Canfor revenues plunge 17.5 per cent
Canfor Corp. swung to a loss in the third quarter on weaker lumber market conditions especially in British Columbia and lower earnings in the pulp and paper segments.
The Vancouver-based company lost $90.4 million for the period ended Sept. 30, compared with a $125.3-million profit in the prior year.
Excluding one-time items, the adjusted loss was $44.4 million or 35 cents per share, down from an adjusted profit of $156.9 million or $1.23 per share in the third quarter of 2018.
Canfor said it faced $53.5 million in countervailing and anti-dumping duties in the quarter, a $5.3-million net recovery in inventory writedowns and $6.4 million restructuring costs related to mill closures and curtailments.
Revenues decreased 17.5 per cent to $1.09 billion from $1.32 billion in the prior year.
The company was expected to report an adjusted loss of 40 cents per share on $1.175 billion in revenues, according to financial markets data firm Refinitiv.
Meanwhile, Canfor Pulp Products Inc. said it lost $32.4 million or 50 cents per share on $216.9 million of revenues, compared with $42.9 million or 66 cents per share in earnings on $328.5 million in revenues in the third quarter of 2018.
