Western Forest Products Announces Q4, 2023 Net loss

By Western Forest Products Inc.
February 13, 2024
Category: Finance & Economics
Region: Canada, US West

VANCOUVER, BC — Western Forest Products reported a net loss of $14.3 million in the fourth quarter of 2023, as compared to a net loss of $17.4 million in the third quarter of 2023. Results in the fourth quarter of 2023 reflect lower realized pricing and shipment volumes on a stronger lumber sales mix, offset by lower stumpage rates as compared to the same period last year. Adjusted EBITDA was negative $1.2 million compared to negative $11.6 million in the third quarter of 2023. …Highlights in 2023 included… a $35.9 million agreement to sell a 34% interest in a new forestry limited partnership to four Vancouver Island First Nations. …The Company announced that Stephen Williams will step down from his role as Executive VP and CFO of the Company by the end of 2024. Western has commenced an executive search for a new Chief Financial Officer. Mr. Williams will remain in his role as Chief Financial Officer until his replacement is found.

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