Interfor Posted Significant Decline in Q2 Lumber Output

The total lumber production by the company was down significantly by 206 million board feet to total 421 million board feet.

SEATTLE (Scrap Monster): Interfor Corporation reported results for second quarter 2020. The company recorded net earnings of $3.2 million or $0.05 per share. This compares with net loss of $11.2 million or $0.17 per share during the same quarter a year before.

Interfor’s adjusted net earnings in Q2 this year were $10.6 million. The company reported adjusted EBITDA of $42.8 million on sales of $396.8 million during the quarter. The net debt and available liquidity at the end of Q2 2020 were $239.1 million and $496.6 million respectively. The Q2 2020 capital spending totalled $23.6 million.

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Interfor Curtails Production Across All Regions

The total lumber production by the company was down significantly by 206 million board feet to total 421 million board feet. The B.C. lumber production declined from 186 million board feet to 115 million board feet over the quarter. The lumber inventory levels registered a decline by 68 million board feet. The company expensed $7.4 million in softwood lumber duties in Q2 this year.

The near term lumber demand is expected to remain strong, mainly due to robust repair and renovation lumber demand and ongoing recovery in U.S. housing starts. Meantime, recoveries in North American region continue to be impacted by Covid-19 uncertainties. The company is well positioned to meet all uncertainties with its strong balance sheet and liquidity, the press release noted.

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