Higher pulp prices and strong cost performance drive improved
results(All financial information is in U.S. dollars, and all
earnings per share results are diluted, unless otherwise
noted).
- Second quarter 2017 net earnings of
$0.61 per share
- $121 million of cash flow from
operating activities
- Pulp shipments 15% higher
year-to-date
Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported net
earnings of $38 million ($0.61 per share) for the second
quarter of 2017 compared to net earnings of $20 million ($0.32
per share) for the first quarter of 2017 and net earnings of
$18 million ($0.29 per share) for the second quarter of 2016.
Sales for the second quarter of 2017 were $1.2 billion.
Excluding items listed below, the Company had earnings before
items1 of $38 million ($0.61 per share) for the second quarter
of 2017 compared to earnings before items1 of $20 million
($0.32 per share) for the first quarter of 2017 and earnings before
items1 of $38 million ($0.61 per share) for the second quarter
of 2016.
Second quarter 2017
items:
First quarter 2017
items:
Second quarter 2016
items:
- Litigation settlement of
$2 million ($2 million after tax);
- Impairment of property, plant &
equipment of $3 million ($2 million after tax); and
- Closure and restructuring costs of
$21 million ($16 million after tax).
QUARTERLY REVIEW
“Our pulp price momentum continued in the quarter following the
implementation of several price increases,” said John D. Williams,
President and Chief Executive Officer. “Productivity was strong,
resulting in good cost performance despite the high level of
scheduled major maintenance outages at several pulp and paper
mills. Notably, Ashdown had an excellent operating quarter and
continued to make significant strides on increasing production of
fluff pulp. Customer qualifications continue to progress well and
we are on track to ramp-up to approximately 50% fluff pulp sales by
year-end.”
Mr. Williams added, “In spite of competitive market pressures,
we delivered a solid performance in Personal Care. We continued to
show broad-based, year-over-year volume growth across most of our
product channels, while benefits from our cost savings and
efficiency improvement projects partially offset price erosion. We
expect to continue to invest in innovation, marketing and targeted
growth initiatives to capture the opportunities in our categories
and geographies.”
Operating income was $64 million in the second quarter of
2017 compared to operating income of $42 million in the first
quarter of 2017. Depreciation and amortization totaled
$79 million in the second quarter of 2017.
Operating income before items1 was $64 million in the
second quarter of 2017 compared to an operating income before
items1 of $42 million in the first quarter of 2017.
(In millions of dollars)
2Q 2017 1Q
2017 Sales $ 1,224 $ 1,304 Operating income (loss) Pulp
and Paper segment 65 34 Personal Care segment 13 16 Corporate
(14 ) (8 ) Total operating income 64 42 Operating
income before items1 64 42 Depreciation and amortization 79 80
The increase in operating income in the second quarter of 2017
was the result of higher average selling prices for pulp, lower raw
material costs, favorable productivity and lower maintenance costs.
These factors were partially offset by lower volume, higher
selling, general and administrative expenses, and higher freight
costs.
When compared to the first quarter of 2017, manufactured paper
shipments were down 6% and pulp shipments decreased 15%. The
shipments-to-production ratio for paper was 98% in the second
quarter of 2017, compared to 105% in the first quarter of 2017.
Paper inventories increased by 18,000 tons and pulp inventories
increased by 33,000 metric tons when compared to the first quarter
of 2017.
LIQUIDITY AND CAPITAL
Cash flow from operating activities amounted to
$121 million and capital expenditures were $37 million,
resulting in free cash flow1 of $84 million for the second
quarter of 2017. Domtar’s net debt-to-total capitalization ratio1
stood at 28% at June 30, 2017 compared to 30% at March 31,
2017.
OUTLOOK
For the remainder of the year, we expect our paper shipments to
be in-line with market demand. Our pulp shipments should be higher
due to the ramp-up of the Ashdown fluff pulp line, while mix should
continue to improve as we convert more volume to fluff
pulp. In Personal Care, investments in advertising and
promotion in addition to new customer wins should drive higher
sales, while raw material costs are expected to increase
marginally.
