Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

  • Advanced Search
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Hamburger menu
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO
    • Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

Canfor reports results for the third quarter of 2024

Canfor Corporation Logo (CNW Group/Canfor Corporation)

News provided by

Canfor Corporation

Oct 25, 2024, 17:30 ET

Share this article

Share toX

Share this article

Share toX

VANCOUVER, BC, Oct. 25, 2024 /CNW/ - Canfor Corporation ("The Company" or "Canfor") (TSX: CFP) today reported its third quarter of 2024 results:

Overview.

  • Q3 2024 operating loss of $560 million, including a $311 million asset write-down and impairment charge as well as other one-time items1; shareholder net loss of $350 million, or $2.96 per share.
  • After taking into consideration adjusting and one-time items1, Q3 2024 operating loss of $139 million, compared to a similarly adjusted operating loss of $135 million in Q2 2024.
  • Persistent pressure on North American lumber markets and pricing, especially in US South; positive results from Alberta and Europe.
  • Ongoing North American lumber market weakness, high duties and persistent challenges accessing economic fibre led to the announcement of sawmill closures in British Columbia and, as a result, an asset write-down and impairment charge of $100 million in the lumber segment.
  • Proceeds of $314 million received in relation to duty deposits loan agreement.
  • Modest improvement in NBSK pulp unit sales realizations driven by steady North American pulp pricing through most of the third quarter and favourable timing lag in shipments, despite weak demand in China; fibre-driven asset write-down and impairment charge of $211 million in the pulp segment.

Financial results.

The following table summarizes select financial information for the Company for the comparative periods:

(millions of Canadian dollars, except per share amounts)


        Q3 2024

           Q2 2024

            YTD 2024

         Q3 2023

        YTD 2023

Sales

$

1,202.9

$

1,381.5

$

3,967.1

$

1,312.3

$

4,143.7

Reported operating income (loss) before amortization, asset write-downs and impairments

$

(144.4)

$

(98.3)

$

(222.9)

$

42.6

$

(22.1)

Reported operating loss

$

(559.7)

$

(250.8)

$

(896.3)

$

(65.1)

$

(340.3)

Net loss2

$

(350.1)

$

(191.1)

$

(605.7)

$

(23.1)

$

(209.0)

Net loss per share, basic and diluted2

$

(2.96)

$

(1.61)

$

(5.11)

$

(0.19)

$

(1.74)

1. Adjusted operating loss as well as adjusting and one-time items referenced throughout this news release are defined as non-IFRS financial measures. For further details, refer to the table on page 2 of the news release and the "Non-IFRS financial measures" section of the news release.

2. Attributable to equity shareholders of the Company.


For the third quarter of 2024, the Company reported an operating loss of $559.7 million, compared to an operating loss of $250.8 million in the second quarter of 2024.

During the current period, the Company's British Columbia ("BC") operations continued to encounter operational challenges, including limited access to economic fibre, weak lumber market conditions, rising operating costs, increased export tariffs to the United States ("US"), as well as various regulatory complexities. After a thorough review of these operational constraints, the Company made the difficult decision to permanently close its Plateau and Fort St. John operations located in northern BC, following an orderly wind down in the fourth quarter of 2024. In connection with these closures, in the third quarter of 2024 the Company recognized an asset write-down and impairment charge of $100.3 million to reduce the carrying value of its lumber segment assets, as well as $38.6 million in restructuring costs.

Recognizing the impact of these recent closures, along with the fibre effects of previously announced reductions and curtailments across the industry in the BC Interior, Canfor Pulp Products Inc. ("CPPI") recorded an asset write-down and impairment charge of $211.0 million in the same period, as a reduction to the carrying value of its pulp segment assets.

