TORONTO, ON, May 13, 2025 / GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst” or the “Company”) announced results for the first quarter ended March 29, 2025.
The Company’s interim financial statements (“Financial Statements”) and related Management’s Discussion and Analysis (“MD&A”) for the first quarter ended March 29, 2025 are available on GreenFirst’s website at www.greenfirst.ca and on SEDAR+ at www.sedarplus.ca.
Highlights
- Q1 2025 net income from continuing operations was $0.9 million or $0.04 earnings per share (diluted), compared to net loss of $26.6 million or $1.39 loss per share (diluted) in Q4 2024. Adjusted EBITDA from continuing operations for Q1 2025 was positive $5.1 million compared to negative $0.9 million in Q4 2024.
- Benchmark prices saw increases during the quarter which resulted in an average realized lumber prices of $729/mfbm for Q1 2025 which was higher than the $680/mfbm pricing realized in Q4 2024.
- On February 1, 2025, the new U.S. administration issued an executive order imposing new tariffs on imports from Canada, which came into effect on March 4, 2025. These tariffs were subsequently reversed on March 6, 2025. On April 2, 2025, the U.S. administration issued a new executive order imposing a 10% tariff on all imports into the U.S. from all countries, with much higher tariffs applied to certain other goods. However, goods compliant with the USMCA, such as lumber, are exempt from these tariffs. These events contributed to an environment of economic uncertainty during the quarter.
GreenFirst Reports Positive Q1 Results Amid Market Uncertainty
“We are pleased to report Q1 2025 performance with positive EBITDA and net income from continuing operations, despite economic uncertainty and ongoing potential tariffs on lumber exports to the U.S.
While sales volumes and production were down due to market conditions and weather-related disruptions in Ontario, strong lumber prices exceeded expectations and supported the company’s positive financial results.
Looking ahead, we remain committed to disciplined capital expenditures and maintaining a strong balance sheet to navigate market volatility and potential headwinds,” said Joel Fournier, CEO of GreenFirst.
