GreenFirst Forest Products' Net Loss Enlarged in Q2 2024

SEATTLE (Scrap Monster): GreenFirst Forest Products Inc. announced results for the second quarter of 2024.

The company’s net loss from continuing operations further widened to 14.5 million or $0.08 per diluted share in Q2 this year. This compares with net loss of $13.4 million or $0.08 per diluted share in Q1 2024. The adjusted EBITDA for the quarter was negative $12.1 million, upon comparison with negative $3.5 million in the prior quarter.

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According to company press release, both the lumber and paper operations contributed negatively to the quarterly results, on account of weak market conditions. The lumber segment contribution stood at negative $3.7 million, whereas the paper segment contributed negative $5.2 million during the quarter. The net lumber sales totalled $66.3 million in Q2 2024, down by 4% quarter-on-quarter. Meantime, the net sales from paper segment surged higher by 16% over the prior quarter to $28.1 million.

Joel Fournier, Chief Executive Officer, GreenFirst Forest Products said that the company plans to complete the previously announced spin-out transaction of Kap Corp. The move will boost the company’s decentralization efforts and help it to focus on its core motive of being a pure-play lumber producer, he said.