July 25, 2024
Vancouver, BC - Canfor Corporation (“The Company” or “Canfor”) (TSX: CFP) today reported its second quarter of 2024 results:
Overview.
- Q2 2024 operating loss of $251 million, shareholder net loss of $191 million, or $1.61 per share.
- After taking into consideration adjusting items1 of $83 million as well as restructuring costs of $39 million, Q2 2024 operating loss of $129 million, compared to a similarly adjusted operating loss of $116 million in Q1 2024.
- Sustained weakness in North American lumber markets with continued downward pressure on benchmark pricing, particularly for Southern Yellow Pine (“SYP”).
- Solid earnings from Europe; persistently weak SYP pricing negatively impacted results for the US South; Western Canadian results remained challenging.
- Announced permanent closure of Polar and Jackson sawmills and suspension of planned reinvestment in Houston.
- Strong global pulp pricing and moderate improvement in NBSK pulp unit sales realizations.
- Announced indefinite curtailment of one production line at Northwood NBSK pulp mill.
- Ongoing constraints accessing economically viable fibre in BC impacting lumber and pulp operating rates in the near term and through the balance of the year.