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Domtar profit beats estimates

Canadian forestry and paper company Domtar Corp. (UFS-T) reported higher-than-expected profit Friday, but the company maintained a conservative outlook.

Net profit rose to $191 million US, or $4.44 per share, from $183 million, or $4.24 per share in the same period last year.

Sales rose 20 percent to $1.47 million.

Excluding one-time items, Montreal-based Domtar said it earned $183 million, or $4.26 per share, versus $116 million, or $57 million, or $1.32 per share, in the year-prior period.

Analysts, on average, had expected earnings of $3.17 a share, excluding items, according to Thomson Reuters I/B/E/S.

The average revenue forecast was $1.47 billion.

“While demand for fine paper is fairly stable, we remain conservative in our business approach because of continued high levels of unemployment in the U.S. and economic uncertainty,” Chief Executive John Williams said in a statement. CTV Two CTV News CTV News Channel BNN - Business News Network CP24