Canfor Reports Results for Third Quarter of 2022

Canfor Corporation (“The Company” or “Canfor”) (TSX: CFP) today reported its third quarter of 2022 results:
• Q3 2022 reported operating income of $108.6 million; quarterly sales of $1.7 billion
• Downward pressure on global lumber market fundamentals and pricing following highs earlier in the year
• Reduced Western Canadian operating schedules & European seasonal downtime led to lower shipments
• Strong global pulp fundamentals & improved pulp production following capital-related downtime
• Shareholder net income of $87.4 million, or $0.71 per share

For the third quarter of 2022, the Company reported operating income of $108.6 million, down $423.0 million from the operating income of $531.6 million reported for the second quarter of 2022, largely reflecting a decline in lumber segment earnings, slightly offset by improved pulp and paper segment results.

Results in the current quarter include an $88.5 million net inventory write-down, principally driven by the lumber segment, as well as a net duty recovery of $97.6 million (US$73.0 million) resulting from the finalization of countervailing (“CVD”) and anti-dumping duty (“ADD”) rates applicable to the third period of review (“POR3”).

Commenting on the Company’s third quarter results, Canfor’s President and Chief Executive Officer, Don Kayne, said, “As global lumber market conditions continued to soften from the highs earlier in the year, our lumber business delivered solid results in the quarter, largely reflecting the benefit of our global diversification strategy. However, the steep declines in global lumber pricing, combined with high log costs in British Columbia (“BC”), led to the difficult decision to extend reduced operating schedules at our Western Canadian sawmills. For our pulp business, our focus on enhancing operational performance and improving reliability while managing persistent supply chain and fibrerelated challenges allowed us to realize high Northern Bleached Softwood Kraft (“NBSK”) pulp list prices and recognize improved results in the quarter. While we continue to monitor the current external challenges facing our lumber and pulp businesses, including the fibre situation in BC, we greatly appreciate our employees’ continued efforts in navigating through these difficult conditions.”
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