Canfor Corp. Lumber Segment Earnings Hit Fresh All-Time High

SEATTLE (Scrap Monster): Canfor Corporation announced results for second quarter 2021. The company reported strong operating performance across all regions.

The operating income for the quarter stood at $1.04 billion, significantly higher from $602.6 million in Q1 last year, primarily driven by unprecedentedly higher lumber prices. Canfor’s quarterly sales touched a record-high of $2.495 billion, compared with $1,941.8 million during the prior year quarter. It reported record shareholder net income of $727 million or $5.81 per share.

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The lumber segment earnings hit an all-time high of $1,000.5 million, rising by almost $393.8 million over the previous quarter. The global lumber market conditions remained very strong in the second quarter of the year. The moderately higher North American shipment volumes boosted the total lumber shipments by 6% from the prior quarter to total 1.54 billion board feet. The total lumber production too was up by 2% at 1.51 billion board feet, said the company press release.

The shipments of lumber and pulp and paper are expected to be negatively impacted the third quarter, due to rail disruptions. In the context of adverse conditions such as summer heat and wildfires, the company’s top priority would be to ensure the health and safety of its employees, noted Don Kayne, President and CEO, Canfor.