Western Forest Products' Net Losses Dipped in Q1 2024

SEATTLE (Scrap Monster): Vancouver, B.C.-based Western Forest Products Inc. (WFP) announced first quarter 2024 results. The net losses narrowed during the quarter, when compared with Q1 2023.

The company reported net loss of $8.0 million in the first quarter of 2024, as compared to a net loss of $17.7 million in the first quarter of 2023, and a net loss of $14.3 million in the fourth quarter of 2023. WFP reported negative EBITDA of $4.2 million during the initial quarter of the current year, compared with negative $5.0 million and negative $1.2 million in the year-ago quarter and sequential quarter respectively.

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The quarterly lumber shipments totalled 131 million board feet, upon comparison with shipments of 170 million board feet in Q1 2023. Meantime, the average lumber selling prices edged higher from $1,241 per mfbm in Q1 2023 to $1,351 per mfbm in Q1 this year, said the company press release.

During the first quarter, WFP completed and commissioned continuous dry kiln, with an anticipated capacity of approximately 70 million board feet, at its Saltair sawmill. Also, it advanced permitting related to previously announced continuous dry kilns at its Duke Point sawmill in Nanaimo and Value-Added Division in Chemainus.

The company sees some positive signs of improving demand and prices in certain lumber products going forward.