VANCOUVER, BC, May 8, 2025 - Canfor Corporation ("The Company" or "Canfor") (TSX: CFP) today reported its first quarter of 2025 results:
Overview.
- Q1 2025 operating loss of $29 million; shareholder net loss of $31 million, or $0.26 per share.
- Increase in North American lumber prices through Q1 2025 driven largely by supply constraints amid rising global economic and trade uncertainty; improved results from Western Canada following rationalization in 2024, combined with another quarter of solid earnings from Europe.
- Improved results for Canfor Pulp as global softwood pulp market fundamentals saw modest improvement early in the quarter.
The Company reported an operating loss of $28.5 million for the first quarter of 2025, compared to an operating loss of $45.9 million in the fourth quarter of 2024. After taking into consideration a $3.7 million reversal of a previously recognized inventory write-down, the Company's adjusted operating loss was $32.2 million for the first quarter of 2025, compared to a similarly adjusted operating loss of $82.0 million for the fourth quarter of 2024. These results largely reflected improved lumber segment results and, to a lesser extent, the pulp and paper segment.
Commenting on the Company's first quarter of 2025 results, Canfor's President and Chief Executive Officer, Susan Yurkovich said, "While improved North American lumber benchmark prices provided some relief this quarter, rising global economic and trade uncertainty, in addition to the already punitive US softwood lumber duties, create a challenging backdrop and a period of significant uncertainty for our lumber business. Through our diversified operating platform in Canada, the US South and Europe, we are positioned to mitigate these challenges, while remaining focused on what we can control, including operating safely and efficiently, working with our customers, and continuing to be flexible and responsive.
"For our pulp business" Yurkovich added, "this was another solid quarter with improved results and a strong operational performance. However, global economic uncertainty is also putting pressure on global softwood pulp markets in the near term."
