Canfor, West Fraser Timber both report reduced net income in second quarter of 2022
Canfor Corp. is reporting a net income of $373.8 million or $3.02 per share in its latest quarter, a considerable drop from its Q1 earnings of $534 million.
Adjusted profit growth also fell, from $529 million or $4.25 per share in Q1 to $379.7 million or $307 per share in Q2. By comparison, in second quarter of 2021, fuelled by surging lumber prices, Canfor earned a record $726.9 million or $5.81 per share. “Despite the pressures on North American lumber market fundamentals this was a strong quarter for our lumber business, as our results continue to far exceed pre-pandemic levels and we continue to capitalize on our global diversification strategy,” said Canfor president and chief executive officer Don Kayne.
West Fraser Timber also released its Q2 report which shows second-quarter earnings were $762 million or $759 per share, compared to $1.09 billion or $10.35 per share in Q1. The Vancouver company’s adjusted net income was $1.124 billion, down from $1.592 billion in the first quarter of 2022.
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