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WFP delivers a record adjusted EBITDA of $302.1 million for 2021

Leveraging its flexible operating platform to pursue the highest margin opportunities allowed Western Forest Products (WFP) to deliver record adjusted EBITDA of $302.1 million in 2021, the company highlighted in its Q4 and year-end report.

The company’s net income was $202.8 million for 2021 compared to net income of $33.4 million in 2020.

“We began 2021 with lumber production and sales directed to North American commodity markets to take advantage of unprecedented pricing,” the company stated.

“This focus led to improved recovery while increasing secondary processing and related costs. As North American commodity pricing declined, we redirected production and grew export lumber shipments to Japan and China, taking advantage of robust Japan market pricing. Strong demand and supply constraints caused North American prices to rally late in the fourth quarter of 2021.”

WFP said its positive results reflect the restart of operations after the lengthy United Steelworkers Local 1-1937 strike, which had curtailed the majority of their B.C. mills in early 2020.

Read the company’s full Q4 and year-end report.