Canfor Corporation (TSX: CFP) today reported net income attributable to shareholders (“shareholder net income”) of $29.3 million, or $0.22 per share, for the first quarter of 2015, compared to $29.9 million, or $0.22 per share, for the fourth quarter of 2014 and $45.5 million, or $0.33 per share, for the first quarter of 2014.
After adjusting for items affecting comparability with the prior periods, the Company’s adjusted shareholder net income for the first quarter of 2015 was $45.7 million, or $0.34 per share, compared to an adjusted shareholder net income of $35.1 million, or $0.26 per share, for the fourth quarter of 2014. Canfor’s adjusted shareholder net income for the first quarter of 2014 was $46.4 million, or $0.34 per share.
The Company reported operating income of $83.7 million for the first quarter of 2015, up $21.7 million compared to operating income of $62.0 million for the fourth quarter of 2014. Current quarter results include the consolidation of the Company’s recent US South acquisitions of Beadles Lumber Company Inc. & Balfour Lumber Company (“Beadles & Balfour”) and Scotch & Gulf Lumber, LLC (“Scotch Gulf”), which were considered to be controlled by Canfor for accounting purposes on January 2, 2015 and January 30, 2015, respectively.