Western Forest Products' Lumber Revenues Surged in Q1 2022

SEATTLE (Scrap Monster): Western Forest Products, Inc (WFP) announced first quarter 2022 results.

The company reported net income of $38 million during the first quarter of 2022, compared with net income of $53.8 million in the same quarter of 2021. The adjusted EBITDA for the quarter was $65.4 million. This compares with adjusted EBITDA of $62.9 million in the same period last year. The Q1 2022 operating income prior to restructuring and other items was $52.2 million, as compared to $48.8 million in Q1 last year.

The lumber revenues surged higher by 13% year-on-year during the quarter, driven by a stronger lumber sales mix and higher price realizations, which more than offset reduced sales volume on account of logistics challenges. The average realized lumber prices of $1,688 per thousand board feet, was up by 24% from the prior year quarter. The lumber production totalled 175 million board feet, down by 12% from Q1 2021.

Meantime, the log revenues witnessed slight decline over the previous year to total $32.7 million.

Don Demens, President and Chief Executive Officer, WFP said that with its strong balance sheet and the expectation for continued strong results, the company remains committed to its balanced approach to capital allocation and returning capital to shareholders.

YOU MAY ALSO BE INTERESTED IN:

WFP Lumber Revenue Surged in Q4 Last Year

Western Forest Products Announced Transition to Sustianability-Linked Credit Facility