Canfor Announces 2023 and Fourth Quarter of 2023 Results

Overview

  • 2023 operating loss of $532 million; shareholder net loss of $326 million, or $2.71 per share
  • Q4 2023 operating loss of $191 million; shareholder net loss of $117 million or $0.98 per share
  • Solid earnings for the Company’s European and US South operations in 2023, with persistent challenges in British Columbia
  • Successful execution of significant capital growth program in the US South throughout 2023
  • Sustained pressure on global lumber market conditions and pricing through most of the fourth quarter, drove quarter-over-quarter decline in results in all lumber operating regions, most notably in Western Canada
  • Moderate uplift in global pulp market fundamentals through the fourth quarter driven by a slight increase in demand and purchasing activity in most major regions; 20% improvement in pulp production quarter-overquarter

2023 was a challenging year for Canfor, as the weak global lumber market conditions experienced late in 2022 continued throughout the current year. Ongoing inflationary pressures and high interest rates gave rise to persistent affordability concerns for consumers, reducing global lumber demand and increasing lumber inventory levels in most global regions. Despite the economic uncertainty, demand in the repair and remodel segment remained strong through 2023, especially in North America, exceeding levels observed before the pandemic.

In response to these global market conditions as well as a constrained fibre supply environment, the Company reduced production at its Western Canadian operations by a total of 760 million board feet in 2023. In the US South, the Company successfully started-up its greenfield sawmill in DeRidder, Louisiana, early in 2023, and continues work on two major growth projects at Urbana, Arkansas and Axis, Alabama.
details at: https://www.canfor.com/docs/default-source/news-2024/2023_q4_cfp_pr-q4fs_final.pdf?sfvrsn=8c07e291_2

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