Resolute profit soars on gains in pulp and paper

Resolute Forest Products Inc. is reporting stronger results in its latest quarter on gains in its pulp and paper sectors from improved pricing and the idling of a U.S. mill. The forestry company, which keeps its books in U.S. dollars, says its net income attributed to shareholders was $210 million, or $2.68 per diluted share, in the first quarter, up from $87 million, or $1.06 per share, a year earlier. Excluding special items, adjusted profit increased nearly 50 per cent to $177 million, or $2.26 per share, compared with $119 million, or $1.45 per share, in the first quarter of 2021.