EARNINGS CONFERENCE CALL
The Company will hold a conference call today at 11:00 a.m. (ET)
to discuss its second 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 third quarter 2017 earnings results
on October 27, 2017 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 monthsended
Three monthsended
Six monthsended
Six monthsended
June 30, June 30,
June 30, June 30,
2017 2016
2017 2016 (Unaudited)
$ $
$ $
Selected Segment Information Sales Pulp
and Paper
999 1,054
2,072 2,139 Personal Care
241 228
490 444 Total for
reportable segments
1,240 1,282
2,562 2,583
Intersegment sales
(16 ) (15 )
(34 ) (29 )
Consolidated sales
1,224 1,267
2,528 2,554
Depreciation and amortization
of property, plant and
equipment
Pulp and Paper
63 72
127 145 Personal Care
16 15
32 31 Total for reportable
segments
79 87
159 176 Impairment of property, plant
and equipment - Pulp and Paper
— 3
—
24
Consolidated depreciation and amortization and
impairment of property, plant and
equipment
79 90
159 200
Operating income (loss) Pulp and Paper
65 35
99 54 Personal Care
13 15
29 29 Corporate
(14 ) (11 )
(22 )
(26 )
Consolidated operating income 64 39
106 57 Interest expense, net
17 15
34 32
Earnings before income taxes
47 24
72 25 Income tax expense
9
6
14 3
Net earnings 38
18
58 22 Per common share (in dollars)
Net earnings Basic
0.61 0.29
0.93 0.35 Diluted
0.61 0.29
0.93 0.35 Weighted average number of common
shares outstanding (millions)
Basic
62.6 62.6
62.6 62.7 Diluted
62.7
62.7
62.7 62.8 Cash flows from
operating activities
121 118
212 215 Additions to
property, plant and equipment
37 119
71 219
Domtar CorporationConsolidated Statements of
Earnings(In millions of dollars, unless otherwise noted)
Three monthsended
Three monthsended
Six monthsended
Six monthsended
June 30, June 30,
June 30, June 30,
2017 2016
2017 2016 (Unaudited)
$ $
$ $
Sales 1,224 1,267
2,528 2,554
Operating expenses Cost of sales, excluding depreciation and
amortization
968 1,013
2,043 2,063 Depreciation and
amortization
79 87
159 176 Selling, general and
administrative
111 104
219 207 Impairment of
property, plant and equipment
— 3
— 24 Closure and
restructuring costs
— 21
— 23 Other operating loss,
net
2 —
1 4
1,160 1,228
2,422 2,497
Operating income 64 39
106 57 Interest
expense, net
17 15
34 32
Earnings before income taxes 47 24
72 25
Income tax expense
9 6
14 3
Net earnings 38
18
58 22
Per common share (in
dollars) Net earnings Basic
0.61 0.29
0.93 0.35
Diluted
0.61 0.29
0.93 0.35 Weighted average number
of common
shares outstanding (millions)
Basic
62.6 62.6
62.6 62.7 Diluted
62.7 62.7
62.7 62.8
Domtar CorporationConsolidated Balance Sheets
at(In millions of dollars)
June 30, December 31,
2017 2016
(Unaudited)
$ $
Assets Current
assets Cash and cash equivalents
124 125 Receivables,
less allowances of $7 and $7
613 613 Inventories
759
759 Prepaid expenses
41 40 Income and other taxes receivable
18 31
Total current assets
1,555 1,568
Property, plant and equipment, net
2,779 2,825
Goodwill 569 550
Intangible
assets, net 625 608
Other assets
139 129
Total assets 5,667
5,680
Liabilities and shareholders' equity Current
liabilities Bank indebtedness
— 12 Trade and other
payables
627 656 Income and other taxes payable
28 22
Long-term debt due within one year
1 63
Total current liabilities 656 753
Long-term
debt 1,203 1,218
Deferred income taxes and other
677 675
Other liabilities and deferred credits
361 358
Shareholders' equity Common stock
1 1
Additional paid-in capital
1,966 1,963 Retained earnings
1,217 1,211 Accumulated other comprehensive loss