Commenting on the Company's third quarter results, Canfor's President and Chief Executive Officer, Don Kayne, said, "This was another extremely challenging quarter for our lumber business. While Alberta and Europe delivered positive results, our North American operations continued to face a persistently weak pricing environment. In BC, this depressed pricing was exacerbated by a complex operating environment, high costs, rising US tariffs and ongoing difficulties in reliably accessing sufficient economic fibre. These conditions have resulted in unsustainable financial losses from our BC operations. As a result, we made the very difficult decision to close both our Plateau and Fort St. John operations in northern BC by the end of 2024. We sincerely regret the impact these decisions have on our employees, their families, contractors, and the businesses that support our operations and the local community."

"For our pulp business," added Kayne, "we also continue to face persistent fibre-related constraints, however, during the current quarter, our business had improved adjusted operating results, benefiting from an uplift in pulp unit sales realizations."

Third quarter adjusting and one-time items.

After taking account of the aforementioned asset write-down and impairment charges as well as other one-time items, combined totaling $420.8 million, as outlined in the table below, the Company's operating loss for the third quarter of 2024 was $138.9 million, compared to a similarly adjusted operating loss of $135.2 million in the prior quarter. These results primarily reflected lower lumber segment results, partly offset by improved pulp and paper segment earnings.

(millions of Canadian dollars)

       Q3 2024

     Q2 2024

       YTD 2024

       Q3 2023

      YTD 2023

Reported operating loss

$

(559.7)

$

(250.8)

$

(896.3)

$

(65.1)

$

(340.3)


Asset write-down and impairment – lumber segment

$

100.3

$

31.6

$

131.9

$

-

$

-


Asset write-down and impairment – pulp segment

$

211.0

$

-

$

211.0

$

-

$

-


Inventory write-down (recovery), net4

$

(14.8)

$

51.4

$

6.4

$

(20.8)

$

(16.1)

Adjusted operating loss3

$

(263.2)

$

(167.8)

$

(547.0)

$

(85.9)

$

(356.4)

One-time items – lumber segment3:












Restructuring and closure costs5

$

36.5

$

32.6

$

69.1

$

1.1

$

12.2


Gain on sale of assets, net6

$

(34.9)

$

-

$

(34.9)

$

-

$

-


Duty expense (recovery) related to finalized rates7

$

67.2

$

-

$

67.2

$

(43.3)

$

(43.3)


Duty expense related to fair value measurement8

$

53.4

$

-

$

53.4

$

-

$

-

One-time items – corporate restructuring costs3,5

$

2.1

$

-

$

2.1

$

-

$

-

Adjusted operating loss before one-time items3

$

(138.9)

$

(135.2)

$

(390.1)

$

(128.1)

$

(387.5)

Amortization

$

104.0

$

120.9

$

330.5

$

107.7

$

318.2

Adjusted operating loss before amortization and one-time items3

$

(34.9)

$

(14.3)

$

(59.6)

$

(20.4)

$

(69.3)

3. Adjusted operating loss as well as adjusting and one-time items referenced throughout this news release are defined as non-IFRS financial measures. For further details, refer to the "Non-IFRS financial measures" section of this news release.

4. For the lumber segment, a $14.8 million net reversal of a previously recognized inventory write-down was recorded in Q3 2024 (Q2 2024 – $51.4 million net inventory write-down expense, Q3 2023 – $18.8 million net reversal of a previously recognized inventory write-down). For the pulp and paper segment, no inventory valuation adjustment was recognized in Q3 2024 and Q2 2024 (Q3 2023 – $2.0 million net reversal of a previously recognized inventory write-down).

5. Restructuring and closure costs of $38.6 million ($36.5 million in the lumber segment and $2.1 million in the unallocated segment), largely comprised of severance, were recognized in Q3 2024 related to the permanent closures of Plateau and Fort St. John (Q2 2024 – restructuring and closure costs of $32.6 million related to Polar and Houston; Q3 2023 – restructuring and closure costs of $1.1 million related to Houston).

