GreenFirst Reports Financial Results for the First Quarter of 2024
Highlights • Q1 2024 net loss from continuing operations was $13.4 million compared to net loss of $21.6 million in Q4 2023. • Average lumber prices for Q1 2024 were higher than Q4 2023, with an average selling price of $626/mfbm compared to $601/mfbm in Q4 2023. • The valuation provision for lumber and log inventory was decreased to $1.0 million from $4.3 million at the end of Q4 2023, generating a $3.3 million credit to lumber cost of sales in Q1 2024. • Our lower duty rate has positively impacted the Company’s earnings and free cash flow since August 1, 2023. • There continues to be downward pressure on newsprint and paper products prices in North America.