Canfor Pulp Reports Results for Third Quarter of 2022

Canfor Pulp Products Inc. (“The Company” or “CPPI”) (TSX: CFX) today reported its third quarter
of 2022 results:
• Q3 2022 reported operating income of $19 million; net income of $16 million, or $0.25 per share
• Strong global pulp fundamentals principally led by supply shortages; significant uptick in NBSK pulp unit sales realizations
• Improved pulp production following capital-related downtime earlier in the year

The Company reported operating income of $19.2 million for the third quarter of 2022, up $27.3 million from an operating loss of $8.1 million reported for the second quarter of 2022, in large part reflecting materially higher Northern Bleached Softwood Kraft (“NBSK”) pulp unit sales realizations, and to a lesser extent, a 2 cent, or 2%, weaker Canadian dollar.

Commenting on the Company’s third quarter’s results, CPPI’s President and Chief Executive Officer, Kevin Edgson, said, “This was a solid quarter for Canfor Pulp, as we focused on enhancing our operational performance and improving reliability while navigating persistent supply chain and fibre-related challenges, in order to realize high NBSK pulp list prices. While we will continue to actively monitor the current external challenges facing our business, including the fibre situation in British Columbia, our immediate focus remains on optimizing productivity while preserving our solid balance sheet.”
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