Canfor Corporation Swung to Operating Loss in 2023

SEATTLE (Scrap Monster): Canfor Corporation reported results for fourth quarter and full year 2023.

According to company press release, 2023 turned out to be a challenging year for the company, mainly due to extended weak global lumber market conditions. In response to the global market conditions and constrained fibre supply environment, the company was forced to reduce production at its Western Canadian operations. The company continued to face significant challenges in the B.C. region. However, the European and US South operations reported solid earnings during the previous year.

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Canfor Reported Results for Third Quarter of 2023

For the full year 2023, Canfor reported an operating loss of $531.6 million. This compares to operating income of $1,074.1 million in 2022. The adjusted operating loss in 2023 was $588.8 million, compared with adjusted operating earnings of $1,306.2 million a year before, said the company press release.

In Q4 2023, the company reported d an operating loss of $191.3 million, compared to an operating loss of $65.1 million in the prior quarter. The company’s adjusted operating loss for the fourth quarter of 2023 was $232.4 million compared to an adjusted operating loss of $85.9 million for the previous quarter. The North American lumber market conditions remained fairly subdued throughout most of the fourth quarter.