Resolute Reports Preliminary Fourth Quarter and 2020 Results

• Q4 GAAP net loss of $52 million / net income of $10 million for 2020
• Adjusted EBITDA of $129 million in the quarter / $338 million for the full year
• Net debt down by $93 million to $448 million / year-end liquidity at $693 million
• Repurchased 2.1 million shares in Q4 / 6.9 million (8%) in 2020
• Completed private offering of $300 million 4.875% senior unsecured notes

Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported a net loss for the quarter ended December 31, 2020, of $52 million, or $0.63 per share, compared to a net loss of $71 million, or $0.79 per share, in the same period in 2019. Sales were $769 million in the quarter, an increase of $101 million from the year-ago period. Excluding special items, the company reported net income of $45 million, or $0.55 per diluted share, compared to a net loss of $53 million, or $0.59 per share, in the fourth quarter of 2019.

For the year, the company reported GAAP net income of $10 million, or $0.12 per diluted share, compared to a net loss of $47 million, or $0.51 per share, in 2019. Sales were $2.8 billion, down by 4% from the previous year. Excluding special items, the company reported net income of $56 million, or $0.65 per diluted share, compared to a net loss of $46 million, or $0.50 per share, in 2019.

“We’re pleased with the performance of our wood products segment and its ability to drive bottom-line impact from strong end-markets like what we’ve seen in the second half of 2020 with the rebound in U.S. housing starts and robust demand for repair and remodeling activity,” said Yves Laflamme, president and chief executive officer.

“The strong pricing for lumber and a release of working capital allowed us to generate almost $160 million of cash from operations in the quarter and helped to make up for challenging conditions in our pulp and paper segments, which are still recovering from the economic effects of the pandemic. Last quarter we took advantage of our strong financial performance to repurchase an additional 2.1 million shares of our common stock, for a total of 8% this year, and we recently refinanced our $375 million of outstanding 5.875% notes due 2023 with $300 million in new 4.875% notes due 2026 on very favorable terms and conditions.”
details at: https://resolutefp.mediaroom.com/2021-02-04-Resolute-Reports-Preliminary-Fourth-Quarter-and-2020-Results

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