In a victory for Norpac — and potential blow to local newspapers — the U.S. Department of Commerce announced Tuesday that it will start imposing preliminary antidumping and countervailing duties on Canadian paper producers. The move comes in response to a petition filed in August in which the Longview papermaker alleged that Canadian paper manufacturers hold an unfair advantage over domestic producers. Norpac claimed that Canadian paper companies benefit from 65 different subsidies that add up to hundreds of millions of dollars. The federal and provincial subsidies include government grants, tax breaks, subsidized loans, raw materials at below-market costs and cheap subsidized electricity, according to Norpac. A Commerce investigation found that Canadian uncoated groundwood paper — the same product used to print newspapers — was subsidized by an average of 6.53 percent, Norpac said Tuesday. Click Read More below for additional information.
EBITDA(1) of $69 million and Net Earnings of $28 million
Operating Cash Flow(1) of $1.00 per share
Net Debt to Invested Capital(1) of 0%
Greenfield Decision Postponed Indefinitely
INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) recorded net earnings in Q3’18 of $28.1 million, or $0.40 per share, compared to $63.8 million, or $0.91 per share in Q2’18 and $16.8 million, or $0.24 per share in Q3’17. Adjusted net earnings in Q3’18 were $28.2 million or $0.40 per share, compared to $68.9 million, or $0.98 per share in Q2’18 and $20.0 million, or $0.29 per share in Q3’17.
Adjusted EBITDA was $69.4 million on sales of $570.5 million in Q3’18 versus $123.8 million on sales of $619.9 million in Q2’18.
In comparison to the third quarter of 2017, Interfor posted improved results across most key metrics, including an $8.9 million or 15% improvement in Adjusted EBITDA, an $11.3 million or 67% increase in net earnings and a 29 million board foot rise in lumber production.
more detail at: http://www.interfor.com/sites/default/files/docs/reports/interfor-reports-q318-results.pdf