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

Kootenay Co-op Radio calls for support to avoid deficit

The annual funding drive is important to the station’s financial health

DATELINE 1969: Narcotics seminar hears call for drug law reform

Greg Scott digs into the Nelson Daily News archives

Motion calls on Rossland city council to recognize ‘climate crisis’

Andy Morel wants to raise awareness of urgent need for action by higher levels of government

Police investigating man’s death in Winlaw

Foul play not established, but major crimes unit is investigating

CHECK THIS OUT: Enquiring minds want to know

Anne DeGrace writes about the diverse reasons people use the library

B.C.’s fight to regulate bitumen through pipelines to go to Canada’s top court

BC Appeal Court judges found B.C. cannot restrict bitumen flow along Trans Mountain pipeline

Kootenay man arrested and charged in 2015 murder

Nathaniel Jessup 32 of Creston has been charged with the second-degree murder of Katherine McAdam and offering an indignity to a body.

Scheer says it would take Conservatives five years to balance budget

Scheeraccused the Liberal government of spending $79.5 billion of previously unbudgeted funds

B.C. man, 30, arrested for driving his parents’ cars while impaired twice in one day

The Vancouver-area man was arrested after officers caught him driving impaired twice in one day

New airline regulations bring compensation for tarmac delays, over-bookings

Some of the new regulations will roll out in July, while others are expected for December.

GALLERY: First responders in Fernie return baby owl to its nest

The baby owl’s inability to fly back to its nest prompted a rescue by first responders

More than half of Canadians support ban on handguns, assault rifles: study

Divide between rural and urban respondents in latest Angus Reid Institute public opinion study

Spring rain needed as B.C. sees one of the lowest snowpack levels in 40 years

Snowpack levels in B.C. recorded on May 15 were similar to those in 2015 and 2016

Theresa May to quit as party leader June 7, sparking race for new PM

The new Conservative leader will become prime minister without the need for a general election

Most Read