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.

“We initially saw some positive momentum in lumber pricing at the start of the first quarter; however, this positive trend reversed at the end of the quarter resulting in curtailments by some of our competitors in the lumber industry,” said Paul Rivett, GreenFirst’s Executive Chair. “In these tough times, we are thankful to be operating in a province that is business friendly and supportive of lumber producers and the forest products ecosystem. That said, Joel and the entire GreenFirst lumber team’s relentless focus on efficiency gains continues to pay dividends with new operating records being broken in the quarter. On the paper side, we faced some disruptions caused by external events but pricing erosion has led to deeper losses. We are exploring ways to reduce the negative financial impact of the paper mill on our overall results.”
details at: https://greenfirst.ca/2024/05/greenfirst-reports-financial-results-for-the-first-quarter-of-2024/

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