6. On September 9, 2024, the Company completed the sale of its remaining Mackenzie sawmill assets and associated forest tenure to the McLeod Lake Indian Band and Tsay Keh Dene Nation for total proceeds of $66.5 million. As a result of this transaction, as well as other asset sales in the current period, a net gain on sale of $34.9 million was recognized in Q3 2024.

7. A duty expense of $67.2 million (US$48.6 million) was recognized in Q3 2024 following the finalization of countervailing ("CVD") and anti-dumping duty ("ADD") rates applicable to the fifth period of review ("POR5") (Q3 2023 – a net duty recovery of $43.3 million related to final rates for the fourth period of review ("POR4")).

8. In Q3 2024, the Company refined its estimate of the fair value measurement of net duty deposits recoverable. In accordance with IFRS Accounting Standards, this change in accounting estimate was applied on a prospective basis.

Third quarter lumber segment highlights.

For the lumber segment, the operating loss was $336.2 million for the third quarter of 2024, compared to the previous quarter's operating loss of $230.5 million. After taking account of adjustments and other one-time items totaling $207.7 million for the lumber segment in the current period, as noted in the table above, the operating loss was $128.5 million, compared to a similarly adjusted operating loss of $114.9 million in the prior quarter.

These results reflected the ongoing weakness in North American lumber markets and pricing in the current quarter, particularly in the US South. These conditions were accompanied by lower lumber production and shipment volumes, driven by continued curtailments in BC, a full quarter impact of the April 2024 closure of Polar, as well as market and capital project related downtime in the US South. Although earnings from Europe were positive in the quarter, overall results reflected the Company's regular summer downtime.

Despite modestly improving fundamentals, North American lumber markets remained under pressure during the third quarter of 2024. Affordability constraints continued to impact both the repair and remodeling and housing sectors, leading to a decline in US residential construction activity in the current quarter. While some supply pressures in the region resulted in pricing improvements towards the end of the third quarter, weakened demand ultimately contributed to an overall decline in certain North American benchmark prices compared to the previous quarter.

Offshore lumber demand and pricing in Asia remained relatively stable during the third quarter of 2024. In China, the real estate market continued to face challenges despite the government's ongoing efforts to rejuvenate the economy. However, a slight reduction in inventories in the region contributed to small price increases in the current quarter. In Japan, rising demand in the multi-family rental housing market helped to offset declines in the single-family sector, leading to relatively flat pricing quarter-over-quarter.

In Europe, the ongoing impact of low levels of residential and commercial construction throughout the current quarter was coupled with weakness in the do-it-yourself sector, resulting in continued pricing pressure in the region.

Lumber segment outlook.

Looking ahead, demand in the North American lumber market is anticipated to remain under pressure for the balance of 2024. Residential housing and do-it-yourself activity are likely to continue to be constrained largely due to ongoing affordability concerns despite some initial relief provided by lower interest rates. On the supply side, however, the gradual effects of industry-wide sawmill curtailments and closures, coupled with the decline in European imports into the North American market, have resulted in some modest pricing improvements early in the fourth quarter. This slow improvement is projected to continue through the balance of the year.

Offshore lumber demand and pricing in China is forecast to remain under pressure in the fourth quarter of 2024 predominately due to persistent challenges in the real estate market. In contrast, Japan's multi-family rental and non-residential markets are anticipated to continue to strengthen and result in some modest upward pricing trends for the rest of the year.

European lumber pricing and demand are projected to remain relatively flat through the fourth quarter of 2024. Increased inventory levels in the United Kingdom are forecast to lead to some pricing declines in the near-term; however, this reduction is anticipated to be offset by overall supply constraints in other European regions.

In BC, despite the Company's recent announced changes with regards to its operating footprint, it is anticipated that this region will continue to face challenging operating conditions especially with respect to the availability of economically viable fibre and high duties on lumber shipments to the US.

Third quarter pulp and paper segment highlights.

