Canfor Reports Results for Third Quarter of 2016

Canfor Corporation (TSX: CFP) today reported net income attributable to shareholders (“shareholder net income”) of $50.9 million, or $0.38 per share, for the third quarter of 2016, compared to shareholder net income of $36.0 million, or $0.27 per share, for the second quarter of 2016 and a net loss attributable to shareholders of $17.3 million, or $0.13 per share, for the third quarter of 2015. For the nine months ended September 30, 2016, the Company’s shareholder net income was $112.9 million, or $0.85 per share, compared to $23.1 million, or $0.17 per share, for the nine months ended September 30, 2015.

The Company’s adjusted shareholder net income for the third quarter of 2016 was $51.7 million, or $0.39 per share,compared to an adjusted shareholder net income of $26.5 million, or $0.20 per share, for the second quarter of 2016, and an adjusted shareholder net income of $6.4 million, or $0.05 per share for the third quarter of 2015. For the nine months ended September 30, 2016, the Company’s adjusted shareholder net income was $99.1 million, or $0.75 per share, compared to $50.9 million, or $0.38 per share, for the nine months ended September 30, 2015.

The Company reported operating income of $97.4 million for the third quarter of 2016, up $43.3 million from
adjusted operating income of $54.1 million for the second quarter of 2016. Adjusted operating income in the second quarter of 2016 excluded a one-time pre-tax gain of $15.5 million related to the settlement of a legal claim with respect to logistics services for the Company’s pellet business. Higher earnings in the third quarter of 2016 reflected improved lumber segment results driven largely by higher Western Spruce Pine/Fir (“SPF”) and Southern Yellow Pine (“SYP”) unit sales realizations and solid productivity gains in the US South, offset in part by higher market based stumpage and increased log hauling costs in Western Canada. Pulp and paper segment results primarily reflected significantly less scheduled maintenance downtime at the Company’s Northern Bleached Softwood Kraft (“NBSK”) pulp mills in the current quarter. Also contributing to the third quarter results were higher pulp shipment volumes, increased energy revenues as well as an improvement in pulp and paper unit sales realizations.

read more/source: http://www.canfor.com/docs/default-source/news-2016/2016_q3_cfp_combined_final.pdf?sfvrsn=2

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