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Re: blast1977 post# 251

Saturday, 05/01/2021 8:21:58 AM

Saturday, May 01, 2021 8:21:58 AM

Post# of 303
Full-year production is expected to rise by 7 per cent.

FP/wire say Resolute Forest takes hit for Q1 miss

2021-04-30 09:47 ET - In the News

The Financial Post reports in its Friday edition that lumber demand is so strong that Resolute Forest Products' order book exceeds its inventory, according to chief executive officer Remi Lalonde. A Bloomberg dispatch to the Post says that after trucking and rail car shortages hampered shipments during the first quarter, Resolute is now holding extra inventories at a time of record wood prices, Mr. Lalonde told analysts on a conference call Thursday. Still, even those stockpiles are not enough to satisfy the North American building boom, so Resolute is increasing output. Full-year production is expected to rise by 7 per cent. Lumber futures have surged 85 per cent this year on sky-high demand from home builders and remodellers. "We're selling volume that we haven't sawed yet," the CEO said. The inventory rise during a price rally was "kind of a happy accident." Investors punished Montreal-based Resolute for posting adjusted per-share profit that trailed every analyst estimate compiled by Bloomberg. Executives cited transport snags for the underperformance. To boost output, Resolute restarted an Ontario mill idle for two years, as well as one in Arkansas. Resolute closed Thursday at $16.12, down $2.95 in Toronto.

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