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Western Forest Products reports narrowed Q2 loss, appoints new CFO

Western Forest Products announced a net loss of $5.7 million for Q2 2024, a significant improvement from the $20.7 million loss in Q2 2023. Adjusted EBITDA rose to $9.4 million, up from negative $12.0 million last year. The company saw increased lumber shipments, but average selling prices dipped due to a weaker sales mix.

The company also highlighted successful developments in Indigenous relationships, notably the Forest Landscape Plan with the ‘Namgis First Nation. Western is advancing its transition to higher value products, having completed the start-up of a new kiln at Saltair sawmill, and plans further investments in continuous dry kilns.

Financially, Western maintained a strong balance sheet with $141.5 million liquidity, amending its $250 million credit facility to extend maturity to 2026. The company expects stable demand for certain timber products but anticipates volatility in commodity lumber markets.

New CFO named

Western has appointed Glen Nontell as chief financial officer effective August 1, 2024, succeeding Stephen Williams. Nontell, with over 20 years of financial experience, aims to support the company’s strategic priorities and long-term shareholder value.

“Glen brings a proven track record of financial and strategic leadership, including in his prior positions with the company, and strong financial acumen”, said Steven Hofer, president and CEO.

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