All Things Newz
Business

Canfor sees income drop, revenues stay steady in Q3


Article content

VANCOUVER — Canfor Corp. saw its net income drop by almost 60 per centin the third quarter of 2022, largely due to a one-time inventory writedown from softening lumber prices.

The Vancouver-based company reported $87.4 million net income attributable to shareholders in the third quarter of 2022, or 71 cents per basic and diluted share, down from $210 million the same quarter last year, or $1.68 per share.

Article content

Revenues for the three months ended Sept. 30were $1.67 billion, barely changed from $1.68 billion a year earlier.

The company says the decline in income largely reflects a decline in lumber segment earnings, slightly offset by improved pulp and paper segment results.

Canfor says for the three and nine months ended September 30, 2022, an $89.6 million inventory writedown expense was recognized for the lumber segment.

Canfor Pulp Products Inc. saw sales go up to $308.3 million in the quarter, up from $298.9 million a year earlier, while net income was $16.3 million, up from $12.1 million.

This report by The Canadian Press was first published Oct. 27, 2022.

Companies in this story: (TSX:CFP)



Source link

Related posts

EXPLAINER: What’s happening at bankrupt crypto exchange FTX?

Dundee Precious Metals Announces Life of Mine Plan with Additional Production and Updated Mineral Resource and Mineral Reserve Estimate for Ada Tepe

UK problems won’t go away in 2023, Sunak warns