Canfor Pulp Products Inc. (“The Company” or “CPPI”) (TSX: CFX) today reported its third quarter of 2024 results:
Overview.
- Q3 2024 operating loss of $209 million, includes a $211 million asset write-down and impairment charge in the pulp segment resulting from further deterioration in economic fibre availability following recent British Columbia Interior sawmill closure announcements.
- After taking into consideration one-time items, Q3 2024 operating income of $2 million compared to similarly adjusted operating loss of $6 million in Q2 2024.
- Modest improvement in NBSK pulp unit sales realizations driven by steady North American pulp pricing through most of the third quarter and favourable timing lag in shipments, despite weak demand in China and notable increase in pulp producer inventory levels.
- Orderly wind down of one production line at Northwood NBSK pulp mill completed in August.
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