Resolute Reports Preliminary Fourth Quarter and 2021 Results

*Q4 GAAP net loss of $128 million / net income of $307 million for 2021
*Adjusted EBITDA of $111 million in the quarter / $921 million for the full year
*Liquidity of $953 million / net debt of $190 million at year-end
*Repurchased 1.3 million shares in Q4 / 4.6 million shares (6%) in 2021
*Net pension & OPEB liability down by over $400 million at year-end

Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today announced a net loss for the quarter ended December 31 of $128 million, or $1.64 per share, compared to a net loss of $52 million, or $0.63 per share, in the same period in 2020. Sales were $834 million in the quarter, an increase of $65 million from the year-ago period. Excluding special items, the company reported net income of $37 million, or $0.48 per diluted share, compared to net income of $45 million, or $0.55 per diluted share, in the fourth quarter of 2020.

For the year, the company reported GAAP net income of $307 million, or $3.83 per diluted share, compared to net income of $10 million, or $0.12 per diluted share, in 2020. Sales were $3.7 billion, up by 31% from the previous year. Excluding special items, the company reported net income of $523 million, or $6.51 per diluted share, compared to net income of $56 million, or $0.65 per diluted share, in 2020.

“The $921 million of adjusted EBITDA generated in 2021 allowed us to reduce our debt, invest in our business and return cash to shareholders,” said Remi G. Lalonde, president and chief executive officer. “Our fourth quarter results reflect higher realized prices across most of our segments, especially wood products, but also cost pressures across the business. We faced higher manufacturing costs, mainly due to higher energy prices, lower internal power generation and higher fiber costs, as well as higher freight costs and a mark-to-market of share-based awards following a stock price appreciation of roughly 30% in Q4. Rising interest rates helped to reduce our net pension and OPEB deficit by over $400 million this year, further strengthening our balance sheet and credit profile.”
details at: https://resolutefp.mediaroom.com/2022-02-03-Resolute-Reports-Preliminary-Fourth-Quarter-and-2021-Results

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