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Last10K.com | 10-Q Quarterly Report Thu Nov 04 2021
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Exhibit 99.1
234 Kingsley Park Drive Fort Mill, South Carolina 29715
News Release |
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TICKER SYMBOL |
Investor RELATIONS |
MEDIA RELATIONS |
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(NYSE: UFS) (TSX: UFS) |
Nicholas Estrela Director Investor Relations |
David Struhs Vice-President Corporate Services and Sustainability Tel.: 803-802-8031 |
DOMTAR CORPORATION REPORTS PRELIMINARY FIRST QUARTER 2021 FINANCIAL RESULTS
(All financial information is in U.S. dollars, and all earnings per share results are diluted, unless otherwise noted).
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First quarter 2021 net loss from continuing operations of $0.13 per share; earnings from continuing operations before items1 of $0.09 per share |
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$29 million financial impact from weather-related outage at Ashdown, AR market pulp mill |
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Repurchases of 5.1 million shares |
Fort Mill, SC, May 6, 2021 –
Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported a net loss of $29 million ($0.54 per share) for the first quarter of 2021 compared to a net loss of $59 million ($1.07 per share) for the fourth quarter of 2020 and net earnings of $5 million ($0.09 per share) for the first quarter of 2020. Sales for the first quarter of 2021 were $944 million.The first quarter 2021 results include an after-tax loss of $22 million ($0.41 per share) from discontinued operations related to the sale of the Personal Care Business, compared to an after-tax loss of $43 million ($0.78 per share) for the fourth quarter of 2020 and an after-tax earnings of $20 million ($0.36 per share) for the first quarter of 2020.
Excluding discontinued operations and the items listed below, the Company had earnings from continuing operations before items1 of $5 million ($0.09 per share) for the first quarter of 2021 compared to earnings from continuing operations before items1 of $19 million ($0.34 per share) for the fourth quarter of 2020 and a loss from continuing operations before items1 of $15 million ($0.27 per share) for the first quarter of 2020.
ITEMS
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Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in the appendix. |
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The following information was filed by Domtar Corp (UFS) on Thursday, May 6, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Domtar Corp's financial trajectory
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Domtar Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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M & A - Other Highlight
The Credit Agreement contains customary covenants and events of default for transactions of this type, including two financial covenants: (i) an interest coverage ratio, as defined in the Credit Agreement, that must be maintained at a level of not less than 3 to 1 and (ii) a leverage ratio, as defined in the Credit Agreement, that must be maintained at a level of not greater than 3.75 to 1 (or 4.00 to 1 upon the occurrence of certain qualifying material acquisitions).
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Financial - Expense Highlight
For the three and nine months ended September 30, 2021, we recorded $1 million and $8 million, respectively, of accelerated depreciation under Impairment of long-lived assets, $1 million and $5 million, respectively, of severance and termination costs, $1 million and nil, respectively, of pension settlement gain and nil and $4 million, respectively, of other costs under Closure and restructuring costs on the Consolidated Statement of Earnings (Loss) and Comprehensive Income (Loss).
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Financial - Expense Highlight
Overall raw material costs are expected to increase mostly due to inflation.
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Financial - Expense Highlight
Overall raw material costs are expected to increase mostly due to inflation.
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Financial - Income Highlight
Operating income and net earnings increased by 163% and 180%, respectively, from the third quarter of 2020 We reported earnings from continuing operations of $74 million compared to a loss from continuing operations of $111 million in the third quarter of 2020 Sales increased by 15% from the third quarter of 2020.
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Financial - Expense
SG&A expenses were higher in...Read more
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Financial - Expense
Higher input costs ($17 million)...Read more
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Financial - Expense
We incurred $7 million of...Read more
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Financial - Expense
The costs saving initiatives included...Read more
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Financial - Income
Higher other income ($2 million)...Read more
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Financial - Expense
During the three and nine...Read more
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Other - Other
At September 30, 2021, we...Read more
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Other - Other
Depreciation charges were lower by...Read more
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Other - Other
Depreciation charges were lower by...Read more
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Financial - Expense
The effective tax rate for...Read more
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Financial - Earnings
The effective 54 tax rate...Read more
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Other - Other
The effective tax rate was...Read more
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Other - Other
The effective tax rate was...Read more
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Revenue - Product
These increases were partially offset...Read more
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Revenue - Product
Sales in the first nine...Read more
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Other - Other
Most of our products are...Read more
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Financial - Cash Flow
Cash flows provided from investing...Read more
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Other - Other
Forward-looking statements are necessarily based...Read more
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Financial - Expense
We incurred $42 million of...Read more
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Financial - Expense
On an ongoing basis, management...Read more
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Financial - Debt
Our credit and receivable securitization...Read more
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Financial - Cash Flow
Cash flows from operating activities,...Read more
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Revenue - Product
This increase in sales is...Read more
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Financial - Dividend
