Canfor Reports Results for Third Quarter of 2017

Canfor Corporation (TSX: CFP) today reported net income attributable to shareholders (“shareholder net income”) of $66.2 million, or $0.51 per share, for the third quarter of 2017, compared to shareholder net income of $81.3 million, or $0.61 per share, for the second quarter of 2017 and net income attributable to shareholders of $50.9 million, or $0.38 per share, for the third quarter of 2016. For the nine months ended September 30, 2017, shareholder net income was $213.6 million, or $1.62 per share, compared to $112.9 million, or $0.85 per share, for the nine months ended September 30, 2016.

The Company’s adjusted shareholder net income for the third quarter of 2017 was $84.3 million, or $0.65 per share, compared to an adjusted shareholder net income of $104.2 million, or $0.78 per share, for the second quarter of 2017, and adjusted shareholder net income of $51.7 million, or $0.39 per share, for the third quarter of 2016. For the nine months ended September 30, 2017, the Company’s adjusted shareholder net income was $247.8 million, or $1.88 per share, compared to $99.1 million, or $0.75 per share, for the nine months ended September 30, 2016.

The Company reported operating income of $105.4 million for the third quarter of 2017, down $25.6 million from reported operating income of $131.0 million for the second quarter of 2017, with the decline reflecting lower operating earnings in both the lumber and pulp and paper segments. Lumber segment results were impacted by a decline in Southern Yellow Pine (“SYP”) lumber prices, a 5 cent, or 7%, stronger Canadian dollar, as well as increased log costs in Western Canada, the latter reflecting continued weather-related challenges and the effects of the worst fire season in recorded history in the BC Interior. These factors outweighed the benefits of higher US-dollar Western Spruce/Pine/Fir (“Western SPF”) lumber prices, which showed solid gains as the quarter progressed, in part as a result of fire-related disruption to supply. For the pulp and paper segment, the stronger Canadian dollar more than offset the benefit of a quarter-over-quarter decline in scheduled maintenance outages, improved unit manufacturing costs, and increased energy revenues.

Reported results in the third quarter of 2017 include $31.7 million (Q2 2017: $34.8 million) related to the expensing of the preliminary countervailing duty (“CVD”) and preliminary anti-dumping duty (“ADD”) on exports from Canada to the United States. On August 26, 2017, the US Department of Commerce’s preliminary CVD expired.
more detail at:  http://www.canfor.com/docs/default-source/news-2017/2017_q3_cfp_press_release_cnw_final.pdf?sfvrsn=bc10eb91_2

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