lower maintenance activities in Q4

** Toronto-listed shares headed for biggest single-day percentage gain since Jan. 31

** Up to Wednesday's close, Toronto-listed shares had fallen 36 pct since touching 52-week high of $63.91 on March 28