Western Forest Products Net Losses Reduced in Q3 2023

SEATTLE (Scrap Monster): Western Forest Products (WFP) announced results for third quarter of the current year.

The company reported net loss of $17.4 million in Q3 this year. This compares with net loss of $20.7 million in the second quarter of the current year and net income of $6.6 million in the corresponding quarter a year before. The quarter witnessed lower product prices and subdued demand.

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WFP posted adjusted EBITDA of negative $11.6 million in the third quarter of 2023, upon comparison with adjusted EBITDA of negative $12 million in Q2 2023 and adjusted EBITDA of $17.3 million in the third quarter last year. The operating loss before restructuring and other items stood at $25.8 million, compared to operating income of $4.7 million in Q3 last year.

During the quarter, the company announced agreement to sell 34% interest in the newly formed forestry Limited Partnership to four Vancouver Island First Nations. Also, it celebrated first anniversary of glulam business asset acquisition from Calvert Company Inc. In addition, it completed the installation of machine stress rated lumber grader, said the company news release.

The results reflect the continued challenging operating environment and cost structure in its B.C. operations, said Steven Hofer, President and CEO, WFP.