SEATTLE (Scrap Monster): Interfor Corporation announced results for Q1 2022. The company reported record lumber production during the quarter.
The company recorded net earnings of $397.0 million, or $6.69 per share during the quarter. This compares with $69.7 million, or $1.15 per share in the prior quarter and $264.5 million, or $4.01 per share in the corresponding quarter a year before. The adjusted net earnings were $392.5 million in the first quarter of the year, compared with $78.2 million in Q4 2021 and $270.6 million in Q1 2021. Also, the company reported adjusted EBITDA of $570.1 million on sales of $1.3 billion, said the company press release.
Interfor lumber production set new record of 921 million board feet during the quarter, rising higher significantly by 163 million board feet quarter-over-quarter. The U.S. South and U.S. Northwest regions accounted for 452 million board feet and 173 million board feet, respectively. Meantime, the production in the B.C. region too increased from 183 million board feet to 196 million board feet.
The total lumber shipments surged higher by 141 million over the prior quarter to total 860 million board feet.
Interfor expects the North American lumber markets to remain above historical trends over the near term, mainly driven by continued strong demand from new housing starts and repair and remodel activity. Also, the lumber demand is expected to continue its growth over the medium term.
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