Solid quarter led by a strong performance in Pulp and
Paper(All financial information is in U.S. dollars, and all
earnings per share results are diluted, unless otherwise
noted).
- Third quarter 2017 net earnings of
$1.11 per share
- Price increases announced for several
pulp and paper grades
- $112 million of cash flow from
operating activities
Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported net
earnings of $70 million ($1.11 per share) for the third
quarter of 2017 compared to net earnings of $38 million ($0.61
per share) for the second quarter of 2017 and net earnings of
$59 million ($0.94 per share) for the third quarter of 2016.
Sales for the third quarter of 2017 were $1.3 billion.
Excluding items listed below, the Company had earnings before
items1 of $65 million ($1.03 per share) for the third quarter
of 2017 compared to earnings before items1 of $38 million
($0.61 per share) for the second quarter of 2017 and earnings
before items1 of $71 million ($1.13 per share) for the third
quarter of 2016.
Third quarter 2017
items:
- Gain on disposal of property, plant
& equipment of $4 million ($3 million after tax); and
- Partial reversal of contingent
consideration related to an acquisition of $2 million ($2 million
after tax).
Second quarter 2017
items:
Third quarter 2016
items:
- Impairment of property, plant &
equipment of $5 million ($4 million after tax); and
- Closure and restructuring costs of
$10 million ($8 million after tax).
QUARTERLY REVIEW
“We continue to generate strong EBITDA and cash flow in our Pulp
and Paper business while taking further measures to optimize our
assets and improve our manufacturing processes,” said John D.
Williams, President and Chief Executive Officer. “Our mills ran
well and productivity was strong, resulting in a good cost
performance across our network. Our paper shipments improved
seasonally while momentum continued in both volume and price in our
pulp business.”
Commenting on Personal Care, Mr. Williams added, “Price pressure
and raw material headwinds negatively impacted margins in the
quarter but we achieved a 9% increase in infant diaper volumes, we
are delivering cost savings and our sales pipeline remains strong.
We continue to execute our strategies for long-term success, while
focusing on near-term growth opportunities as we operate in a
competitive environment.”
Operating income was $89 million in the third quarter of
2017 compared to operating income of $64 million in the second
quarter of 2017. Depreciation and amortization totaled
$80 million in the third quarter of 2017.
Operating income before items1 was $83 million in the third
quarter of 2017 compared to an operating income before items1 of
$64 million in the second quarter of 2017.
(In millions of dollars)
3Q 2017 2Q
2017 Sales $ 1,292 $ 1,224 Operating income (loss) Pulp
and Paper segment 93 65 Personal Care segment 8 13 Corporate
(12 ) (14 ) Total operating income 89 64 Operating income
before items1 83 64 Depreciation and amortization 80 79
The increase in operating income in the third quarter of 2017
was the result of higher volume and average selling prices,
favorable productivity, and lower maintenance and raw material
costs. These factors were partially offset by unfavorable exchange
rates and higher selling, general and administrative expenses.
When compared to the second quarter of 2017, manufactured paper
shipments were up 3% and pulp shipments increased 11%. The
shipments-to-production ratio for paper was 97% in the third
quarter of 2017, compared to 98% in the second quarter of 2017.
Paper inventories increased by 24,000 tons and pulp inventories
increased by 32,000 metric tons when compared to the second quarter
of 2017.
LIQUIDITY AND CAPITAL
Cash flow from operating activities amounted to
$112 million and capital expenditures were $40 million,
resulting in free cash flow1 of $72 million for the third
quarter of 2017. Domtar’s net debt-to-total capitalization ratio1
stood at 26% at September 30, 2017 compared to 28% at June 30,
2017.
OUTLOOK
In the fourth quarter, we expect higher maintenance costs in
Pulp and Paper. Paper is expected to be negatively impacted by
seasonally unfavorable mix while Pulp should continue to realize
higher prices following recently announced price increases.
