SEATTLE (Scrap Monster): Canfor Corporation today reported results for the third quarter of the current year.
The company reported consolidated operating loss of $65 million during Q2 2023. This includes $49 million operating loss from its pulp business. Canfor reported net loss of $23.1 million, compared with net income of $87.4 million during the corresponding quarter a year before. The adjusted net loss stood at $19.4 million, falling from adjusted net income of $98.5 million a year ago.
The pulp and paper segment adjusted operating loss was $51.3 million for the third quarter of 2023, compared to an adjusted operating loss of $31.0 million for the second quarter of 2023. The global softwood pulp markets are anticipated to witness marginal improvement in Q4 this year.
The company continued to report strong results in the U.S. South. The results from European region too remained solid despite seasonal downtime. Canfor reported challenging Q3 for Western Canada operations. The global lumber market demand and pricing remained under pressure through much of the quarter. The shipments were impacted by curtailments in Western Canada and seasonal downtime in Europe.
Commenting on the results, Don Kayne, President and Chief Executive Officer, Canfor Corporation noted that the outcome of the results underscores the importance of the company’s global diversification strategy.
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