Domtar Corp. shares close higher on earnings increase, positive paper outlook
Domtar president and CEO John Williams arrives at the paper company's annual meeting Wednesday, April 30, 2014 in Montreal. THE CANADIAN PRESS/Paul Chiasson
February 05, 2019 - 1:57 PM
MONTREAL - Domtar Corp. shares closed up almost eight per cent on the Toronto Stock Exchange after the company released earnings results and a positive outlook.
The company, which reports in U.S. dollars, says it had net earnings of $87 million or $1.38 per share for the fourth quarter ending Dec. 31, compared with net loss of $386 million or $6.16 per share for the fourth quarter in 2017.
Adjusted net earnings worked out to $103 million or $1.63 per share for the quarter, in line with analyst expectations according to Thomson Reuters Eikon, and up from $40 million or 64 cents per share for the fourth quarter a year earlier.
Domtar CEO John Williams says the company's pulp and paper division performed well and results improved from the third quarter on stronger sales in Europe.
The company says it expects paper shipments to increase this year as it responds to increased demand and for prices to rise across most paper grades.
Domtar shares closed up $4.75 or 7.79 per cent at $65.75 on the Toronto Stock Exchange.
Companies in this story: (TSX:UFS)
News from © The Canadian Press, 2019