Wood Business

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Canfor nearly tripled record earnings in 2021


March 2, 2022
By CFI staff

Global lumber market strength and high production numbers offset weather and operational challenges for Canfor in 2021 and led to a record-breaking $1.9-billion operating income, the company reported.

Accounting for adjusting items, Canfor’s 2021 operating income for 2021 was $2.188 billion, nearly triple its record earnings in 2020.

In their year-end and Q4 report, Canfor president and CEO Don Kayne called 2021 an exceptional year for Canfor.

“Although our business was faced with global supply chain disruptions, the ongoing impacts of the COVID-19 pandemic and extreme weather conditions in BC, we were able to generate record-high results for 2021,” Kayne said.

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“We continue to see growing demand for the forest products we produce, together with a greater appreciation of their low carbon benefits. Recognizing that our employees at both Canfor and Canfor Pulp faced many challenges in 2021, we want to sincerely thank them for their exceptional commitment to safety, and outstanding resilience and performance. As we move into 2022, we anticipate solid global lumber demand, while for our pulp business we are focused on optimizing production performance, reducing costs, and maximizing fibre utilization in more moderate market conditions,” he said.

Read the company’s full report here.