RTTNews | Aug 19, 2020 11:21AM EDT

11:21 Wednesday, August 19, 2020 (RTTNews.com) - Resolute Forest Products Inc. (RFP) shares are rising more than 11 percent on Wednesday, despite lower earnings for the second quarter.

The company said it reduced debt by $191 million and liquidity raised by $47 million to $396 million. Further, the company has integrated recently acquired U.S. sawmills. The shares are bearish in initial trading and currently at $4.17, up 12.70 percent from the previous close of $3.70. The company reported second-quarter net income attributable to Resolute Forest Products of $6 million, down from $25 million in the prior year. On a per-share basis, earnings were $0.07, lower than $0.27 per share a year ago. On an adjusted basis, loss was $22 million or $0.25 per share.

Wall Street analysts were looking for earnings of $0.26 per share.

Sales for the quarter declined to $612 million from $755 million last year.

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