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Rubber and Wood May 07, 2021 09:30:32 PM

Canfor Corp. Lumber Segment Earnings Hit All-Time High

Paul Ploumis
ScrapMonster Author
The net debt as at March 31, 2021 stood at $85 million, said the company press release.

Canfor Corp. Lumber Segment Earnings Hit All-Time High

SEATTLE (Scrap Monster): Vancouver, B.C.-based Canfor Corporation declared its Q1 2021 results.

The company reported operating income of $602.6 million, $183.0 million higher than operating income of $419.6 million reported for the fourth quarter of 2020. The higher operating income was mainly driven by record results for the lumber segment and improved results in the pulp and paper segment. Canfor reported record-high quarterly sales of $1.94 billion and net income of $428 million, or $3.42 per share in Q1 2021. The net debt as at March 31, 2021 stood at $85 million, said the company press release.

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The lumber segment earnings surged higher by $145.7 million quarter-over-quarter, to an all-time high $606.7 million. The total lumber shipments, at 1.45 billion board feet, were 7% lower than the previous quarter, mainly due to decline in North American shipments. The total lumber production stood at 1.47 billion board feet, more or less in line with the prior quarter. Meantime, the lumber unit manufacturing and product costs were moderately higher than the previous quarter.

Meantime, the improved results in the pulp and paper segment reflected improving global pulp market conditions and 25% surge in output at Canfor’s pulp mills over the previous quarter.

The company delivered solid operating performance across all regions, said Don Kayne, President and CEO, Canfor Corporation.

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