58 Common Stock On May...Read more
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Other - Other
Our Board of Directors will...Read more
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Other - Other
Paper demand is expected to...Read more
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Other - Other
Paper demand is expected to...Read more
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Financial - Cash Flow
This decrease in cash flows...Read more
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Other - Other
At September 30, 2021 and...Read more
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Revenue - Product
This increase in sales is...Read more
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Financial - Income
Business segment operating income (loss)...Read more
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Other - Other
Demand for paper grade pulp...Read more
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Other - Other
Demand for paper grade pulp...Read more
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Financial - Expense
These increases were partially offset...Read more
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Revenue - Product
Net Price Volume / Mix...Read more
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Financial - Cash Flow
The primary source of cash...Read more
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Other - Other
Factors that might cause a...Read more
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Financial - Income
For the third quarter of...Read more
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Financial - Income
For the first nine months...Read more
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Financial - Expense
Topics discussed and analyzed include:...Read more
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Financial - Expense
We recorded $8 million of...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Consolidated Balance Sheets (Parenthetical) (Unaudited)
Consolidated Balance Sheets (Unaudited)
Consolidated Statements Of Cash Flows (Parenthetical) (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Earnings (Loss) And Comprehensive Income (Loss) (Parenthetical) (Unaudited)
Consolidated Statements Of Earnings (Loss) And Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Shareholders' Equity (Parenthetical) (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Acquisition Of Business
Acquisition Of Business (Tables)
Acquisition Of Business - Additional Information (Detail)
Acquisition Of Business - Schedule Of Preliminary Purchase Price Allocation (Detail)
Basis Of Presentation
Changes In Accumulated Other Comprehensive Loss By Component
Changes In Accumulated Other Comprehensive Loss By Component (Tables)
Changes In Accumulated Other Comprehensive Loss By Component - Schedule Of Changes In Accumulated Other Comprehensive Loss By Component (Detail)
Changes In Accumulated Other Comprehensive Loss By Component - Schedule Of Reclassifications Out Of Accumulated Other Comprehensive Loss (Detail)
Closure And Restructuring Costs And Impairment Of Long-Lived Assets
Closure And Restructuring Costs And Impairment Of Long-Lived Assets - Additional Information (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Changes In Reserve For Environmental Remediation And Asset Retirement Obligations (Detail)
Derivatives And Hedging Activities And Fair Value Measurement
Derivatives And Hedging Activities And Fair Value Measurement (Tables)
Derivatives And Hedging Activities And Fair Value Measurement - Additional Information (Detail)
Derivatives And Hedging Activities And Fair Value Measurement - Currency Values Under Significant Currency Positions Pursuant To Currency Derivatives Outstanding (Detail)
Derivatives And Hedging Activities And Fair Value Measurement - Derivative Financial Instruments For Natural Gas Contracts Outstanding (Detail)
Derivatives And Hedging Activities And Fair Value Measurement - Fair Value Of Financial Instruments (Detail)
Derivatives And Hedging Activities And Fair Value Measurement - Fair Value Of Financial Instruments (Parenthetical) (Detail)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Detail)
Discontinued Operations - Schedule Of Cash Flows From Discontinued Operations (Detail)
Discontinued Operations - Schedule Of Major Classes Of Assets And Liabilities Classified As Held For Sale In Balance Sheets (Detail)
Discontinued Operations - Schedule Of Major Classes Of Assets And Liabilities Classified As Held For Sale In Balance Sheets (Parenthetical) (Detail)
Discontinued Operations - Schedule Of Major Components Of Earnings (Loss) From Discontinued Operations (Detail)
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share (Tables)
Earnings (Loss) Per Common Share - Reconciliation Between Basic And Diluted Earnings (Loss) Per Common Share (Detail)
Earnings (Loss) Per Common Share - Securities That Could Potentially Dilute Basic Earnings (Loss) Per Common Share In Future (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Inventories
Inventories (Tables)
Inventories - Components Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Components Of Lease Expense (Detail)
Leases - Summary Of Maturities Of Lease Liabilities (Detail)
Leases - Summary Of Supplemental Balance Sheet Information Related To Leases (Detail)
Leases - Summary Of Supplemental Cash Flow Information Related To Leases (Detail)
Long-Term Debt
Long-Term Debt - Additional Information (Detail)
Other Operating Income, Net
Other Operating Income, Net (Tables)
Other Operating Income, Net - Components Of Other Operating Income, Net (Detail)
Pension Plans And Other Post-Retirement Benefit Plans
Pension Plans And Other Post-Retirement Benefit Plans (Tables)
Pension Plans And Other Post-Retirement Benefit Plans - Additional Information (Detail)
Pension Plans And Other Post-Retirement Benefit Plans - Components Of Net Periodic Benefit Cost For Pension Plans And Other Post-Retirement Benefit Plans (Detail)
Recent Accounting Pronouncements
Segment Disclosures
Segment Disclosures (Tables)
Segment Disclosures - Additional Information (Detail)
Segment Disclosures - Analysis And Reconciliation Of Reportable Segment Information (Detail)
Segment Disclosures - Analysis And Reconciliation Of Reportable Segment Information (Parenthetical) (Detail)
Shareholders' Equity
Shareholders' Equity - Additional Information (Detail)
Supplemental Guarantor Financial Information
Supplemental Guarantor Financial Information (Tables)
Supplemental Guarantor Financial Information - Additional Information (Detail)
Supplemental Guarantor Financial Information - Condensed Consolidating Balance Sheet (Detail)
Supplemental Guarantor Financial Information - Condensed Consolidating Statement Of Cash Flows (Detail)
Supplemental Guarantor Financial Information - Condensed Consolidating Statement Of Earnings (Loss) And Comprehensive Income (Loss) (Detail)
Material Contracts, Statements, Certifications & more
Domtar Corp provided additional information to their SEC Filing as exhibits
Ticker: UFS
CIK: 1381531
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-054225
Submitted to the SEC: Thu Nov 04 2021 7:01:28 AM EST
Accepted by the SEC: Thu Nov 04 2021
Period: Thursday, September 30, 2021
Industry: Paper Mills
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