Canfor reports $89.5-million first-quarter loss, revenue down from year ago

Canfor says it lost $36.8 million or 29 cents per diluted share for the quarter

Canfor Corp. reported a loss in its most recent quarter compared with a profit a year ago as revenue fell.

The forestry company says it lost $89.5 million or 71 cents per diluted share for the three months ended March 31.

That compared with a profit of $112.2 million or 87 cents per diluted share in the same quarter last year.

Sales for the first three months of 2019 amounted to $1.15 billion, down from $1.23 billion for the first three months of 2018.

READ MORE: Canfor temporarily shutting down lumber mills across B.C.

On an adjusted basis, Canfor says it lost $36.8 million or 29 cents per diluted share for the quarter compared with an adjusted profit of $145.4 million or $1.13 per diluted share a year earlier.

On Monday, Canfor temporarily curtailed operations at its B.C. lumber mills due to low prices and the high cost of fibre. The curtailment is expected to reduce Canfor’s production output by approximately 100 million board feet.

“While our B.C. based lumber business experienced significant challenges due to lower than anticipated market prices and difficult operating conditions, our U.S. South and European operations generated solid financial returns,” Canfor chief executive Don Kayne, said in a statement.

“We look forward to adding a further 200 million board feet to our U.S. South operations during the second quarter with the upcoming close of the Elliott acquisition, which will help offset the escalating log cost and fibre supply issues impacting our B.C. operations.”

Companies in this story: (TSX:CFP)

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Queen Charlotte crackdown

RCMP target impaired driving amidst rising numbers of the offence

Australian gold mining giant acquires Red Chris mine

Newcrest now owns 70 per cent of the mine south of Iskut and operatorship

Haida Gwaii storm causes B.C. ferry delay

Skidegate to Prince Rupert route affected

Rainfall warning for Haida Gwaii

High winds also expected to hit the islands

Haida Gwaii eagles recovering in Ladner care facility

Treatment for the eagles is both costly and time intensive

Bodies of two missing Surrey men found near Ashcroft

Ryan Provencher and Richard Scurr have been missing since July 17

Pregnant teachers fight to change WorkSafeBC compensation rules

Agency does not recognize risk to unborn babies when mother catches illness from work

Five hedgehogs quickly adopted after being left at BC SPCA

Lucky new owners picked up their pets from Maple Ridge branch on Aug. 20

B.C. cricket players get interrupted by racist remark

Community has had protocols in place for years to respond to prejudice

Groovy B.C. wedding a throwback to Woodstock ‘69

Couple hosts themed wedding 50 years after legendary festival

Nearly 50% of Canadians experience ‘post-vacation blues’: poll

48 per cent of travellers are already stressed about ‘normal life’ while still on their trip

More women may need breast cancer gene test, U.S. guidelines say

Recommendations aimed at women who’ve been treated for BRCA-related cancers and are now cancer-free

Most Read