Domtar Corp. (UFS,UFS.TO) reported a significant drop in its fourth-quarter net earnings to $61 million or $1.63 per share from $325 million or $7.59 per share last year.
Excluding items, net earnings were $93 million, lower than $103 million, while adjusted earnings per share rose to $2.49 from $2.41 a year ago. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $2.24 for the quarter. Analysts' estimates typically exclude one-time items.
President and Chief Executive noted, "Our pulp earnings were affected by the rapid decline in global pulp prices while earnings from our paper business were impacted by the typical seasonal slowdown of the fourth quarter."
Sales for the quarter remained almost flat at $1.37 billion, while 6 analysts estimated revenues of $1.36 billion for the quarter.
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