Domtar Corporation reported net earnings of $80 million ($1.27 per share) for the first quarter of 2019 compared to net earnings of $87 million ($1.38 per share) for the fourth quarter of 2018 and net earnings of $54 million ($0.86 per share) for the first quarter of 2018. Sales for the first quarter of 2019 were $1.4 billion. “We had a solid performance from Pulp and Paper despite a wood fiber shortage that negatively impacted costs and output,” said John D. Williams, President and Chief Executive Officer. “Price and volume momentum in paper continued in a favorable market environment, which led to strong productivity and a good cost performance. The pulp business was impacted by lower prices while higher internal pulp shipments due to wood fiber constraints negatively impacted our volumes. Nevertheless, we continued to improve and increase overall productivity and manage costs through saving initiatives. Operating income was $115 million in the first quarter of 2019 compared to operating income of $133 million in the fourth quarter of 2018. Depreciation and amortization totaled $73 million in the first quarter of 2019. Click Read More bellow for additional information.
Verso Corporation (NYSE: VRS) announced today that Robert P. Mundy, its Senior Vice President and Chief Financial Officer, has decided to leave the company to take a similar position with Packaging Corporation of America.
“Bob has made significant contributions to Verso while serving as our Chief Financial Officer since the inception of the company in 2006,” said David J. Paterson, the President and Chief Executive Officer of Verso. “Bob’s dedication and skills have helped shape the evolution of Verso into the leading producer of coated papers in North America. We thank Bob for his valued service to Verso and wish him continued success in his career.”
Mr. Mundy added, “Having been a member of the Verso executive team from the very beginning, it was an extremely difficult decision for me to leave the company, particularly so soon after we completed the NewPage acquisition. I never have been associated with such a dedicated, hard-working and resourceful group of employees and will miss not being part of the success that lies ahead for Verso. However, the opportunity to be part of an organization like PCA and to step into the CFO role of someone whom I have worked closely with and learned so much from in the past was something that I simply could not pass up.”
To ensure a smooth transition, Mr. Mundy has agreed to remain with Verso through June 30, 2015, and to provide periodic transitional assistance for two months thereafter. Verso’s search for his successor is underway.