Western Forest Products Trimmed Losses in Q2 2024

SEATTLE (Scrap Monster): Vancouver, B.C.-based Western Forest Products (WFP) announced second quarter 2024 results. The company narrowed its losses upon comparison with the previous as well as prior year quarters.

According to company press release, it reported net loss of $5.7 million in the second quarter of 2024. This compares with net loss of $20.7 million in the second quarter of 2023 and net loss of $8.0 million in the first quarter of 2024. Also, the adjusted EBITDA stood at $9.4 million in Q2 this year, recording marked improvement from negative $12.0 million in Q2 2023 and negative $4.2 million in Q1 2024.

The lumber shipments totalled 173 million board feet during the quarter, in comparison with 153 million board feet in the corresponding quarter a year before. Japan lumber shipments too surged higher from 21 million board feet in Q2 2023 to 27 million board feet in Q2 this year. The average lumber price, at $1,363 per mfbm, was lower when compared with $1,392 per mfbm in Q2 2023. The B.C. log sales prices averaged at $155 per cubic metre during the quarter.

Commenting on its planned transition to higher value products, WFP noted that it has completed the start-up phase of a continuous dry kiln at its Saltair sawmill during the quarter. The new kiln dried 14.5 million board feet of higher value products, it noted.

YOU MAY ALSO BE INTERESTED IN:

WFP Concluded Ownership Interest Sale in Mid-Island Partnership

West Fraser Completed Sale of Pulp Mills to Atlas Holdings