Conifex Timber Declared Net Loss in Q2 This Year

SEATTLE (Scrap Monster): Conifex Timber Inc. reported results for the second quarter ended June 30, 2024.

The company reported negative EBITDA of $7.1 million for the quarter. This compares with EBITDA of negative $0.5 million in the initial quarter of the year and negative $8.7 million in the corresponding second quarter a year before. The net loss further widened to s $9.7 million or $0.24 per share during the quarter, compared with net loss of $4.5 million or $0.11 per share in Q1 this year and net loss of $9.2 million or $0.23 per share in the year-ago quarter, said the company press release.

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The lumber production by the company totalled approximately 34 million board feet in the second quarter of 2024, representing operating rates of approximately 57% of annualized capacity. The dip in production was mainly on account of scheduled two-week curtailment at the end the quarter and reduced log deliveries due to wet weather conditions during the months of May and June.

The shipments of Conifex-produced lumber recorded 13% decline from 44.5 million board feet in the prior quarter to 38.5 million board feet in the second quarter of 2024. Also, the revenues from lumber products were down by 15% to total $25 million in Q2 this year.