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Canfor Corporation Lumber Production Surged 11% in First Quarter of 2019

Author:Zhengyang MachineryTimes:2019-05-06
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Canfor Corporation reported operating loss of $69.9 million during the first quarter of 2019. This compares with the operating loss of $79.1 million during the fourth quarter of 2018. The company reported adjusted operating income of $5 million and adjusted shareholder net loss of $37 million.
 
The lumber shipments totaled 1.19 billion board feet, significantly higher by 7% over the prior quarter, despite bottlenecks in transportation networks on account of severe weather conditions in Western Canada. The shipments of Southern Yellow Pine (SYP) recorded moderate increase. The addition of European SPF shipments in March also contributed to higher lumber shipments during the quarter.
 
Canfor’s lumber production totaled 1.25 billion board feet, recording a jump by 11% over Q4 ’18. The extended operating hours in the U.S. South mills, ramped-up production at the upgraded Moultrie, Georgia sawmill and addition of European SPF lumber production in March are cited as the key factors that resulted in increased lumber production.
 
Meantime, the pulp market conditions extended weakness experienced towards the end of 2018 into early-2019. The pulp production at 274,000 tonnes was higher by 22% from the previous quarter. Also, pulp shipments surged higher by 12% over the prior quarter to total 28,000 tonnes in the first quarter of 2019.
 
During the quarter, Canfor Corp. completed acquisition of 70% stake in the Swedish VIDA Group at an estimated purchase price of around CAD$ 590.20 million on a cash and debt-free basis.
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