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Rubber and Wood February 21, 2020 03:30:13 PM

Canfor Corporation Trimmed Losses in 4Q 2019

Paul Ploumis
ScrapMonster Author
Canfor reported operating loss of $294 million in 2019. The adjusted operating loss stood at $92 million for the whole year.

Canfor Corporation Trimmed Losses in 4Q 2019

SEATTLE (Scrap Monster): Canfor Corporation reported 2019 and fourth quarter 2019 financial and operating results.

In Q4 last year, the company reported an operating loss of $59.6 million, as markets continued to remain challenging. The operating loss saw notable decline from $120.3 million for the third quarter of 2019, mainly due to improved earnings in the lumber and pulp and paper segments. Canfor reported adjusted operating loss of $33 million and shareholder net loss of $39 million, or $0.31 per share during the quarter.

Canfor reported operating loss of $294 million in 2019. The adjusted operating loss stood at $92 million for the whole year.

ALSO READ: Jim Pattinson's $1 Billion Deal to Buy Canfor Corp. is Abandoned

The lumber shipments totalled 1.22 billion board feet in Q4, broadly in line with the prior quarter. Meantime, the total lumber production, at 1.25 billion board feet, was up 6% from the prior quarter, mainly aided by reduced market-related downtime in BC and increased operating days at the European mills. The pulp production surged higher by almost 64% over the quarter to total 286,000 tonnes.

Don Kayne, President and Chief Executive Officer, Canfor noted that the challenging global lumber and pulp market conditions offset the transformational global diversification efforts by the company during the previous year.

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