Personal Care should benefit from higher volume, favorable raw
material costs and seasonally lower marketing expense.
EARNINGS CONFERENCE CALL
The Company will hold a conference call today at 11:00 a.m. (ET)
to discuss its third quarter 2017 financial results. Financial
analysts are invited to participate in the call by dialing 1 (800)
499-4035 (toll free - North America) or 1 (416) 204-9269
(International) at least 10 minutes before start time, while media
and other interested individuals are invited to listen to the live
webcast on the Domtar Corporation website at www.domtar.com.
The Company will release its fourth quarter 2017 earnings
results on February 9, 2018 before markets open, followed by a
conference call at 11:00 a.m. (ET) to discuss results. The date is
tentative and will be confirmed approximately three weeks prior to
the official earnings release date.
About DomtarDomtar is a leading provider of a wide
variety of fiber-based products including communication, specialty
and packaging papers, market pulp and absorbent hygiene products.
With approximately 10,000 employees serving more than 50 countries
around the world, Domtar is driven by a commitment to turn
sustainable wood fiber into useful products that people rely on
every day. Domtar’s annual sales are approximately $5.1 billion,
and its common stock is traded on the New York and Toronto Stock
Exchanges. Domtar’s principal executive office is in Fort Mill,
South Carolina. To learn more, visit www.domtar.com.
Forward-Looking StatementsStatements in this release
about our plans, expectations and future performance, including the
statements by Mr. Williams and those contained under “Outlook,” are
“forward-looking statements.” Actual results may differ materially
from those suggested by these statements for a number of reasons,
including changes in customer demand and pricing, changes in
manufacturing costs, future acquisitions and divestitures,
including facility closings, and the other reasons identified under
“Risk Factors” in our Form 10-K for 2016 as filed with the SEC and
as updated by subsequently filed Form 10-Qs. Except to the extent
required by law, we expressly disclaim any obligation to update or
revise these forward-looking statements to reflect new events or
circumstances or otherwise.
Domtar CorporationHighlights(In millions of
dollars, unless otherwise noted)
Three months ended Three months ended
Nine months ended Nine months ended
September
30, September 30,
September 30, September 30,
2017 2016
2017 2016 (Unaudited)
$ $
$ $
Selected Segment Information
Sales Pulp and Paper
1,054 1,054
3,126 3,193
Personal Care
253 231
743
675 Total for reportable segments
1,307 1,285
3,869
3,868 Intersegment sales
(15 ) (15 )
(49 ) (44 )
Consolidated sales
1,292 1,270
3,820 3,824
Depreciation and amortization
of property, plant and
equipment
Pulp and Paper
63 71
190 216 Personal Care
17 16
49 47 Total for reportable
segments
80 87
239 263 Impairment of property, plant
and equipment - Pulp and Paper
— 5
—
29
Consolidated depreciation and amortization and
impairment of property, plant and
equipment
80 92
239 292
Operating income (loss) Pulp and Paper
93 89
192 143 Personal Care
8 15
37 44 Corporate
(12 ) (12 )
(34 )
(38 )
Consolidated operating income 89 92
195 149 Interest expense, net
16 17
50 49
