Conifex Timber Announced Q2 2021 Financial Results

SEATTLE (Scrap Monster): Conifex Timber Inc. reported results for the second quarter ended June 30, 2021.

The company’s net earnings were $26.1 million or $0.56 per share during the quarter. This compares with a loss of $0.06 per share during the year-before quarter. The EBITDA from continuing operations totalled $37.8 million, compared with negative EBITDA of $1.2 million in the corresponding quarter in 2020. The robust results were mainly driven by higher lumber prices and increased lumber shipments.

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Conifex’s lumber production in the second quarter totalled approximately 49 million board feet. It must be noted that the production had totalled 51 million board feet during the previous quarter. The unseasonal wet weather combined with high wildfire risk towards the end of the quarter contributed to the decline in lumber output. Meantime, the shipments of Conifex-produced lumber surged higher by 553% over the previous year to 55.5 million board feet during the second quarter 2021.

The revenues from lumber products skyrocketed by 1,410% from the prior year quarter to $89.1 million, mainly driven by higher shipment volumes and higher realized lumber prices. Meantime, the cost of goods sold was up by 428% from the second quarter of 2020.

The overall debt registered marginal decline to $61.6 million as at June 30, 2021. The total liquidity stood at $45.8 million.