Canfor Corporation ("The Company" or "Canfor") (TSX: CFP) today reported its second quarter 2020 results:
Overview
- Second quarter of 2020 reported operating income of $97 million, includes $81 million recovery of previous inventory write-downs in the lumber segment
- Adjusted shareholder net income of $83 million, or $0.67 per share
- Vida Group ("Vida") announced agreement to purchase Bergs Timber Production AB ("Bergs") sawmill assets for $43 million plus working capital, which will add 215 million board feet to Vida’s annual capacity
- Completed acquisition of Elliott Sawmilling Co., LLC ("Elliott")
- Announced permanent closure of Isle Pierre sawmill, located near Prince George, British Columbia ("BC") due to an insufficient supply of economically viable timber
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