Western Forest Products Posted Record Adjusted EBITDA

SEATTLE (Scrap Monster): Western Forest Products Inc. announced first quarter 2021 results.

The company reported record adjusted EBITDA of $62.9 million, capitalizing on robust North American markets. This compares to negative adjusted EBITDA of $17.4 million in the first quarter of 2020 and adjusted EBITDA of $71.1 million in the fourth quarter of 2020. Meantime, the net income in Q1 2021 was $53.8 million or $0.14 per diluted share, as compared to a net loss of $21.0 million or $0.06 per diluted share in the year-ago quarter and net income of $34.4 million or $0.09 per diluted share in the prior quarter.

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The lumber revenues surged 8% from the prior quarter, mainly driven by better product pricing and boosted North American shipments. The Q1 2021 lumber production of 199 million board feet was 226% higher than the first quarter last year.

Western Forest Products reported revenue stood at $33.1 million in the first quarter of 2021, higher by 157% from the same period a year before. The company achieved a higher average realized log price, despite lower export market shipments. The coastal operations in the B.C. region produced 688,000 cubic metres of logs.

Don Demens, President and CEO expects robust market conditions to continue in the near and mid-term and supporting momentum in the execution of our business strategy and growing its business.