tax credit boosts domtar's net income - super absorbent polymer in diapers
Profits jumped to $0. 183 billion in the third quarter
Thanks to the federal tax credit, paper companies based in the United States have raised their incomes.
It keeps the book in the United States. S.
Net income is reported to be $4.
As of this quarter, $24 per share.
30 years old, up year on year
Earnings per share were $43 million or $1.
Gross quarterly revenue was $1.
5 billion, down 6.
2 cents from $1.
6 billion a year ago.
When the company received $159, the number for the quarter increased significantly
A million federal tax credit for the production and use of a by-product known as liquor that can be used as an alternative biofuel mixture.
After tax, the credit amount reached $0. 116 billion.
The diluted earnings per share are $1.
Compared to $1, the quarter was $32. 19 a year ago.
This is beyond the expectations of analysts compiled by Thomson Reuters, which expects earnings per share to be 4 cents.
Domtar said it also earned $12 million in revenue this quarter by selling properties, factories and equipment.
John Williams, president and chief executive of Domtar, said: "All of our businesses show improved profitability, most notably pulp, which benefits from higher prices, better demand and
The company recently cut costs by transforming Plymouth. C.
Used for the production of fluff pulp, used as absorbent material in diapers and incontinence products.
The move cuts 170 jobs, but ensures the future of the factory for the growing export market.
With 10,500 employees, Domtar is the largest coating-free board paper manufacturer and marketer in North America and the second largest manufacturer and marketer based on production capacity in the world.