Canfor Corporation (“The Company” or “Canfor”) (TSX: CFP) today reported its 2022 and fourth quarter of 2022 results:
Overview
- 2022 adjusted operating income of $1.3 billion; adjusted shareholder net income of $880 million, or $7.15 per share
- Q4 2022 adjusted operating loss of $164 million; adjusted shareholder net loss of $127 million or $1.04 per share
- Significant weakness in lumber market demand in Q4 2022 led to a sharp deterioration in lumber pricing late in the year
- Q4 lumber production impacted by the continuation of reduced operating schedules in Western Canada; pulp production impacted by fibre shortages and challenging winter weather conditions
- After year end, announced restructuring of lumber and pulp operations in British Columbia to better align manufacturing capacity with available long-term fibre supply and create a stronger and more sustainable footprint
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