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Resolute Forest tanks 29% as trucker shortage slows operations

Published 02/01/2018, 04:34 PM
© Reuters.  Resolute Forest tanks 29% as trucker shortage slows operations
RFP
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  • Resolute Forest Products (NYSE:RFP) plunged 29% in today's trade on the NYSE after missing Q4 earnings estimates, as the company said a shortage of truckers in Canada is hindering shipments from its sawmills to paper mills.
  • RFP is now using oversized trailers for its loads and has introduced special hiring and training programs to attract workers, CEO Richard Garneau said in today's earnings conference call.
  • RFP says its freight costs rose in 2017 because of an increase in rates, shipping distances and issues related to the truck driver shortage.
  • Now read: International Paper Co. 2017 Q4 - Results - Earnings Call Slides


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