Surging lumber prices prompt record segment profits and surging third-quarter results

VANCOUVER – Canfor Corp. says its net profit surged in the third quarter on record lumber earnings that were driven by an unprecedented increase in prices.

The Vancouver-based forest products company says it earned $218.1 million or $1.74 per share in the three months ended Sept. 30.

That compared with a loss of $88.5 million or 71 cents per share a year earlier.

Adjusted net income increased to $259.4 million or $2.07 per share, up from a loss of $42.6 million or 34 cents per share in the third quarter of 2019.

Sales grew 42 per cent to $1.55 billion from $1.09 billion in the prior year.

Canfor was expected to report $1.61 per share in adjusted earnings on $1.42 billion of revenues, according to financial data firm Refinitiv.

This report by The Canadian Press was first published Oct. 22, 2020.

Companies in this story: (TSX:CFP)