Resolute Forest Products recently reported a net loss for the quarter ended March 31, 2015, excluding special items, of $30 million, or $0.32 per share, compared to a net loss, excluding special items, of $26 million, or $0.27 per share, in the same period in 2014. Sales were $920 million in the quarter, down $96 million, or 9%, from the first quarter of 2014. GAAP net loss was $33 million, or $0.35 per share, compared to a net loss of $50 million, or $0.53 per share, in the first quarter of 2014.
"This quarter's results were most affected by the combination of lower price realizations in our market pulp and wood products businesses, together with intensifying challenges in the global newsprint market," said Richard Garneau, president and chief executive officer. "Even as market prices have retreated from recent highs this quarter, we remain bullish on our lumber and pulp businesses. We're confident that we will add significant value with our investments to build capacity, including the two new Ontario sawmills and the Calhoun pulp digester project. We believe in the long-term global pulp market fundamentals, including its underlying growth drivers like tissue production in North America, which has been a growing consumer of our pulp.
"Our recent newsprint and specialty paper capacity closures, on the other hand, show our efforts to adapt to changing market dynamics in the paper businesses, which will continue to evolve. Our clear objective is to generate as much value as we can from these assets, by concentrating production to maximize the use of our most cost-effective mills, eliminating fixed costs and avoiding costly rotating downtime."