Western Forest Products Announces Fourth Quarter 2022 Results

Western Forest Products
February 16, 2023
Category: Finance & Economics
Region: Canada, Canada West

Vancouver, BC – Western Forest Products Inc. reported a net loss of $21.4 million and adjusted EBITDA of negative $11.9 million in the fourth quarter of 2022. Results reflect compressed margins on lower log and lumber production and shipments and $11.8 million of inventory provisions. Net loss in the fourth quarter of 2022 was $21.4 million ($0.07 per diluted share) as compared to net income of $6.6 million ($0.02 per diluted share) for the third quarter of 2022, and net income of $28.5 million ($0.08 per diluted share) in the fourth quarter of 2021. Highlights:

  • Successfully integrated acquired Calvert assets into WFP Engineered Products
  • Released the Sustainability Report, expanded to include full scope emissions data
  • Released the first Carbon Accounting Report detailing Western’s 100-year forecast lifecycle carbon assessment methodology, assumptions and results 
  • Returned $6.9 million to shareholders through dividends and share buybacks
  • Maintained liquidity of $249.8 million to support growth strategy and balanced capital allocation

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