Canfor Q3 profits doubles despite lower lumber prices and increased export duties
Posted October 24, 2018 6:01 pm.
Last Updated October 24, 2018 6:40 pm.
This article is more than 5 years old.
VANCOUVER – Canfor Corp. says its net profit doubled to $125.3 million in the third-quarter despite lower lumber prices.
The Vancouver-based company says it earned 98 cents per diluted share for the period ended Sept. 30, compared with 51 cents per share or $66.2 million a year earlier.
Canfor paid $42.6 million in countervailing and anti-dumping duties, up from $32.1 million in the third quarter of 2017.
Excluding one-time items, adjusted earnings surged to $156.9 million or $1.23 per share, up from $84.6 million or 65 cents per share.
Sales increased 16 per cent to $1.32 billion, from $1.14 billion.
The company was expected to earn 72 cents per share in adjusted profits on $1.35 billion of revenues, according to Thomson Reuters Eikon.
North American lumber demand has remained relatively stable, with U.S. housing starts averaging about 1.2 million units on a seasonally adjusted basis, up four per cent from a year ago.
Companies in this story: (TSX:CFP).
