GreenFirst reports loss in Q3, 2022 results

By GreenFirst Forest Products Inc.
Business Wire
November 8, 2022
Category: Finance & Economics
Region: Canada, Canada East

TORONTO — GreenFirst Forest Products announced results for the third quarter of 2022. Highlights include: Third quarter net loss was $23.3 million, compared to net earnings of $30.7 million in the second quarter of 2022. This quarter marked the one-year point for the Company operating its acquired forest- products assets. Q3 Adjusted EBITDA was a loss of $7.9 million, compared to Adjusted EBITDA in Q2 of $54.3 million. Adjusted EBITDA before duties expensed was $5.1 million, compared to $76.6 million in Q2 2022. “In the third quarter, we saw the global lumber markets softening, which along with higher softwood lumber duties is reflected in our results,” said Rick Doman, CEO of GreenFirst. “We will continue to monitor the external challenges we currently face, and work towards cost reduction and operational improvement.”

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