Canfor Corporation (“The Company” or “Canfor”) (TSX: CFP) today reported its fourth quarter of 2024 results:
Overview.
- Q4 2024 operating loss of $46 million; shareholder net loss of $63 million, or $0.53 per share.
- Supply-driven uptick in North American lumber markets and pricing through the fourth quarter led to improved results from the Company’s Western Canadian and US South operations; another quarter of solid earnings from Europe.
- Acquisition of an additional 7% of the outstanding shares in Vida for total consideration of $118.3 million (SEK 916.6 million).
- Successful start-up of the greenfield sawmill in Axis, Alabama and of the major modernization and expansion of the Urbana sawmill in Arkansas.
- Improved results for Canfor Pulp; relatively stable global pulp market fundamentals through most of the fourth quarter, with some positive momentum late in the period; persistent challenges associated with the availability of economic fibre in British Columbia
Commenting on the Company’s fourth quarter of 2024 results, Canfor’s President and Chief Executive Officer, Susan Yurkovich, said, “Following several quarters of very weak global lumber market conditions, we were pleased to see a slight uplift in North American benchmark lumber prices during the fourth quarter, which gave rise to improved results across all our lumber operating regions. While we anticipate subdued yet volatile market conditions to persist in the near-term, we continue to believe that longer term lumber market fundaments remain solid. Operationally, with our geographically diverse platform, we are well-positioned to navigate external challenges facing our lumber business, including the tariffs and increased duties on imports from Canada into the US.”
“For our pulp business,” Yurkovich added “despite a slight improvement in market conditions late in the quarter, which resulted in an uplift in results, we continue to face external obstacles driven by persistent shortages in the availability of economic fibre in BC.”
Source: Canfor
