Interfor Posted Record Lumber Output in Q3 2021

SEATTLE (Scrap Monster): Interfor Corporation reported results for third quarter 2021. The company also announced renewal of share buyback program.

According to company press release, the company recorded net earnings of $65.6million or $1.05 per share. This compares to net earnings of $121.6 million, or $1.81 per share in the comparable quarter a year before. The adjusted net earnings in Q3 this year were $46.7million, while the adjusted EBITDA stood at $93.9 million on sales of $664.3 million. The company generated $72.3 million of cash flow from operations. The available liquidity at the end of the quarter was $836.3 million.

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Interfor set record lumber production and shipments during the quarter. The production surged higher to hit 731 million board feet. The e U.S. South and U.S. Northwest regions accounted for 411 million board feet and 156 million board feet respectively. The log supply related downtime at B.C. Interior sawmills impacted lumber production in the region, dropping from 192 million board feet in Q2 this year to 164 million board feet in Q3 ’21, said the press release.

The Toronto Stock Exchange has approved the renewal of Interfor’s Normal-Course Issuer Bid (NICB), which will now allow for purchase of up to 6,041,701 common shares during the one year period from 11^th November, 2021 to 10^th November, 2022.