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Rubber and Wood November 13, 2020 05:00:07 PM

Conifex Timber Declared Superior Results in Q3 2020

Paul Ploumis
ScrapMonster Author
The lumber production for the quarter totalled 48 million board feet.

Conifex Timber Declared Superior Results in Q3 2020

SEATTLE (Scrap Monster): Conifex Timber Inc. reported results for the third quarter ended September 30, 2020.

During the third quarter of 2020, the company generated net income from continuing operations of $2.0 million, or $0.04 per share. This compares with net loss of $11.6 million or $0.25 per share in the third quarter of 2019. The revenues totalled $37.6 million, an increase of 64% from the prior year quarter. Conifex Timber recorded operating income of $7.0 million in the third quarter of 2020, compared to operating losses of $8.6 million in the corresponding quarter a year before. The adjusted EBITDA stood at $7.6 million, said the company press release.

ALSO READ: Conifex Timber to Sell Three U.S. South Sawmills to Resolute Forest Products

The lumber production for the quarter totalled 48 million board feet. The shipments of Conifex produced lumber totalled 39.2 million board feet. The shipments of  lumber increased by 361% from the prior quarter. Also, the revenues from lumber products, at $31.2 million, represented a surge of 90% from the prior year quarter. The higher revenues were attributable to the restart and ramp-up of operations at its Mackenzie sawmill and higher lumber prices.

The company hopes to achieve annualized operating rates of approximately 90% in the fourth quarter of 2020.

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