Vancouver, BC - Canfor Corporation (“The Company” or “Canfor”)(TSX: CFP) today reported its third quarter 2020 results:
Overview
- Third quarter of 2020 reportedoperating income of $300million, adjusted operating income of $347million
- Record-high adjusted lumber earnings of $387million, driven by unprecedented surge inlumber pricesand strong operational performance across all regions despite the impact of the coronavirus pandemic
- Total net debt of $526millionat September30, 2020, improvement of $331million from prior quarter; available liquidity of $1.1 billion; net debt to capitalization of 18.6% at September 30,2020
- Adjusted shareholder net income of $259million, or $2.07per share
- Vida Group (“Vida”) completed acquisition of Bergs Timber Production AB (“Bergs”)sawmill assets
- Cumulative cash deposits of $548 million on countervailing and anti-dumping dutiesat September 30, 2020
Financial Results
The following table summarizes selected financial information for the Company for the comparative periods:
For the third quarter of 2020, the Company reported operating income of $299.6 million, up $202.7 million from the second quarter reported operating income of $96.9 million, reflecting a marked increase in lumber segment earnings, marginally offset by lower pulp and paper segment earnings.
After adjusting for countervailing (“CVD”) and anti-dumping duties (“ADD”) of $50.7 million in the lumber segment and an inventory write-down recovery of $3.0 million for the pulp and paper segment, the Company’s operating income was $347.3 million for the third quarter of 2020, up $289.2 million from similarly adjusted operating income of $58.1 million in the second quarter of 2020.
Source: Canfor
