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

Abbotsford parents invited to anti-gang education session

Presenters to discern myth from reality, offer warning signs that youths are getting into gangs

Welcome to 89 years at the same Abbotsford address

Philip Sheffield lunch brings past students together one more time

Abbotsford firefighters knock down house fire before it can spread

No one believed to be inside structure at the time of the fire on Clayburn Road Saturday morning

Abbotsford youths grill mayor on environmental policy at rally

Local youths continued climate strike as worldwide action takes place in hundreds of cities

Stolen stamp collection has been returned to owners in Abbotsford

Good Samaritan found the stamps hidden away in some bushes and turned them over to police

Police release photos of suspect in daytime sex assault at Vancouver woman’s home

A young woman, in hers 20s, was followed home by the man, before he violently attacked her inside

Third person charged in death of B.C. teen Bhavkiran Dhesi

Inderdeep Kaur Deo facing charge of accessory after the fact to murder

Kamloops girl, 9, recovering from carbon monoxide poisoning now out of ICU

Her mother who was sleeping in the same tent with her did not survive

UPDATE: Surrey RCMP say boy, 11, missing for two days found safe

Dominic Mattie was last seen at 5 p.m. in the 13500-block of Gateway Drive in Surrey

‘I think he’s still alive’: B.C. mom pleads for help finding son last seen a month ago

Family offering $5,000 reward for information leading to the safe return of Tim Delahaye

New poll suggests one-third don’t want politicians to wear religious symbols

Local politicians shouldn’t be allowed to wear hijabs, crucifixes or turbans on the job, survey suggests

Raptors fans far from home adjust plans to watch pivotal playoff game

Raptors currently lead the playoff series 3-2, and a win Saturday would vault them into NBA finals

PHOTOS: First responders in Fernie rescue baby owl who fell from nest

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

Five takeaways from the Court of Appeal ruling on B.C.’s pipeline law

It’s unclear how many tools are left in B.C.’s toolbox to fight the project

Most Read