WFP Lumber Revenue Surged in Q4 Last Year

SEATTLE (Scrap Monster): Western Forest Products Inc. reported financial results for Q4 and full-year 2021.

The company reported net income of $28.5 million or $0.08 per share in the fourth quarter of the previous year. This compares with net income of $34.4 million or $0.09 per share in the same quarter a year before.

Western Forest Products reported adjusted EBITDA of $52.5 million in 4Q 2021. Operating income before restructuring and other items stood at $39.4 million, compared with $56.0 million in Q4 2020. The lumber revenues rose 4% during the quarter over the previous year, despite significant decline in lumber shipment volumes.

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For the full-year 2021, the net income was $202.8 million, compared to $33.4 million in 2020. The earnings per share surged higher significantly from $0.09 per share in 2020 to $0.56 per share in 2021. The lumber revenue, at $1.2 billion, was up by 62% from the year before. Higher realized prices and increased shipment volumes boosted the revenues during 2021.

Don Demens, President and CEO, Western Forest Products noted that the company managed through significant operational and logistics headwinds to deliver its best annual financial results ever. The combination of strong operating cash and flows proceeds from non-core asset sales has repositioned the company’s balance sheet, which in turn will support the company’s future growth, he noted.