Resolute Suffers Net Loss

Resolute Forest Products Inc. had a net loss of $52 million for the fourth quarter of 2020. This compares to a net loss of $71 million in the same period in 2019. Sales were $769 million in the quarter, an increase of $101 million from the year-ago period. Operating income was $4 million compared to $97 million in the third quarter. The quarterly results reflect a sequential increase in shipments offset by an increase in costs. The wood products segment had operating income of $128 million in the quarter, unchanged from the previous quarter. Shipments rose by five million board feet compared to the previous quarter, as robust market conditions carried through the quarter due to strong U.S. housing starts and repair and remodeling activity. Finished goods inventory dropped to 97 million board feet, which is a historical low. EBITDA was unchanged at $139 million.