Canfor Pulp reports results for the second quarter of 2024.

Canfor Pulp Products Inc. (“The Company” or “CPPI”) (TSX: CFX) today reported its second quarter of 2024 results:
Overview.

  • Q2 2024 operating loss of $5.6 million; net loss of $6.3 million, or $0.10 per share.
  • Strong global pulp pricing and moderate improvement in NBSK pulp unit sales realizations.
  • Intercon NBSK pulp mill scheduled maintenance downtime completed as planned; restart delayed due to unforeseen recovery boiler repairs and start up challenges.
  • Announced indefinite curtailment of one production line at Northwood NBSK pulp mill, driven by the decline in availability of economic fibre in the northern British Columbia region.

The Company reported an operating loss of $5.6 million for the second quarter of 2024, compared to an operating loss of $15.7 million for the first quarter of 2024. These results largely reflected an uplift in global pulp pricing, primarily in response to global pulp supply disruptions, and the correlated improvement in the Company’s average Northern Bleached Softwood Kraft (“NBSK”) pulp sales unit realizations. These factors were offset in part, however, by a decline in the Company’s pulp production and shipments quarter-over-quarter, driven by extended downtime at its Intercontinental NBSK pulp mill (“Intercon”) to address unforeseen recovery boiler repairs identified during the scheduled maintenance in May.

In May 2024, the Company announced the decision to indefinitely curtail one production line at its Northwood NBSK pulp mill (“Northwood”) as a result of the continual decline in the availability of economic fibre in the northern British Columbia (“BC”) region. The Company anticipates winding down this production line in August 2024. In connection with this indefinite curtailment, CPPI recognized restructuring costs of $5.9 million during the current quarter.
more at: https://www.canfor.com/docs/default-source/news-2024/2024_q2_cppi_tsx_sedar.pdf?sfvrsn=d444e291_2

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