- Resolute Forest Products (NYSE:RFP) (TSX:RFP) reported first-quarter FY22 sales growth of 8.3% year-on-year to $945 million, missing the consensus of $1.27 billion.
- Adjusted EPS of $2.26 missed the analyst consensus of $2.48.
- Selling, general and administrative expenses fell 21.7% Y/Y to $36 million.
- The operating margin was 24.8%, and operating income for the quarter rose 32.7% to $235 million.
- Adjusted EBITDA of $270 million increased 22.2% Y/Y.
- Cash provided by operating activities in the quarter totaled $147 million. Resolute held $162 million in cash and equivalents as of March 31, 2022.
- "The underlying fundamentals for building materials remain positive, but we are mindful of inflationary pressure and rising interest rates, which could affect pricing and margins," said CEO Remi G. Lalonde.
- Price Action: RFP shares closed lower by 0.37% at C$19.03 on TSX, and RFP lower by 0.20% at $14.79 on Thursday.
