SEATTLE (Scrap Monster): Interfor Corporation announced results for the third quarter of 2022. Also, the company announced renewal of share buyback program.
According to company press release, the net earnings during the quarter was $3.5 million, or $0.06 per share. This compares with $65.6 million, or $1.05 per share in the corresponding quarter a year before. The adjusted net earnings dropped year-on-year from $46.7 million to $31.5 million. The adjusted EBITDA for the quarter was $129.5 million, compared with $428.6 million during the prior quarter. The net sales too recorded significant decline from $1.4 billion in Q2 to $1.0 billion in Q3 this year.
The lumber production by the company witnessed a decline by 30 million board feet over the prior quarter to total 986 million board feet in Q3. The dip was mainly due to reduced output from the Eastern Canada and B.C. operations. Interfor’s lumber shipments recorded decline by 18 million board feet from the prior quarter to total 1.1 billion board feet. The lumber inventories dropped by 36 million board feet during the quarter. The demand for lumber moderated in Q3.
The TSX has approved the renewal of Interfor’s NICB, thereby allowing for purchase of up to 5,105,002 common shares during the twelve-month period commencing on November 11, 2022 and ending on November 10, 2023.
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