Earnings before income taxes
73 75
145 100 Income tax expense
3
16
17 19
Net earnings
70 59
128 81 Per common share
(in dollars) Net earnings Basic
1.12 0.94
2.04 1.29
Diluted
1.11 0.94
2.04 1.29 Weighted average number
of common
shares outstanding (millions)
Basic
62.7 62.6
62.6 62.6 Diluted
62.9
62.7
62.8 62.7 Cash flows from
operating activities
112 95
324 310 Additions to
property, plant and equipment
40 83
111 302
Domtar CorporationConsolidated Statements of
Earnings(In millions of dollars, unless otherwise noted)
Three months ended Three months ended
Nine months ended Nine months ended
September 30, September 30,
September 30, September
30,
2017 2016
2017 2016 (Unaudited)
$ $
$ $
Sales 1,292
1,270
3,820 3,824
Operating expenses Cost of sales,
excluding depreciation and amortization
1,012 969
3,055 3,032 Depreciation and amortization
80 87
239 263 Selling, general and administrative
118 107
337 314 Impairment of property, plant and equipment
—
5
— 29 Closure and restructuring costs
— 10
—
33 Other operating (income) loss, net
(7 )
—
(6 ) 4
1,203
1,178
3,625 3,675
Operating
income 89 92
195 149 Interest expense, net
16 17
50 49
Earnings before
income taxes 73 75
145 100 Income tax expense
3 16
17
19
Net earnings 70 59
128 81
Per common share (in dollars) Net
earnings Basic
1.12 0.94
2.04 1.29 Diluted
1.11 0.94
2.04 1.29 Weighted average number of common
shares outstanding (millions)
Basic
62.7 62.6
62.6 62.6 Diluted
62.9 62.7
62.8 62.7
Domtar CorporationConsolidated Balance Sheets
at(In millions of dollars)
September 30, December 31,
2017 2016
(Unaudited)
$ $
Assets Current
assets Cash and cash equivalents
143 125 Receivables,
less allowances of $7 and $7
659 613 Inventories
787
759 Prepaid expenses
47 40 Income and other taxes receivable
13 31
Total current assets
1,649 1,568
Property, plant and equipment, net
2,774 2,825
Goodwill 578 550
Intangible
assets, net 632 608
Other assets
151 129
Total assets 5,784
5,680
Liabilities and shareholders' equity Current
liabilities Bank indebtedness
— 12 Trade and other
payables
687 656 Income and other taxes payable
32 22
Long-term debt due within one year
1 63
Total current liabilities 720 753
Long-term
debt 1,164 1,218
Deferred income taxes and other
681 675
Other liabilities and deferred credits
333 358
Shareholders' equity Common stock
1 1
Additional paid-in capital
1,969 1,963 Retained earnings
1,261 1,211 Accumulated other comprehensive loss
(345 ) (499 )
Total shareholders'
equity 2,886 2,676
Total liabilities
and shareholders' equity 5,784 5,680
Domtar CorporationConsolidated Statements of Cash
Flows(In millions of dollars)
For the nine months ended
September 30, 2017
September 30, 2016 (Unaudited)
$ $
Operating
activities Net earnings
128 81 Adjustments
to reconcile net earnings to cash flows from operating activities
Depreciation and amortization
239 263 Deferred income taxes
and tax uncertainties
(19 ) 6 Impairment of property,
plant and equipment
— 29 Net gains on disposals of property,
plant and equipment
(4 ) — Stock-based compensation
expense
6 5 Other
1 (3 ) Changes in assets and
liabilities, excluding the effect of acquisition of business
Receivables
(28 ) 19 Inventories
(10 )
6 Prepaid expenses
(2 ) (5 ) Trade and other payables
11 (53 ) Income and other taxes
30 (18 ) Difference
between employer pension and other post-retirement
