Interfor's Lumber Production See Notable Surge in Q3 '19

SEATTLE (Scrap Monster): Interfor Corporation announced results for third quarter of the current year. The company reported net loss of $35.6 million or $0.53 per share. This compares with net loss of $11.2 million or $0.17 per share in the prior quarter. It must be noted that the company had reported net earnings of $28.2 million or $0.40 per share in the third quarter of 2018.

According to company press release, the adjusted net loss in Q3 ’19 was $11.8 million, as compared with the adjusted net loss of $16.2 million in Q2 ’19 and adjusted net earnings of $28.3 million in Q3 2018.

The total lumber production by the company surged higher by 38 million board feet from the prior quarter to total 685 million board feet in the third quarter of 2019. This was mainly on the back of increased production by the U.S. South region, on account of ramped up production from the Monticello and Meldrim sawmills upon completion of first phase of the previously announced capital projects. The total lumber shipments were 692 million board feet. Also, lumber inventories increased marginally to close at 215 million board feet as on September 30, 2019.

The company expensed $12.1 million of duties during the quarter. It has paid a total of $85.8 million in duties since the inception of the trade dispute.

Interfor expressed hopes that the announced reconfiguration plan of its B.C. coastal business will lead to repatriation of working capital tied up at Hammond, the monetization of related real estate and improved results in the years to come. Also, the phase 2 strategic capital projects at the Thomaston and Eatonton sawmills in Georgia and the Georgetown sawmill in South Carolina are on track for completion before 2022.