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Canfor Corporation reports 2Q operating income of $96.9 million

Canfor Corporation reports 2Q operating income of $96.9 million

For the 2Q 2020, Canfor Corporation reported operating income of $96.9 million, $185.7 million higher than the operating loss of $88.8 million reported for the 1Q 2020, reflecting materially higher earnings in the lumber segment, offset in part by a moderate decline in pulp and paper segment earnings.

2Q adjusted shareholder net income was $83 million, or $0.67 per share

Commenting on the company’s 2Q 2020 results, Canfor’s President and CEO, Don Kayne, said, “We continue to be focused on protecting the health and safety of our employees in the current COVID-19 environment. Having overcome the many challenges faced in the 2Q, it is encouraging to see the current strength of lumber demand and prices and we value the strong relationships we have with our global customers. In addition, the recent acquisition of Elliott and Vida’s announced acquisition of three sawmills from Bergs, continues our strategy of global diversification. While markets appear strong for the 3Q, we remain somewhat cautious about the outlook thereafter, recognizing the inherent uncertainties created by COVID-19. For our pulp business, prices are projected to be challenging through the 3Q; however, as a result of our planned summer fibre-related downtime, we expect our pulp mills to be well placed to run at full capacity through the winter.”

Canfor is a leading integrated forest products company based in Vancouver, British Columbia (“BC”) with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas, as well as in Sweden with its majority acquisition of Vida Group. Canfor produces primarily softwood lumber.

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