Canfor Recorded Quarterly Loss Amidst Weak Lumber Market

SEATTLE (Scrap Monster): Canfor Corporation reported results of first quarter of 2024. The quarterly loss narrowed during the quarter amid weak global lumber market.

According to company press release, it reported an operating loss of $85.8 million for the first quarter of 2024. This compares with an operating loss of $191.3 million in the fourth quarter of 2023. The company’s an operating loss of $191.3 million in the fourth quarter of 2023, down significantly when compared with adjusted operating loss of $232.4 million for the fourth quarter of 2023.

ALSO READ:

Canfor to Close Jackson Mill, Expand Production at Fulton Facility in Alabama

Canfor Corporation Swung to Operating Loss in 2023

The lumber segment adjusted operating loss was $87.3 million for Q1 this year, as compared with prior year quarter’s adjusted operating loss of $192.4 million. The North American lumber market conditions remained under pressure through most of the first quarter. The offshore lumber demand and pricing remained more or less flat over the previous quarter in Asian region. Europe, especially the UK, witnessed marginal improvement in lumber demand during the quarter.

Commenting on the future outlook, Canfor noted that it expects North American lumber market pricing to witness weakness through Q2 2024. The offshore lumber demand and pricing in Asia is likely to report improvement. Also, European lumber market pricing is anticipated to improve slightly in Q2 this year.