Acadian Timber reports Q1, 2024 net income of $6 million

Acadian Timber Corp.
May 8, 2024
Category: Finance & Economics
Region: Canada, Canada East

EDMUNDSTON, New Brunswick — Acadian Timber reported financial and operating results for the three months ended March 30, 2024. …During the first quarter, Acadian generated sales of $28.8 million, compared to $22.4 million in the prior year period. Acadian’s first significant sale of carbon credits occurred during the first quarter and contributed $4.9 million to sales. Timber sales volumes increased 35% year-over-year. Biomass sales volume decreased 59% from the prior year quarter. …Net income for the first quarter totaled $6.0 million compared to net income of $5.6 million in the same period of 2023. Higher operating income was offset by lower non-cash fair value adjustments and lower gains on sale of timberlands and other fixed assets, as well as higher income tax expense, as compared to the prior year period.

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