MONTREAL — Resolute Forest Products Inc. reported a first-quarter profit of $87 million compared with a loss a year ago as its sales climbed higher, helped by strong lumber prices.
However shares in the forestry company fell $2.37 or about 12 per cent to $16.70 in trading on the Toronto Stock Exchange as its profit fell short of expectations.
Resolute says it earned $1.06 per diluted share for the quarter ended March 31, compared with a loss of $1 million or a penny per share a year earlier.
Sales totalled $873 million in the quarter, up from $689 million.
Excluding special items, Resolute reported a profit of $1.45 per diluted share, compared with a loss of 33 per share in the first quarter of 2020.
Analysts on average had expected an adjusted profit of $1.66 per share, according to financial data firm Refinitiv.
This report by The Canadian Press was first published April 29, 2021.
Companies in this story: (TSX:RFP)
The Canadian Press