SEATTLE (Scrap Monster): GreenFirst Forest Products Inc. announced results for the three-month period and full fiscal year ended December 31, 2023.
The company reported net loss from continuing operations of $21.6 million or $0.12 per diluted share during Q4 2023. This compares with net earnings of $2.7 million or earnings of $0.01 per diluted share in the prior quarter. The net sales by the company during Q4 2023 totalled $103.2 million, higher by 8% from Q3 2023. Also, the company reported cost of sales of $115.7 million during the final quarter of 2023, higher by 29% from the prior quarter, the company press release said.
During fiscal 2023, the company recorded net loss from continuing operations of $48.8 million or $0.27 per diluted share, compared to a net loss of $4.1 million or $0.02 per diluted share in 2022. GreenFirst’s paper mill operations reported increased efficiencies in 2023. The net sales from continuing operations totalled 409,617 million during the year.
Commenting on the outlook, the lumber demand and pricing are likely to be impacted by higher interest rates, macroeconomic concerns and tensions in Middle East and Europe. However, potential interest rate cuts by the US Federal Reserve and Bank of Canada could positively impact lumber demand. The lumber markets will be positively impacted by lack of available housing inventory and aging of homes in the US.
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