West Fraser Timber records Q3 loss of $45 million on lower lumber production

VANCOUVER — West Fraser Timber Co Ltd. is reporting a third-quarter loss as higher production from its U.S. south division failed to make up for reduced output in Canada.

The Vancouver-based company says it lost $45 million or 65 cents per share in the three months ended Sept. 30, compared with net earnings of $238 million or $3.25 per share in the year-earlier period.

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West Fraser reported lumber production was down three per cent compared to the second quarter as it completed the permanent closure of its Chasm, B.C., lumber mill and eliminated the third production shift at its 100 Mile House, B.C., operations.

It says output in Alberta was affected by temporary weather-related log shortages.

Sales totalled $1.19 billion, down from $1.65 billion in the third quarter of 2018.

On an adjusted basis, it lost $15 million, or 22 cents per share for the quarter ending June 30, compared with earnings of $275 million or $3.76 a share a year earlier.

This report by The Canadian Press was first published Oct. 21, 2019.

Companies in this story: (TSX:WFT)

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