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Canfor records $374M net profit in Q2

For the second quarter of 2022, Canfor Corporation posted operating income of $531.6 million, down $210.3 million from the first quarter of 2022. Net income is $373.8 million, down from $534 million the previous quarter.

The decline reflects the lower lumber segment earnings following the strong earnings in the previous quarter, offset to a degree by improved pulp and paper segment results, the company’s statement said.

“Despite the pressures on North American lumber market fundamentals this was a strong quarter for our lumber business, as our results continue to far exceed pre-pandemic levels and we continue to capitalize on our global diversification strategy,” said Canfor’s president and CEO Don Kayne.

“In our North American operations, ongoing global supply chain constraints resulted in the difficult decision to reduce operating schedules at our Western Canadian sawmills during the second quarter and into the summer months. We greatly appreciate our employees’ ongoing resilience in managing through these supply chain challenges. For our pulp business, some relief in transportation constraints late in the period enhanced our ability to realize near-record high pricing and recognize improved results in the quarter,” Kayne added.

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