Resolute Forest Products Inc. recently reported net income, excluding special items ($746 million), of $107 million for the year ended December 31, 2013, up 24% compared to 2012, on sales of $4.5 billion, unchanged from prior year. Earnings per share, excluding special items ($7.88 per share), were $1.13, up 28% compared to 2012. GAAP net loss was $639 million in 2013, or $6.75 per share, compared to net income of $1 million, or $0.01 per share, in 2012.
In the fourth quarter of 2013, the Company reported net income, excluding special items ($35 million), of $32 million, or $0.34 per share, up 13% from the fourth quarter of 2012. GAAP net loss was $3 million in the quarter, or $0.03 per share, compared to a loss of $45 million, or $0.47 per share, in the fourth quarter of 2012. Sales were $1.2 billion, up 2% from the fourth quarter of 2012.
"In 2013, 45% of adjusted EBITDA came from our market pulp and wood products businesses," said Richard Garneau, president and chief executive officer. "Because of our diversified asset base, improvements in market pulp and wood products made up for a challenging year in paper grades. We've taken important steps to grow these businesses with acquisitions and investment commitments, while at the same time optimizing paper assets to maximize capacity utilization and margins. We also continued to focus on costs to improve earnings power."
