Category Archives: Finance & Economics

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Finance & Economics

Mercer reports Q3, 2024 net loss of $17.6 million

By Mercer International Inc.
GlobeNewswire
October 31, 2024
Category: Finance & Economics
Region: Canada, International

NEW YORK — Mercer International reported third quarter 2024 Operating EBITDA of $50.5 million, an increase from $37.5 million in the same quarter of 2023 and $30.4 million in the prior quarter of 2024. In the third quarter of 2024, net loss was $17.6 million compared to a net loss of $26.0 million in the third quarter of 2023 and a net loss of $67.6 million in the second quarter of 2024, which included a non-cash impairment of $34.3 million against goodwill related to the Torgau facility. Mr. Juan Carlos Bueno, Chief Executive Officer, stated: “In the third quarter, softwood pulp markets continued to be strong and fiber costs remained stable. However, our operating results were constrained as a result of lower pulp sales volumes caused by unplanned downtime at our Peace River mill and other unexpected production events.

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Acadian Timber reports Q3, 2024 net income of $2.2 million

By Acadian Timber Corp.
The Ottawa Citizen
October 31, 2024
Category: Finance & Economics
Region: Canada, Canada East

EDMUNDSTON, New Brunswick — Acadian Timber reported financial and operating results for the three months ended September 28, 2024. Acadian generated sales of $26.0 million in the third quarter, compared to $26.6 million in the prior year period. Increased sales volumes from our freehold land were offset by a lower weighted average selling price and lower timber services activity. Adjusted EBITDA for the quarter was $4.0 million, compared to $4.9 million in the same period of 2023. Acadian generated $2.5 million of Free Cash Flow during the quarter, compared to $4.3 million in the third quarter of 2023, and declared dividends of $5.1 million.

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Lumber prices continue to rise: Fifth weekly gain despite southern pine lag

By Joe Pruski
RISI Fastmarkets
November 1, 2024
Category: Finance & Economics
Region: United States

Sales picked up in many framing lumber species, especially in the West. A lack of supplies in Canadian S-P-F led to buyers switching to other species. As a result, in the middle of the week markets like the Inland and Coast saw more demand and price gains than have been evident for several weeks. The Random Lengths Framing Lumber Composite Price notched its fifth consecutive weekly gain and hit $430, its high so far this year. …Gains in the cash market were supported by strong upward movement in lumber futures through Wednesday. The November and January contracts traded in the green much of the week, with double-digit gains posted across all contracts on Wednesday. Despite an overall rising market, Southern Pine was a laggard. Supply-driven strength that fueled the recent run in the South faded or stalled as mill order files dwindled and prompt loads surfaced more frequently.

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The U.S. Economy Posted Another Solid Growth in Third Quarter

By Jing Fu
The NAHB Eye on Housing
October 30, 2024
Category: Finance & Economics
Region: United States

The U.S. economy grew at a solid pace in the third quarter of 2023, boosted by strong consumer spending and government spending. According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) expanded at an annual rate of 2.8% in the third quarter of 2024, following a 3.0% gain in the second quarter of 2024. This quarter’s growth matched NAHB’s forecast. Furthermore, the data from the GDP report suggests that inflation is cooling. The GDP price index rose 1.8% for the third quarter, down from a 2.5% increase in the second quarter of 2024. The Personal Consumption Expenditures Price (PCE) Index, which measures inflation (or deflation) across various consumer expenses and reflects changes in consumer behavior, rose 1.5% in the third quarter. This is down from a 2.5% increase in the second quarter of 2024.

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International Paper reports Q3, 2024 net earnings of $150 million

International Paper
October 31, 2024
Category: Finance & Economics
Region: United States, US East

MEMPHIS, Tennessee — International Paper reported third quarter 2024 financial results. Highlights include: Third quarter net earnings of $150 million; Third quarter adjusted operating earnings (non-GAAP) of $153 million; and Third quarter cash provided by operations of $521 million and returned $161 million to shareholders in dividends. Chairman and CEO Andy Silvernail. ”Higher prices across the portfolio, including benefits from our packaging go-to-market strategy were supported by a moderately improving box demand environment. We also had higher operating costs and lower volumes due to seasonality and commercial actions to improve profitability.” …”As we look forward to the combination with DS Smith, we expect the transaction will close early in the first quarter of 2025. 

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Bluelinx reports Q3, 2024 net income of $16 million

Bluelinx Holdings Inc.
October 29, 2024
Category: Finance & Economics
Region: United States, US East

ATLANTA — BlueLinx Holdings, a U.S. wholesale distributor of building products, reported financial results for the three months ended September 28, 2024. Highlights include: Net sales of $747 million; Gross profit of $126 million, gross margin of 16.8% and specialty product gross margin of 19.4%, which includes a net benefit of approximately $3.5 million related to import duties from prior periods; Net income of $16 million, and Adjusted net income of $17 million. …Shyam Reddy, President and CEO of BlueLinx… “Specialty products’ gross margins were within our expected range and structural products’ gross margins were strong. …Current market conditions remain challenging, but we believe our growth strategy will continue to position us well for an industry rebound.”

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