Conifex Timber Recorded Net Loss in Q1 2024

SEATTLE (Scrap Monster): Conifex Timber Inc. reported results for the first quarter ended March 31, 2024.

The company reported net loss of $4.5 million or $0.11 per share for the quarter, in comparison with s net loss of $5.3 million or $0.14 per share in the prior quarter and net loss of $8.1 million or $0.20 per share for the corresponding year-ago quarter. The EBITDA stood at negative $0.5 million for the quarter. This compares with EBITDA of negative $3.5 million in the fourth quarter of 2023 and negative $6.9 million in the first quarter of 2023, said the company press release.

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Conifex’ lumber production totalled approximately 44.5 million board feet in the initial quarter of 2024. The lumber production had totalled 33.2 million board feet of lumber in the previous quarter and 41.2 million board feet in the prior year quarter. The revenues from lumber products recorded a surge by 18% quarter-on-quarter to total e $29.5 million. Meantime, the shipments of Conifex-produced lumber totalled 44.5 million board feet during Q1 2024.

The overall debt recorded decline from $63.8 million as at December 31, 2023 to $61.8 million as at the end of the first quarter 2024.

Conifex Timer expects its lumber production and shipments to remain moderately higher in the remaining quarters of 2024.