RFP - Why Resolute Forest Products Stock Sank Today
Canadian pulp and paper manufacturer Resolute Forest Products (NYSE: RFP) provided investors with preliminary first-quarter 2021 financial results today, and the market didn't approve. Shares of Resolute were down almost 16% as of 2:30 p.m. EDT.
Though the company confirmed that it is riding a tailwind with higher lumber prices, Q1 earnings fell far short of what analysts anticipated. Resolute reported that Q1 earnings are expected to come in at $1.06 per share. Though that compares to a loss of $0.01 per share in the year-ago period, the average analyst estimate was for earnings of $1.66 per share, according to MarketWatch.
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Why Resolute Forest Products Stock Sank Today