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By Curtis Galbraith

Forestry Business

Forestry companies reporting financial results

Oct 30, 2024 | 12:00 PM

Forestry companies have been reporting their quarterly earnings in recent days.

Canfor says it recorded a $209 million loss in the third quarter. That includes a $211 million devaluation of its assets and impairment charge in its pulp business. This is being blamed on an increasing problem of getting what Canfor calls “economic fibre.”

Without these one-time charges, Canfor says it would have recorded a $2 million profit, up from a $6 million loss recorded in the second quarter of this year.

Weyerhaeuser says it had a $28 million profit in the third quarter, compared to a $239 million profit over the same three months last year and a $173 million profit in the second quarter of this year.

Weyerhaeuser says sales of lumber and OSB were both down in quarter three. It expects sales for both to increase in the final three months of the year and earnings to be similar to what was recorded in the third quarter.

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West Fraser says it recorded an overall loss of $83 million in quarter three, with a $63 million loss in the lumber segment. The company says $32 million of that was because of American softwood lumber duties.

The company’s total sales were down $268 million compared to the second quarter of this year. West Fraser describes demand for some of its products as uneven.

The company that owns the OSB plant along Highway 40 south of Grande Prairie says its North American Engineered Wood Products sector made $121 million in the third quarter. West Fraser says demand for things like OSB and plywood was what it calls “healthy.”