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Canfor's Q1 Profit Up 25% As Lumber Prices Remain Elevated
Canfor (CFP) has reported a 25% increase in net profits as North American lumber prices
remain near record highs.
The Vancouver-based forest products company said it earned $534 million, or $4.29 per share,
in the first quarter of this year, up from $427.8 million, or $3.42 per share, a year earlier.
Profits were $529 million, or $4.25 per share, compared with $434.2 million, or $3.42 a share, in
the first quarter of 2021.
Revenues for the three months ended March 31 totaled $2.2 billion, up 14% from $1.9 billion a
year earlier. Analysts had expected Canfor to earn net income of $584.2 million on $2 billion of
revenues, according to Refinitiv data.
The company said North American lumber market conditions remained very strong for much of
the first quarter led by continued strength in new home construction along with tight supply
stemming from supply chain disruptions.
However, Canfor said its Pulp Products division lost $19.9 million on $219.7 million in sales due
to ongoing transportation challenges and pulp supply disruptions. That compared with a net loss
of $101.1 million on $249.3 million of revenues in the fourth quarter, and a profit of $8.4 million
on $262.4 million of revenues in the first quarter of last year.
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