contributions and pension and other
post-retirement expense
(33 ) (16 ) Other assets and other liabilities
5 (4 ) Cash flows from operating activities
324 310
Investing activities Additions to
property, plant and equipment
(111 ) (302 ) Proceeds
from disposals of property, plant and equipment
8 —
Acquisition of business, net of cash acquired
— (1 ) Other
— 1 Cash flows used for investing activities
(103 ) (302 )
Financing
activities Dividend payments
(78 ) (76 ) Stock
repurchase
— (10 ) Net change in bank indebtedness
(12 ) 1 Change in revolving credit facility
(50 ) 60 Proceeds from receivables securitization
facility
25 140 Repayments of receivables securitization
facility
(35 ) (40 ) Repayments of long-term debt
(63 ) (40 ) Other
1 (3 ) Cash
flows (used for) provided from financing activities
(212 ) 32
Net increase in cash and cash
equivalents 9 40 Impact of foreign exchange on cash
9 2 Cash and cash equivalents at beginning of period
125 126
Cash and cash equivalents at end of
period 143 168
Supplemental cash flow
information Net cash payments for: Interest
49 50 Income
taxes
18 37
Domtar CorporationQuarterly Reconciliation of Non-GAAP
Financial Measures(In millions of dollars, unless otherwise
noted)
The following table sets forth certain non-U.S. generally
accepted accounting principles (“GAAP”) financial metrics
identified in bold as “Earnings before items”, “Earnings before
items per diluted share”, “EBITDA”, “EBITDA margin”, “EBITDA before
items”, “EBITDA margin before items”, “Free cash flow”, “Net debt”
and “Net debt-to-total capitalization”. Management believes that
the financial metrics are useful to understand our operating
performance and benchmark with peers within the industry. The
Company calculates “Earnings before items” and “EBITDA before
items” by excluding the after-tax (pre-tax) effect of specified
items. These metrics are presented as a complement to enhance the
understanding of operating results but not in substitution for GAAP
results.
2017 2016 Q1 Q2
Q3
YTD Q1 Q2 Q3 Q4
Year Reconciliation of "Earnings before items" to Net
earnings
Net earnings ($) 20 38 70
128 4
18 59 47
128 (+) Impairment of property, plant and equipment
($) — — —
— 16 2 4 —
22 (+) Closure and restructuring
costs ($) — — —
— 2 16 8 (1 )
25 (+) Litigation
settlement ($) — — —
— — 2 — —
2 (-) Net gains on
disposals of property, plant and equipment ($) — — (3 )
(3
) — — — —
— (-) Reversal of contingent consideration
($) — — (2 )
(2 ) — — — —
— (+) Impact of
purchase accounting ($) — — —
— — — — 1
1 (=)
Earnings before items ($) 20 38 65
123 22 38 71 47
178 (/) Weighted avg. number of common shares outstanding
(diluted) (millions) 62.8 62.7 62.9
62.8 62.8 62.7 62.7 62.7
62.7 (=)
Earnings before items per diluted share ($)
0.32 0.61 1.03
1.96 0.35 0.61 1.13 0.75
2.84
Reconciliation of "EBITDA" and "EBITDA before items" to Net
earnings Net earnings ($) 20 38 70
128 4 18 59 47
128 (+) Income tax expense (benefit) ($) 5 9 3
17 (3
) 6 16 10
29 (+) Interest expense, net ($) 17 17 16
50 17 15 17 17
66 (=) Operating income ($) 42 64 89
195 18 39 92 74
223 (+) Depreciation and amortization
($) 80 79 80
239 89 87 87 85
348 (+) Impairment of
property, plant and equipment ($) — — —
— 21 3 5 —
29
(-) Net gains on disposals of property, plant and equipment ($) — —
(4 )
(4 ) — — — —
— (=)