(414 ) (499 )
Total shareholders'
equity 2,770 2,676
Total liabilities
and shareholders' equity 5,667 5,680
Domtar CorporationConsolidated Statements of Cash
Flows(In millions of dollars)
For the six months ended
June 30, 2017 June
30, 2016 (Unaudited)
$ $
Operating activities
Net earnings
58 22 Adjustments to reconcile net
earnings to cash flows from operating activities Depreciation and
amortization
159 176 Deferred income taxes and tax
uncertainties
(12 ) (5 ) Impairment of property,
plant and equipment
— 24 Stock-based compensation expense
3 3 Other
— (4 ) Changes in assets and liabilities,
excluding the effect of acquisition of business Receivables
11 25 Inventories
10 18 Prepaid expenses
(4
) (13 ) Trade and other payables
(35 ) (8 )
Income and other taxes
21 (16 ) Difference between employer
pension and other post-retirement
contributions and pension and other
post-retirement expense
— (3 ) Other assets and other liabilities
1
(4 ) Cash flows from operating activities
212
215
Investing activities Additions to property, plant
and equipment
(71 ) (219 ) Acquisition of business,
net of cash acquired
— (1 ) Cash flows used
for investing activities
(71 ) (220 )
Financing activities Dividend payments
(52 )
(50 ) Stock repurchase
— (10 ) Net change in bank
indebtedness
(12 ) 1 Change in revolving credit
facility
(30 ) (50 ) Proceeds from receivables
securitization facility
25 120 Repayments of receivables
securitization facility
(15 ) (20 ) Repayments of
long-term debt
(63 ) (1 ) Other
(1
) (1 ) Cash flows used for financing activities
(148 ) (11 )
Net decrease in cash
and cash equivalents (7 ) (16 ) Impact of foreign
exchange on cash
6 1 Cash and cash equivalents at beginning
of period
125 126
Cash and cash equivalents
at end of period 124 111
Supplemental
cash flow information Net cash payments for: Interest
31
32 Income taxes
15 27
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
YTD Q1 Q2 Q3 Q4
Year Reconciliation of "Earnings before items" to Net
earnings
Net earnings ($) 20 38
58 4 18 59 47
128 (+) Impairment of property, plant and equipment ($) — —
— 16 2 4 —
22 (+) Closure and restructuring costs ($)
— —
— 2 16 8 (1 )
25 (+) Litigation settlement ($) —
—
— — 2 — —
2 (+) Impact of purchase accounting ($) —
—
— — — — 1
1 (=)
Earnings before items ($) 20
38
58 22 38 71 47
178 (/) Weighted avg. number of
common shares outstanding (diluted) (millions) 62.8 62.7
62.7 62.8 62.7 62.7 62.7
62.7 (=)
Earnings before
items per diluted share ($) 0.32 0.61
0.93 0.35 0.61
1.13 0.75
2.84 Reconciliation of "EBITDA" and
"EBITDA before items" to Net earnings Net earnings ($) 20 38
58 4 18 59 47
128 (+) Income tax expense (benefit)
($) 5 9
14 (3 ) 6 16 10
29 (+) Interest expense, net
($) 17 17
34 17 15 17 17
66 (=) Operating income ($)
42 64
106 18 39 92 74
223 (+) Depreciation and
amortization ($) 80 79
159 89 87 87 85
348 (+)
Impairment of property, plant and equipment ($) — —
— 21 3 5
—
29 (=)
EBITDA ($) 122 143
265 128 129 184
159
600 (/) Sales ($) 1,304 1,224
2,528 1,287 1,267
1,270 1,274
5,098 (=)
EBITDA margin (%) 9 % 12 %
10 % 10 % 10 % 14 % 12 %
12 % EBITDA
($) 122 143
265 128 129 184 159
600 (+) Closure and
restructuring costs ($) — —
— 2 21 10 (1 )
32 (+)
Litigation settlement ($) — —
— — 2 — —
2 (+) Impact
of purchase accounting ($) — —
— — — — 1
1 (=)
EBITDA before items ($) 122 143
265 130 152 194 159
635 (/) Sales ($) 1,304 1,224
2,528 1,287 1,267 1,270
1,274
5,098 (=)
EBITDA margin before items (%) 9 % 12
%
10 % 10 % 12 % 15 % 12 %
12 %
Reconciliation of "Free cash flow" to Cash flows from operating
