Shipments of Conifex Produced Lumber Dipped in Q1 This Year

SEATTLE (Scrap Monster): Conifex Timber Inc. reported results for the first quarter of the year ended March 31, 2022. The results reflect higher lumber prices, but were partially offset by reduced shipments on account of transportation bottlenecks.

The company reported EBITDA from continuing operations of $20.1 million for the quarter. This compares with EBITDA of $9.7 million in the first quarter of 2021. The net income for the quarter was $11.4 million or $0.28 per share, compared to $4.5 million or $0.10 per share in the same quarter a year before.

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Conifex recorded lumber production of approximately 47.1 million board feet during the initial quarter of 2022. The production corresponds to operating rates of approximately 78% of the total annualized capacity. The lumber production had totalled 44.7 million board feet in the prior quarter.

The shipments of Conifex produced lumber totalled 42.5 million board feet in Q1 2022, down by 5% from 44.7 million board feet in the prior quarter, but significantly higher by 12% from 37.8 million board feet of lumber shipped in first quarter of 2021. Meantime, the shipments were challenged by ongoing railcar and truck supply constraints, said the company press release.

The total liquidity as at 31^st March, 2022 increased to touch $23.3 million, as compared with $16.4 million at December 31, 2021.