EBITDA ($) 122
143 165
430 128 129 184 159
600 (/) Sales ($) 1,304
1,224 1,292
3,820 1,287 1,267 1,270 1,274
5,098 (=)
EBITDA margin (%) 9 % 12 % 13 %
11 % 10 % 10 %
14 % 12 %
12 % EBITDA ($) 122 143 165
430 128
129 184 159
600 (+) Closure and restructuring costs ($) — —
—
— 2 21 10 (1 )
32 (+) Litigation settlement ($) — —
—
— — 2 — —
2 (-) Reversal of contingent
consideration ($) — — (2 )
(2 ) — — — —
— (+)
Impact of purchase accounting ($) — — —
— — — — 1
1
(=)
EBITDA before items ($) 122 143 163
428 130 152
194 159
635 (/) Sales ($) 1,304 1,224 1,292
3,820
1,287 1,267 1,270 1,274
5,098 (=)
EBITDA margin before
items (%) 9 % 12 % 13 %
11 % 10 % 12 % 15 % 12 %
12 % Reconciliation of "Free cash flow" to
Cash flows from operating activities Cash flows from operating
activities ($) 91 121 112
324 97 118 95 155
465 (-)
Additions to property, plant and equipment ($) (34 ) (37 ) (40 )
(111 ) (100 ) (119 ) (83 ) (45 )
(347 )
(=)
Free cash flow ($) 57 84 72
213 (3 ) (1 ) 12 110
118 "Net debt-to-total capitalization"
computation Bank indebtedness ($) 2 — — 6 1 — 12 (+) Long-term
debt due within one year ($) 64 1 1 41 64 63 63 (+) Long-term debt
($) 1,188 1,203 1,164 1,211 1,237 1,309 1,218 (=) Debt ($) 1,254
1,204 1,165 1,258 1,302 1,372 1,293 (-) Cash and cash equivalents
($) (111 ) (124 ) (143 ) (97 ) (111 ) (168 ) (125 ) (=)
Net
debt ($) 1,143 1,080 1,022 1,161 1,191 1,204 1,168 (+)
Shareholders' equity ($) 2,685 2,770 2,886 2,736 2,716 2,754 2,676
(=) Total capitalization ($) 3,828 3,850 3,908 3,897 3,907 3,958
3,844 Net debt ($) 1,143 1,080 1,022 1,161 1,191 1,204 1,168 (/)
Total capitalization ($) 3,828 3,850 3,908 3,897 3,907 3,958 3,844
(=)
Net debt-to-total capitalization (%) 30 % 28 % 26 % 30 %
30 % 30 % 30 %
“Earnings before items”, “Earnings before items per diluted
share”, “EBITDA”, “EBITDA margin”, “EBITDA before items”, “EBITDA
margin before items”, “Free cash flow”, “Net debt” and “Net
debt-to-total capitalization” have no standardized meaning
prescribed by GAAP and are not necessarily comparable to similar
measures presented by other companies and therefore should not be
considered in isolation or as a substitute for Net earnings,
Operating income or any other earnings statement, cash flow
statement or balance sheet financial information prepared in
accordance with GAAP. It is important for readers to understand
that certain items may be presented in different lines by different
companies on their financial statements, thereby leading to
different measures for different companies.
Domtar CorporationQuarterly Reconciliation of Non-GAAP
Financial Measures – By Segment 2017(In millions of dollars,
unless otherwise noted)
The following table sets forth certain non-U.S. generally
accepted accounting principles (“GAAP”) financial metrics
identified in bold as “Operating income (loss) before items”,
“EBITDA before items” and “EBITDA margin before items” by
reportable segment. Management believes that the financial metrics
are useful to understand our operating performance and benchmark
with peers within the industry. The Company calculates the
segmented “Operating income (loss) before items” by excluding the
pre-tax effect of specified items. These metrics are presented as a
complement to enhance the understanding of operating results but
not in substitution for GAAP results.
