Canfor Reports Results for Second Quarter of 2017

Canfor Corporation (TSX: CFP) today reported net income attributable to shareholders (“shareholder net income”) of $81.3 million, or $0.61 per share, for the second quarter of 2017, compared to shareholder net income of $66.1 million, or $0.50 per share, for the first quarter of 2017 and a net income attributable to shareholders of $36.0 million, or $0.27 per share, for the second quarter of 2016. For the six months ended June 30, 2017, the Company’s shareholder net income was $147.4 million, or $1.11 per share, compared to $62.0 million, or $0.47 per share, for the six months ended June 30, 2016.

The Company’s adjusted shareholder net income for the second quarter of 2017 was $104.2 million, or $0.78 per share, compared to an adjusted shareholder net income of $59.3 million, or $0.45 per share, for the first quarter of 2017, and adjusted shareholder net income of $26.5 million, or $0.20 per share, for the second quarter of 2016. For the six months ended June 30, 2017, the Company’s adjusted shareholder net income was $163.5 million, or $1.23 per share compared to $47.4 million, or $0.36 per share, for the six months ended June 30, 2016.

The Company reported operating income of $131.0 million for the second quarter of 2017, up $24.2 million from reported operating income of $106.8 million for the first quarter of 2017, as a solid improvement in lumber segment operating earnings more than offset slightly lower pulp and paper segment earnings. Improved lumber segment results primarily reflected higher Western Spruce/Pine/Fir (“SPF”) and Southern Yellow Pine (“SYP”) unit sales realizations and a return to more normal operating conditions following the challenging weather experienced in the first quarter of 2017, offset in part by higher market-based stumpage in Western Canada. For the pulp and paper segment, solid increases in unit sales realizations largely offset the impact of scheduled maintenance outages taken during the quarter at the Northwood Northern Bleached Softwood Kraft (“NBSK”) pulp mill and Taylor Bleached Chemi-Thermo Mechanical Pulp (“BCTMP”) mill.

Reported results in the second quarter of 2017 include $34.8 million related to the expensing of the US Department of Commerce’s preliminary countervailing duty (“CVD”) rate of 20.26% effective April 28, 2017, and preliminary anti-dumping duty (“ADD”) rate of 7.72% effective June 30, 2017, on exports from Canada to the United States. The expensing of these duties follows the accounting treatment adopted during the last softwood dispute. Notwithstanding, Canfor and other Canadian forest product companies, the Federal Government and Canadian Provincial Governments continue to totally refute the US allegations and the preliminary CVD and ADD determinations recently made by the US Department of Commerce (“DOC”). After adjusting for the duties, operating income was $165.8 million for the second quarter of 2017, up $59.0 million from the first quarter of 2017.
more detail at:  http://www.canfor.com/docs/default-source/news-2017/nr20170727_2017_q2_cfp_press_release_cnw_final.pdf?sfvrsn=2

Related Posts

New head of the Holmen Paper business area

Lars Lundin has been appointed Senior Vice President Paper and will take up his new role no later than the first of december 2018. He succeeds Nils Ringborg, who will remain part of Group management as advisor to the CEO. "Lars has shown himself to be an excellent manager of change, with years of experience in both production and marketing. His collection of skills will be invaluable in the continued drive to develop our business and I have no doubt that Lars will take Holmen Paper to new heights", says Henrik Sjölund, President and CEO of Holmen. Click Read More below for additional information.

ANDRITZ successfully starts up P-RC APMP line delivered to Guangxi Sun Paper, China

International technology group ANDRITZ has successfully started up a chemi-thermomechanical pulping system delivered to Sun Paper for its mill in the city of Beihai, Guangxi, China. The proven ANDRITZ P-RC APMP (Pre-Conditioning Refiner Chemical Alkaline Peroxide Mechanical Pulp) line features a capacity of 600 admt/d and processes eucalyptus wood chips as raw material to produce high-quality pulp for the production of printing and writing paper. It is now the sixth P-RC APMP line to be delivered to the Sun Paper Group by ANDRITZ.

Euro-Graph Reports February 2021 European Graphic Papers Statistics

Total European shipments of graphic papers in February 2021 were down 14.1% vs. February 2020 and are down 18.3% year-to-date. Total European shipments of newsprint in February 2021 were down 20.2% vs. February 2020 and are down 21.6% year-to-date. Total European shipments of sc-magazine in February 2021 were down 15.8% vs. February 2020 and are down 21.3% year-to-date. Total European shipments of coated mechanical reels in February 2021 were down 15.3% vs. February 2020 and are down 20.5% year-to-date. Total European shipments of uncoated mechanical (improved & others) in February 2021 were UP 2.5% vs. February 2020 and are down 9.4% year-to-date. Total European shipments of coated woodfree in February 2021 were down 19.3% vs. February 2020 and are down 23.5% year-to-date. Total European shipments of uncoated woodfree in February 2021 were down 8.2% vs. February 2020 and are down 11.7% year-to-date.
Back To Top
×Close search
Search