Canfor reports operating loss of $67 million in the second quarter

Canfor Corporation reported its second quarter of 2023 results on July 27.

Overview:

Q2 2023 operating loss of $67 million including a $57 million reversal of a previously recognized inventory write-down; adjusted operating loss of $124 million; adjusted shareholder net loss of $44 million, or $0.36 per share.

Strong earnings continued at the Company’s European and US South operations with persistent challenges in British Columbia.

Sustained pressure on global lumber market fundamentals and pricing, particularly in North America.

Increased North American lumber production & shipments despite ongoing curtailments in British Columbia and permanent closure of Chetwynd facilities and temporary closure of Houston sawmill.

Significant deterioration in global pulp market fundamentals; closure of the pulp line at Prince George Pulp and Paper Mill; subsequent to quarter-end, short curtailment of Northwood NBSK pulp mill amidst British Columbia port strike.