Pulp and Paper Personal
Care Corporate Total Q1'17
Q2'17 Q3'17 Q4'17
YTD Q1'17
Q2'17 Q3'17 Q4'17
YTD Q1'17
Q2'17 Q3'17 Q4'17
YTD Q1'17
Q2'17 Q3'17 Q4'17
YTD Reconciliation
of Operating income (loss)
to "Operating income (loss) before
items"
Operating income (loss) ($) 34 65 93 —
192 16 13 8 —
37 (8) (14) (12) —
(34) 42 64 89 —
195 (-) Net
gains on disposals of property, plant and
equipment
($) — — (4) —
(4) — — — — — — — — — — — — (4) —
(4)
(-) Reversal of contingent consideration ($) — — — —
— — — —
—
— — — (2) —
(2) — — (2) —
(2) (=)
Operating income (loss) before items ($) 34 65 89 —
188 16 13 8 —
37 (8) (14) (14) —
(36) 42 64 83
—
189 Reconciliation of "Operating income
(loss)
before items" to "EBITDA before
items"
Operating income (loss) before items ($) 34 65 89 —
188 16
13 8 —
37 (8) (14) (14) —
(36) 42 64 83 —
189
(+) Depreciation and amortization ($) 64 63 63 —
190 16 16
17 —
49 — — — —
— 80 79 80 —
239 (=)
EBITDA before items ($) 98 128 152 —
378 32 29 25 —
86 (8) (14) (14) —
(36) 122 143 163 —
428 (/)
Sales ($) 1,073 999 1,054 —
3,126 249 241 253 —
743 —
— — —
— 1,322 1,240 1,307 —
3,869 (=)
EBITDA
margin before items (%) 9% 13% 14% —
12% 13% 12% 10% —
12% — — — —
— 9% 12% 12% —
11%
“Operating income (loss) before items”, “EBITDA before items”
and “EBITDA margin before items” have no standardized meaning
prescribed by GAAP and are not necessarily comparable to similar
measures presented by other companies and therefore should not be
considered in isolation or as a substitute for Operating income
(loss) or any other earnings statement, cash flow statement or
balance sheet financial information prepared in accordance with
GAAP. It is important for readers to understand that certain items
may be presented in different lines by different companies on their
financial statements, thereby leading to different measures for
different companies.
Domtar CorporationQuarterly Reconciliation of Non-GAAP
Financial Measures – By Segment 2016(In millions of dollars,
unless otherwise noted)
The following table sets forth certain non-U.S. generally
accepted accounting principles (“GAAP”) financial metrics
identified in bold as “Operating income (loss) before items”,
“EBITDA before items” and “EBITDA margin before items” by
reportable segment. Management believes that the financial metrics
are useful to understand our operating performance and benchmark
with peers within the industry. The Company calculates the
segmented “Operating income (loss) before items” by excluding the
pre-tax effect of specified items. These metrics are presented as a
complement to enhance the understanding of operating results but
not in substitution for GAAP results.
Pulp and Paper Personal
Care (1) Corporate Total
Q1'16 Q2'16 Q3'16 Q4'16
Year
Q1'16 Q2'16 Q3'16 Q4'16
Year
Q1'16 Q2'16 Q3'16 Q4'16
Year
Q1'16 Q2'16 Q3'16 Q4'16
Year
Reconciliation of Operating income (loss)
to "Operating income (loss) before
items"
Operating income (loss) ($) 19 35 89 74
217 14 15 15 13
57 (15) (11) (12) (13)
(51) 18 39 92 74
223
(+) Impairment of property, plant and equipment ($) 21 3 5 —
29 — — — —
— — — — —
— 21 3 5 —
29 (+)
Impact of purchase accounting ($) — — — —
— — — — 1
1
— — — —
— — — — 1
1 (+) Closure and restructuring
costs ($) 2 21 10 (2)
31 — — — 1
1 — — — —
— 2
21 10 (1)
32 (+) Litigation settlement ($) — — — —
—
— — — —
— — 2 — —
2 — 2 — —
2 (=)
Operating
income (loss) before items ($) 42 59 104 72
277 14 15 15
15
59 (15) (9) (12) (13)
(49) 41 65 107 74
287
Reconciliation of "Operating income (loss)
before items" to "EBITDA before
items"
Operating income (loss) before items ($) 42 59 104 72
277 14
15 15 15
59 (15) (9) (12) (13)
(49) 41 65 107 74
287 (+) Depreciation and amortization ($) 73 72 71 68
284 16 15 16 17
64 — — — —
— 89 87 87 85
348 (=)
EBITDA before items ($) 115 131 175
140
561 30 30 31 32
123 (15) (9) (12) (13)
(49) 130 152 194 159
635 (/) Sales ($) 1,085 1,054
1,054 1,046
4,239 216 228 231 242
917 — — — —
— 1,301 1,282 1,285 1,288
5,156 (=)
EBITDA margin
before items (%) 11% 12% 17% 13%
13% 14% 13% 13% 13%
13% — — — —
— 10% 12% 15% 12%
12%
“Operating income (loss) before items”, “EBITDA before items”
and “EBITDA margin before items” have no standardized meaning
prescribed by GAAP and are not necessarily comparable to similar
measures presented by other companies and therefore should not be
considered in isolation or as a substitute for Operating income
(loss) or any other earnings statement, cash flow statement or
balance sheet financial information prepared in accordance with
GAAP. It is important for readers to understand that certain items
may be presented in different lines by different companies on their
financial statements, thereby leading to different measures for
different companies.