activities Cash flows from operating activities ($) 91 121
212 97 118 95 155
465 (-) Additions to property,
plant and equipment ($) (34 ) (37 )
(71 ) (100 ) (119
) (83 ) (45 )
(347 ) (=)
Free cash flow ($) 57
84
141 (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 41 64
63 63 (+) Long-term debt ($) 1,188 1,203 1,211 1,237 1,309 1,218
(=) Debt ($) 1,254 1,204 1,258 1,302 1,372 1,293 (-) Cash and cash
equivalents ($) (111 ) (124 ) (97 ) (111 ) (168 ) (125 ) (=)
Net
debt ($) 1,143 1,080 1,161 1,191 1,204 1,168 (+) Shareholders'
equity ($) 2,685 2,770 2,736 2,716 2,754 2,676 (=) Total
capitalization ($) 3,828 3,850 3,897 3,907 3,958 3,844 Net debt ($)
1,143 1,080 1,161 1,191 1,204 1,168 (/) Total capitalization ($)
3,828 3,850 3,897 3,907 3,958 3,844 (=)
Net debt-to-total
capitalization (%) 30 % 28 % 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) ($) 34 65 — —
99 16 13 — —
29
(8) (14) — —
(22) 42 64 — —
106 (+) Impairment of
property, plant and equipment ($) — — — —
— — — — —
—
— — — —
— — — — —
— (+) Impact of purchase accounting
($) — — — —
— — — — —
— — — — — — — — — —
—
(+) Closure and restructuring costs ($) — — — —
— — — — —
— — — — —
— — — — —
— (+) Litigation
settlement ($) — — — —
— — — — —
— — — — —
— —
— — —
— (=)
Operating income (loss) before items ($)
34 65 — —
99 16 13 — —
29 (8) (14) — —
(22) 42
64 — —
106
Reconciliation of "Operating income
(loss) before items" to "EBITDA before items"
Operating income (loss) before items ($) 34 65 — —
99 16 13
— —
29 (8) (14) — —
(22) 42 64 — —
106 (+)
Depreciation and amortization ($) 64 63 — —
127 16 16 — —
32 — — — —
— 80 79 — —
159 (=)
EBITDA before items ($) 98 128 — —
226 32 29 — —
61 (8) (14) — —
(22) 122 143 — —
265 (/) Sales
($) 1,073 999 — —
2,072 249 241 — —
490 — — — —
— 1,322 1,240 — —
2,562 (=)
EBITDA margin before
items (%) 9% 13% — —
11% 13% 12% — —
12% — — — —
— 9% 12% — —
10%
“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
YTD Q1 Q2 Q3 Q4
Year
Pulp and Paper Segment
Sales ($) 1,073 999
2,072 1,085
1,054 1,054 1,046
4,239 Operating income ($) 34 65
99
19 35 89 74
217 Depreciation and amortization ($) 64 63
127 73 72 71 68
284 Impairment of property, plant and
equipment
($) — —
— 21 3 5 —
29 Paper Paper
Production ('000 ST) 709 715
1,424 785 715 726 714
2,940 Paper Shipments - Manufactured ('000 ST) 745 698
1,443 786 752 744 739
3,021 Communication Papers
('000 ST) 622 582
1,204 657 627 620 618
2,522
Specialty and Packaging ('000 ST) 123 116
239 129 125 124
121
499
Paper Shipments - Sourced from3rd
parties
('000 ST) 29 26
55 32 29 35 27
123 Paper Shipments -
Total ('000 ST) 774 724
1,498 818 781 779 766
3,144
Pulp
Pulp Shipments(a)
('000 ADMT) 453 383
836 369 360 369 415
1,513
Pulp Shipments mix(b):
Hardwood Kraft Pulp (%) 4 % 3 %
4 % 5 % 4 % 4 % 8 %
5 % Softwood Kraft Pulp (%) 67 % 62 %
64
% 66 % 61 % 63 % 63 %
63 % Fluff Pulp (%) 29 %
35 %
32 % 29 % 35 % 33 % 29 %
32 %
Personal Care Segment Sales ($) 249 241
490
216 228 231 242
917 Operating income ($) 16 13
29 14
15 15 13
57 Depreciation and amortization ($) 16 16
32 16 15 16 17
64 Average Exchange
Rates $US / $CAN 1.323 1.344
1.334 1.375 1.289 1.305
1.333
1.325 $CAN / $US 0.756 0.744
0.750 0.727 0.776
0.766 0.750
0.755 € / $US 1.066 1.100
1.083 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/20170728005237/en/
Domtar CorporationINVESTOR RELATIONSNicholas
Estrela, 514-848-5555 x 85979DirectorInvestor RelationsorMEDIA
RELATIONSDavid Struhs, 803-802-8031Vice-PresidentCorporate
Services and Sustainability
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