Resolute Forest Products Inc. reported net income for the quarter ended June 30, 2018, of $72 million, or $0.77 per diluted share, compared to a net loss of $74 million, or $0.82 per share, in the same period in 2017. Sales were $976 million in the quarter, an increase of $118 million from the year-ago period.
Excluding special items, the company reported net income of $66 million, or $0.71 per share, compared to a net loss, excluding special items, of $3 million, or $0.03per share, in the 2Q 2017.
“Overall positive price momentum and improved operational performance led to record profitability this quarter. Our strong financial results allowed repayment of $105 million of debt during the quarter, significantly improving our balance sheet and leverage,” said Yves Laflamme, president and CEO. “We are also very pleased that the countervailing duty order on supercalendered paper has recently been revoked, resulting in a $60 million refund of duty deposits over the coming months.”
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products, newsprint and specialty papers, which are marketed in close to 70 countries.