By: Dakota Financial News
Resolute Forest Products (NYSE:RFP)’s share pricetraded down 12.4% during trading on Thursday following a dissappointing earnings announcement, American Banking and Market News reports. The stock traded as low as $12.87 and last traded at $13.23, with a volume of 639,052 shares. The stock had previously closed at $15.11.
The company reported ($0.32) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.09 by $0.41. The company had revenue of $920.00 million for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the company posted ($0.27) earnings per share. The company’s quarterly revenue was down 9.4% on a year-over-year basis.
In other Resolute Forest Products news, major shareholder Navigator Master L. Steelhead sold 223,700 shares of Resolute Forest Products stock on the open market in a transaction dated Friday, May 1st. The shares were sold at an average price of $16.08, for a total value of $3,597,096.00. The transaction was disclosed in a legal filing with the SEC, which is available atthis link.
The stock has a 50-day moving average of $16. and a 200-day moving average of $17.. The company’s market cap is $1.26 billion.
Resolute Forest Products Inc, AbitibiBowater Inc, is a global forest products company. The Company’s products include newsprint, commercial printing papers, market pulp and wood products. The Company owns or operates pulp and paper mills and wood products facilities in the United States, Canada and South Korea.