Resolute Forest Products suffered a net loss of $128 million, or $1.64 per share, for the quarter ended Dec. 31.
A year earlier, for the corresponding period, the company’s loss was $52 million, or $0.63 per share, according to its interim financial results for the company released Thursday.
In addition, for the full year 2021, Resolute Forest Products posted net income of $307 million, or $3.83 per diluted share, compared to net income of $10 million, or $0.12 per share, fully diluted, for fiscal year 2020.
Sales for the Montreal-based company reached $3.7 billion, up 31% over the previous year.
“Our fourth quarter results reflect the higher prices realized in most of our sectors, particularly the Wood Products sector, but also the pressures exerted on costs throughout the company”, commented Rémi G. Lalonde. , President and CEO.
“We had to deal with higher manufacturing costs, mainly due to higher energy prices, less input from in-house power plants, higher fiber costs, as well as the rising transport costs,” he said.
For the future, Mr. Lalonde remains optimistic and believes that as the wave of the Omicron variant passes, “the weather improves and the knots in the logistics system loosen”, a return to a business context more normal should occur. However, he believes that this return to normal could take “several months”.