Canfor Announces 2020 and Fourth Quarter 2020 Results

Overview
• Record-high 2020 reported operating income of $727 million; adjusted operating income of $735 million; shareholder net income of $544 million, or $4.35 per share
• Fourth quarter of 2020 reported operating income of $420 million; adjusted operating income of $321 million; shareholder net income of $336 million, or $2.68 per share
• Net debt of $270 million at December 31, 2020, improvement of $256 million from prior quarter; available liquidity of $1.4 billion; net debt to capitalization of 9.3% at December 31, 2020
• Cumulative cash deposits of $594 million on countervailing and anti-dumping duties at December 31, 2020

For the fourth quarter of 2020, the Company reported operating income of $419.6 million, $120.0 million higher than operating income of $299.6 million in the third quarter of 2020. Reported results for the fourth quarter of 2020 include a net duty recovery of $95.5 million, largely resulting from the finalization of countervailing (“CVD”) and anti-dumping duty (“ADD”) rates applicable to the first period of review (“POR1”), compared to a net duty expense of $50.7 million reported in the third quarter of 2020.

After adjusting for the aforementioned duty recovery and other one-time items, the Company’s operating income was $321.1 million for the fourth quarter of 2020, compared to similarly adjusted operating income of $347.3 million for the third quarter of 2020.
details at: https://www.canfor.com/docs/default-source/news—2021/2020_q4_cfp_press-release.pdf?sfvrsn=a876ef91_2

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