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

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