Canfor Corporation (“The Company” or “Canfor”) (TSX: CFP) today reported its third quarter of 2024 results:
Overview.
- Q3 2024 operating loss of $560 million, including a $311 million asset write-down and impairment charge as well as other one-time items; shareholder net loss of $350 million, or $2.96 per share.
- After taking into consideration adjusting and one-time items, Q3 2024 operating loss of $139 million, compared to a similarly adjusted operating loss of $135 million in Q2 2024.
- Persistent pressure on North American lumber markets and pricing, especially in US South; positive results from Alberta and Europe.
- Ongoing North American lumber market weakness, high duties and persistent challenges accessing economic fibre led to the announcement of sawmill closures in British Columbia and, as a result, an asset write-down and impairment charge of $100 million in the lumber segment.
- Proceeds of $314 million received in relation to duty deposits loan agreement.
- 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; fibre-driven asset write-down and impairment charge of $211 million in the pulp segment.
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