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Acadian Timber achieves record Q2 earnings amid strong carbon credit sales

Acadian Timber Corp. posted record financial results for the second quarter of 2024, driven by robust carbon credit sales and increased timber harvest volumes. The company reported a record Adjusted EBITDA of $20.6 million, up from $5.7 million in the same quarter of 2023, and a significant rise in Free Cash Flow to $16.4 million compared to $4.1 million last year.

The financial boost came from the successful sale of nearly all of Acadian’s registered carbon credits, along with favorable weather and improved contractor availability, enabling the company to harvest and sell additional timber despite emerging pricing pressures.

Acadian declared dividends of $5 million or $0.29 per share to shareholders and underscored its commitment to health and safety, with only three minor recordable safety incidents among contractors and none among employees. The company’s carbon credit project, Anew – Katahdin Forestry Project, contributed significantly to this quarter’s performance and sets the stage for future developments in carbon credit initiatives.

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