By Curtis Galbraith

Forestry Business

Third quarter profits lower compared to quarter two for forestry companies with local operations

Oct 28, 2022 | 4:00 PM

Forestry companies that have mills in this area posted profits in the third quarter.

Canfor, the owner of a sawmill in Grande Prairie, reported earnings of $108.6 million on sales of $1.7 billion.

That is down from the $423 million profit reported in the second quarter.

Canfor says the drop was because of lower lumber prices, something that was partially offset by improved profits in pulp and paper.

West Fraser, the owners of the OSB plant south of Grande Prairie, reported earnings of $208 million profit on sales that reached just over $2 billion.

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West Fraser had a $762 million profit in the second quarter.

The company says in a news release that the results were solid but that inflation and lower demand for some products impacted financial results.

International Paper, the owners of the pulp mill south of Grande Prairie, reported earnings of $951 million, up from the $511 million reported in the second quarter.

The company says better prices helped push profits up, but lower consumer spending meant lower demand for packaging. There were also higher energy and distribution costs.

Weyerhaeuser reported net earnings of $310 million on $2.3 billion in sales

That compares to net earnings of $788 million in the second quarter.

The company says domestic and export demand was down in quarter three.

Weyerhaeuser still owns a sawmill south of Grande Prairie.