West Fraser posts record full-year earnings in 2021
February 17, 2022 By CFI staff
West Fraser’s full-year earnings were five times higher in 2021 than the previous year and its sales more than doubled despite challenges brought on by the pandemic and transportation disruptions from weather events in B.C.
In its Q4 and year-end report, West Fraser notes full year sales were $10.518 billion, compared to $4.373 billion in 2020. Full year earnings were $2.947 billion, compared to $588 million in 2020. 2021 Adjusted EBITDA was $4.569 billion compared to $1.043 billion in 2020.
“I am proud of the efforts of the West Fraser team, highlighted by the integration of two leading wood building products companies during the global COVID-19 pandemic,” said Ray Ferris, West Fraser’s president and CEO. “Despite a number of challenges, we posted record earnings in 2021 and another strong result in the fourth quarter. In particular, we managed the complexities of significant transportation and mill disruptions in the face of unprecedented flooding in the B.C. Interior and Vancouver Lower Mainland, which severely disrupted transportation and logistics and the flow to markets of our finished products from Western Canada. The benefits of our product and geographic diversification were evident in the fourth quarter as quarter-over-quarter Adjusted EBITDA improvement from our lumber business helped to offset declines in our North America and Europe engineered wood products segments.
“Fundamentals for housing are favourable entering 2022 and we continue to see signs of resilience in repair and remodelling demand in both our North American and European markets. I expect our team to remain agile and creative to navigate the evolving needs of our customers.”
Read the company’s full Q4 and year-end report here.
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