Interfor Reports Q2’22 Results

INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) recorded Net earnings in Q2’22 of $269.9 million, or $4.92 per share, compared to $397.0 million, or $6.69 per share in Q1’22 and $419.2 million, or $6.45 per share in Q2’21. Adjusted net earnings in Q2’22 were $280.2 million compared to $392.5 million in Q1’22 and $433.5 million in Q2’21.

Adjusted EBITDA was $428.6 million on record sales of $1.4 billion in Q2’22 versus $570.1 million on sales of $1.3 billion in Q1’22.

Notable items in the quarter:
• Record Lumber Production and Shipments o Lumber production totaled a record 1.0 billion board feet, representing an increase of 99 million board feet quarter-over-quarter and the fifth consecutive quarter of record production.
• Moderating Lumber Prices o Interfor’s average selling price was $1,104 per mfbm, down $306 per mfbm versus Q1’22.
• Strong Free Cash Flow Generation o Interfor generated $218.2 million of cash flow from operations before changes in working capital, or $3.98 per share.
• Strong results from Eastern Canada Operations o The Eastern Canada Operations contributed $115.7 million of Adjusted EBITDA to Interfor’s second quarter results, which is net of $17.3 million recorded in production costs related to fair value adjustments recognized at the acquisition date.
• Ramp-up of DeQuincy, LA Sawmill o The DeQuincy, LA sawmill, with an annual two-shift capacity of 200 million board feet, has continued to ramp up ahead of schedule following its July 2021 acquisition in an idled state.
• Strategic Capital Investments o Capital spending was $65.1 million, including $40.6 million on discretionary projects.
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