(1) On October 1, 2016, the Company acquired 100% of the shares
of Home Delivery Incontinent Supplies Co. in the United States.
Domtar CorporationSupplemental Segmented
Information(In millions of dollars, unless otherwise noted)
2017 2016 Q1 Q2 Q3
YTD Q1 Q2 Q3 Q4
Year Pulp and Paper Segment
Sales ($)
1,073 999 1,054
3,126 1,085 1,054 1,054 1,046
4,239
Operating income ($) 34 65 93
192 19 35 89 74
217
Depreciation and
amortization
($) 64 63 63
190 73 72 71 68
284 Impairment of
property, plant
and equipment
($) — — —
— 21 3 5 —
29 Paper Paper
Production ('000 ST) 709 715 745
2,169 785 715 726 714
2,940 Paper Shipments -
Manufactured
('000 ST) 745 698 722
2,165 786 752 744 739
3,021
Communication Papers ('000 ST) 622 582 597
1,801 657 627 620
618
2,522 Specialty and Packaging
Papers
('000 ST) 123 116 125
364 129 125 124 121
499 Paper
Shipments - Sourced
from 3rd parties
('000 ST) 29 26 29
84 32 29 35 27
123 Paper Shipments
- Total ('000 ST) 774 724 751
2,249 818 781 779 766
3,144 Pulp Pulp Shipments(a) ('000 ADMT) 453 383 424
1,260 369 360 369 415
1,513 Pulp Shipments mix(b):
Hardwood Kraft Pulp (%) 4 % 3 % 7 %
5 % 5 % 4 % 4 % 8
%
5 % Softwood Kraft Pulp (%) 67 % 62 % 61 %
63 % 66 % 61 % 63 % 63 %
63 % Fluff
Pulp (%) 29 % 35 % 32 %
32 % 29 % 35 % 33 % 29 %
32 % Personal Care Segment Sales ($)
249 241 253
743 216 228 231 242
917 Operating income
($) 16 13 8
37 14 15 15 13
57 Depreciation and
amortization
($) 16 16 17
49 16 15 16 17
64 Average
Exchange Rates $US / $CAN 1.323 1.344 1.253
1.305 1.375
1.289 1.305 1.333
1.325 $CAN / $US 0.756 0.744 0.798
0.766 0.727 0.776 0.766 0.750
0.755 € / $US 1.066
1.100 1.175
1.114 1.103 1.130 1.116 1.078
1.107
(a) Figures represent Pulp Shipments to third parties.
(b) Percentages include Pulp Shipments to our Personal Care
segment.
Note: the term “ST” refers to a short ton and the term “ADMT”
refers to an air dry metric ton.
1 Non-GAAP financial measure. Refer to the Reconciliation of
Non-GAAP Financial Measures in the appendix.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171027005293/en/
Domtar CorporationINVESTOR RELATIONSNicholas
Estrela, 514-848-5555 x 85979DirectorInvestor RelationsorMEDIA
RELATIONSDavid Struhs, 803-802-8031Vice-PresidentCorporate
Services and Sustainability
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