Canfor reports Q4, 2023 net loss of $117 million

By Canfor Corporation
Cision Newswire
March 5, 2024
Category: Finance & Economics
Region: Canada, United States

VANCOUVER, BC — Canfor Corporation reported its 2023 and fourth quarter of 2023 results. Highlights include: operating loss of $191 million; shareholder net loss of $117 million; Solid earnings for the Company’s European and US South operations in 2023, with persistent challenges in BC; Moderate uplift in global pulp market fundamentals through the fourth quarter; 20% improvement in pulp production quarter-over-quarter; Ongoing challenges with the availability of economically viable fibre impacting lumber and pulp operating rates in BC into 2024. Canfor CEO, Don Kayne, said, “It was an extremely challenging year for the Company as ongoing affordability constraints and high global lumber inventory levels put persistent pressure on lumber market conditions. …We are continuing to adjust our BC operating rates to manage through this challenging period and while, in the near-term. We continue to believe that longer term lumber market fundamentals remain positive.”

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