GreenFirst Forest Announced Net Loss in Q1 This Year

SEATTLE (Scrap Monster): GreenFirst Forest Products Inc. announced financial results for the first quarter of the year ended 31^st March, 2024.

The company reported net loss from continuing operations of $13.4 million or $0.08 per diluted share during the quarter. This compares with net loss of $21.6 million or loss of $0.12 per diluted share in Q4 2023. The adjusted EBITDA for the quarter stood at negative $3.5 million, in comparison with negative $18.0 million in the prior quarter, said the company press release.

The average lumber prices for the quarter edged higher when compared with the sequential quarter. The average lumber selling prices recorded an increase from $601/mfbm in Q4 2023 to $626/mfbm in Q1 this year. The pricing witnessed strong momentum during early-Q1 2024, but it started cooling off toward the tail end of the quarter.

Paul Rivett, GreenFirst’s Executive Chair noted that the positive momentum in lumber pricing during the beginning of the quarter was reversed towards the end, which resulted in curtailment of production by a few competitors. The company faced some disruptions on the paper side due to certain external events. The company is exploring possible ways to reduce the negative financial impacts on the overall results due to this, Rivett added.

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