Interfor Strikes Balance Between Lumber Output and Shipments

SEATTLE (Scrap Monster): Interfor Corporation recorded net loss if $103.8 million or $1.54 per share in the whole of 2019. This compares with net earnings of $111.1 million or $1.59 per share in 2018. The adjusted EBITDA was $63.4 million. The yearly sales totaled $1.9 billion. The company recorded net loss of $4.17 million or $0.62 per share in Q4 ’19, as compared with $35.6 million or $0.53 per share in Q3 ’19.

Interfor’s lumber production totaled 668 million board feet in Q4 last year, down significantly by 17 million board feet from the quarter before that. The planned closure of Hammond sawmill led to sequential quarterly decline in B.C lumber production from 205 million board feet to 187 million board feet.

Meantime, the total lumber shipments were 681 million board feet, comprising of Interfor produced volume of 671 million board feet and agency and wholesale volumes of 10 million board feet. The company’s lumber inventory levels recorded decline by 4 million board feet at the end of fourth quarter in 2019 than in Q3 ‘19.

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Interfor generated $24.6 million cash from operations. The capital spending during the quarter was $37 million. Also, the company expensed out $11.2 million of softwood lumber duties during the quarter.