Canfor Corporation (“The Company” or “Canfor”) (TSX: CFP) today reported its 2023 and fourth quarter of 2023 results:
OVERVIEW:
- 2023 operating loss of $532 million; shareholder net loss of $326 million, or $2.71 per share
- Q4 2023 operating loss of $191 million; shareholder net loss of $117 million or $0.98 per share
- Solid earnings for the Company’s European and US South operations in 2023, with persistent challenges in British Columbia
- Successful execution of significant capital growth program in the US South throughout 2023
- Sustained pressure on global lumber market conditions and pricing through most of the fourth quarter, drove quarter-over-quarter decline in results in all lumber operating regions, most notably in Western Canada
- Moderate uplift in global pulp market fundamentals through the fourth quarter driven by a slight increase in demand and purchasing activity in most major regions; 20% improvement in pulp production quarter-over-quarter
- Ongoing challenges with the availability of economically viable fibre impacting lumber and pulp operating rates in British Columbia into 2024
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