Canfor reports $89.5-million first-quarter loss, revenue down from year ago

Canfor says it lost $36.8 million or 29 cents per diluted share for the quarter

Canfor Corp. reported a loss in its most recent quarter compared with a profit a year ago as revenue fell.

The forestry company says it lost $89.5 million or 71 cents per diluted share for the three months ended March 31.

That compared with a profit of $112.2 million or 87 cents per diluted share in the same quarter last year.

Sales for the first three months of 2019 amounted to $1.15 billion, down from $1.23 billion for the first three months of 2018.

READ MORE: Canfor temporarily shutting down lumber mills across B.C.

On an adjusted basis, Canfor says it lost $36.8 million or 29 cents per diluted share for the quarter compared with an adjusted profit of $145.4 million or $1.13 per diluted share a year earlier.

On Monday, Canfor temporarily curtailed operations at its B.C. lumber mills due to low prices and the high cost of fibre. The curtailment is expected to reduce Canfor’s production output by approximately 100 million board feet.

“While our B.C. based lumber business experienced significant challenges due to lower than anticipated market prices and difficult operating conditions, our U.S. South and European operations generated solid financial returns,” Canfor chief executive Don Kayne, said in a statement.

“We look forward to adding a further 200 million board feet to our U.S. South operations during the second quarter with the upcoming close of the Elliott acquisition, which will help offset the escalating log cost and fibre supply issues impacting our B.C. operations.”

Companies in this story: (TSX:CFP)

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

College could offer training programs this fall

But has no plans to re-establish a physical presence

Bath day

The Houston Volunteer Fire Department, Perry Slaney and Fred Brown were out… Continue reading

Emergency service day in Houston

The second annual emergency service day was held on July 11 in… Continue reading

New CAO starts at RDBN

Curtis Helgesen started as the new Chief Administrative Officer (CAO) of the… Continue reading

Looking good Houston

The District of Houston, maintenance crew recently replaced the old banners through… Continue reading

Joaquin ‘El Chapo’ Guzman sentenced to life in prison

Experts say he will likely wind up at the federal government’s Supermax prison in Florence, Colorado

Olympic softball qualifier gets $150K boost from provincial government

2019 Americas Qualifier to be held in Surrey from Aug. 25-Sept. 1

Gas price inquiry questions Trans Mountain capacity, company denies collusion

The first of up to four days of oral hearings in the inquiry continue in Vancouver

‘Benzos’ and fentanyl a deadly cocktail causing a growing concern on B.C. streets

Overdoses caused by benzodiazepines can’t be reversed with opioid-overdose antidote naloxone

Will you be celebrating national hotdog day with any of these crazy flavours?

The popularity of hotdogs spans generations, cultures

Former home of accused Penticton shooter vandalized

Ex-wife of man who is accused of murdering four people had her house vandalized

Survivor of near-drowning in B.C. lake viewing life through new eyes

“If I died that day, the baby wouldn’t know his dad,” said 31-year-old Mariano Santander-Melo.

‘Beyond the call’: Teen in police custody gets birthday surprise by B.C. Mountie

Unusual celebration started when Staff Sgt. Paul Vadik went to visit the teen in his Coquitlam cell

Thunderstorms forecast across B.C.

Environment Canada has issued a thunderstorm watch for B.C.’s central Interior

Most Read