Western Forest Products Lumber Revenues Dipped in Q4 2023

SEATTLE (Scrap Monster): Western Forest Products Inc. announced results for fourth quarter 2023.

The company reported net loss of $14.3 million during the quarter. This compares with net loss of $17.4 million in the third quarter of 2023, and net loss of $21.4 million in the fourth quarter of 2022. The results were badly impacted by lower realized pricing and shipment volumes, said the company press release.

The adjusted EBITDA was negative $1.2 million in Q4 2023, as compared to negative $11.6 million in Q3 2023, and negative $11.9 million in Q4 2022.

ALSO READ:

Western Forest Products Net Losses Reduced in Q3 2023

Western Forest Products Temporarily Trims B.C. Lumber Production

The lumber revenues stood at s $178.3 million in Q4 last year, as compared with $219.7 million in the corresponding quarter a year before. The lumber shipment volumes dipped considerably by 19% over the previous year. The average lumber prices too continued to remain at lower levels. The specialty lumber shipments represented nearly 60% of the total lumber shipment volumes during the quarter.

Western Forest Products Inc. reported log revenue of s $51.1 million in Q4 2023, down by 7% from $54.9 million in the same quarter a year before.

The company produced 125 million board feet of lumber in Q4 2023, compared to o 139 million board feet a year before. For the entire year 2023, the lumber production totalled 561 million board feet, down from 655 million board feet in 2022.