Canfor Corp. Foresees Strong Lumber Demand and Robust Pulp Market

The North American demand as well as the offshore demand in Asia for lumber improved in the current quarter.

SEATTLE (Scrap Monster): Canfor Corporation announced Q4 and full year 2020 results. The company reported record-high operating income during 2020.

According to company press release, the operating income for the year stood at $727 million. This compares with an operating loss of $294.3 million in 2019. The adjusted operating income was $735.4 million, compared to loss of $92.3 million a year before. Also, the company reported shareholder net income of $544 million or $4.35 per share during the entire year 2020.

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In Q4 2020, Canfor posted operating income of $420 million, adjusted operating income of $321 million and shareholder net income of $336 million, or $2.68 per share. The adjusted lumber segment operating income declined from the sequential quarter to total $365.5 million. The global lumber market fundamentals remained strong during the quarter. The North American demand as well as the offshore demand in Asia for lumber improved in the current quarter.

Don Kayne, Canfor’s President and Chief Executive Officer noted that the company was able to generate new record-high financial results for 2020, primarily due to unprecedented surge in global lumber markets beginning Q2 coupled with strong performance of its operations. The company foresees continued strength in global lumber demand and improving conditions for global pulp markets.

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