BURNABY, B.C. — Interfor Corp. says its net profit plunged in its latest quarter despite record production in which U.S. output offset decreases in British Columbia caused by wildfires.
The Burnaby, B.C., company says it earned $65.6 million or $1.05 per share in the third quarter, down from $121.6 million or $1.81 per share a year earlier.
Adjusted profits were $46.7 million or 74 cents per share, compared with $140 million or $2.08 per share in the third quarter of 2020.
Revenue for the three months ended Sept. 30 increased three per cent to $664.3 million from $644.9 million in the prior-year quarter even though average selling prices fell to US$744 per thousand board feet from US$910 a year ago and US$1,419 in the second quarter.
Interfor was expected to earn 84 cents per share in adjusted profits on $647.3 million in revenues, according to financial data firm Refinitiv.
Lumber production increased to 731 million board feet with the U.S. south and northwest contributing 567 million board feet thanks to sawmills acquired in July. B.C. production fell 14.6 per cent to 164 million board feet due to sawmill downtime as a result of wildfires.
This report by The Canadian Press was first published Nov. 4, 2021.
Companies in this story: (TSX:IFP)
The Canadian Press
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