Interfor's Net Loss Stretched Further in Q3 2024

SEATTLE (Scrap Monster): In the current year, Interfor Corporation reported a third-quarter net loss of $105.7 million, or $2.05 per share. This contrasts with a net loss of $42.4 million, or $0.82 per share, in the similar quarter last year and a net loss of $75.8 million, or $1.47 per share, in the consecutive quarter.

Compared to a loss of $16.7 million in Q2 2024, the company reported an adjusted EBITDA loss of $22 million. In Q3 of this year, sales also saw a quarter-over-quarter drop, falling from $771.2 million to $692.7 million.

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Interfor produced 904 million board feet of lumber in the third quarter. Compared to the previous quarter, this indicates a 130 million board foot drop. The temporary production restrictions that were announced in early August of this year, including the indefinite curtailments at the sawmills in Meldrim, Georgia, and Summerville, South Carolina, are the main cause of the production decline.

Additionally, the company stated in mid-October that it would be closing its corporate headquarters in Montreal and selling its three manufacturing sites as part of its preparations to leave Quebec, Canada.

In the foreseeable future, Interfor anticipates that the lumber markets in North America will continue to be unstable. The lumber markets will profit in the medium run due to the favorable underlying supply and demand fundamentals.