Surging lumber prices prompt record profits, third-quarter results

VANCOUVER — Canfor Corp. says its net profit surged in the third quarter on record lumber earnings that were driven by an unprecedented increase in prices.

The Vancouver-based forest products company says it earned $218.1 million or $1.74 per share in the three months ended Sept. 30.

article continues below

That compared with a loss of $88.5 million or 71 cents per share a year earlier.

Adjusted net income increased to $259.4 million or $2.07 per share, up from a loss of $42.6 million or 34 cents per share in the third quarter of 2019.

Sales grew 42 per cent to $1.55 billion from $1.09 billion in the prior year.

Canfor was expected to report $1.61 per share in adjusted earnings on $1.42 billion of revenues, according to financial data firm Refinitiv.

This report by The Canadian Press was first published Oct. 22, 2020.

Companies in this story: (TSX:CFP)

Read Related Topics

© Copyright Prince George Citizen

    Prince George Citizen's Christmas Auction ON NOW! You'll be Glad you Bid!

Mandatory mask harrassment POLL

What do you think is an appropriate punishment for customers who verbally or physically assault store employees enforcing mandatory masks?

or  view results

Popular Citizen

Lowest Gas Prices in Prince George
Prince George Gas Prices provided by