Interfor Corporation Declared Share Buyback Program

The company generated $214.8 million of cash flow from operations before changes in working capital.

SEATTLE (Scrap Monster): Interfor Corporation reported net earnings of $121.6 million, or $1.81 per share in Q3 this year, compared to net loss of $35.6 million, or $0.53 per share in the corresponding quarter a year before. The adjusted net earnings during the quarter were $140 million, compared with adjusted net loss of $11.8 million a year before. The adjusted EBITDA hit a new record of $221.7 million on sales of $644.9 million.

The company generated $214.8 million of cash flow from operations before changes in working capital. The net debt at the end of the quarter was $88.7 million. The available liquidity stood at $636.7 million. The capital spending during the quarter was $23.4 million. Also, the company revised its planned capital expenditures for 2020 and 2021 to now total approximately $115.0 million and $150.0 million, respectively.

The company news release said that the average lumber selling price increased $264 per mfbm from the prior quarter to $910 per mfbm. The lumber prices, which witnessed sharp fall during the initial stages of the pandemic, saw robust upward movement during the third quarter.

Interfor announced that the Toronto Stock Exchange has approved the launch of a Normal Course Issuer Bid (NICB) by the company. The NCIB will allow for the purchase during the twelve-month period commencing on November 11, 2020 and ending on November 10, 2021 of up to 5,981,751 common shares, which is equivalent to 10% of the company’s public float as at 5^th November, 2020.

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