For the pulp and paper segment, the operating loss was $209.3 million, including an asset write-down and impairment charge totaling $211.0 million for the third quarter of 2024. After adjusting for the asset write-down and impairment charge, CPPI's operating income for the third quarter of 2024 was $1.7 million, a $7.3 million improvement compared to the second quarter of 2024.

Despite some moderation in US-dollar pulp list prices to China during the current quarter, these results largely reflected modestly higher Northern Bleached Softwood Kraft ("NBSK") pulp unit sales realizations, offset in part by reduced pulp production and shipment volumes in the period following the successful wind down of one production line at Northwood NBSK pulp mill ("Northwood") in August 2024.

Global softwood pulp market fundamentals experienced downward pressure throughout the third quarter of 2024 primarily driven by weak demand from China, as well as the introduction of additional global hardwood capacity. These factors, when combined with the traditional seasonal summer slowdown in global demand, led to a moderation in purchasing activity and prices during the current period. As a result, NBSK US-dollar pulp list prices to China, the world's largest consumer of pulp, declined in the quarter to a low of US$750 per tonne in August, before stabilizing through the balance of the period, ending September at US$754 per tonne. For the current quarter overall, US-dollar NBSK pulp list prices to China averaged US$771 per tonne, down US$40 per tonne, or 5%, from the prior quarter. Other global regions, including North America, experienced a delayed impact on price moderation, as prices remained steady for most of the third quarter, with slight declines seen towards the end of the period. As a result of these market conditions, particularly in China, global softwood pulp producer inventories experienced a notable increase in the current period to well above the balanced range, ending August at 50 days of supply, an increase of 12 days compared to June 2024.

Pulp and paper segment outlook.

Looking forward, global softwood pulp market conditions are anticipated to experience a slight improvement through the fourth quarter of 2024, as demand from the Chinese market is forecast to gradually recover and as elevated inventory levels slowly begin to normalize following the end of the seasonally slower summer months.

Results in the fourth quarter of 2024 will reflect the full wind down of one production line at Northwood, including the impact on pulp production (a reduction of approximately 300,000 tonnes of market kraft pulp annually), shipments and costs. Looking forward, CPPI remains focused on optimizing its operating footprint, enhancing operational reliability and closely managing manufacturing and fibre costs.

In addition, CPPI will continue to evaluate operating conditions and adjust operating rates at its pulp mills to align with economically viable fibre supply. These factors could also affect CPPI's operating plan, liquidity, cash flows and the valuation of long-lived assets.

Additional information and conference call.

A conference call to discuss the third quarter's financial and operating results will be held on Monday, October 28, 2024, at 8:00 AM Pacific time. To participate in the call, please dial Toll-Free 1-888-510-2154. For instant replay access until November 11, 2024, please dial Toll-Free 1-888-660-6345 and enter participant pass code 89443#.

The conference call will be webcast live and will be available at www.canfor.com. This news release, the attached financial statements and a presentation used during the conference call can be accessed via the Company's website at www.canfor.com/investor-relations/webcasts.  

Non-IFRS financial measures.

Throughout this press release, reference is made to certain non-IFRS financial measures which are used to evaluate the Company's performance but are not generally accepted under IFRS Accounting Standards and may not be directly comparable with similarly titled measures used by other companies.

Forward-looking statements.

Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on Management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor assumes no obligation to update such information to reflect later events or developments, except as required by law.

About Canfor Corporation.

Canfor is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. The Company has a 70% stake in Vida AB, Sweden's largest privately owned sawmill company and also owns a 54.8% interest in Canfor Pulp Products Inc. Canfor shares are traded on the Toronto Stock Exchange under the symbol CFP. For more information visit canfor.com.

SOURCE Canfor Corporation

Media contact: Mina Laudan, VP, Corporate Affairs, (604) 661-5225, [email protected]; Investor contacts: Pat Elliott, CFO and SVP, Sustainability, (604) 661-5441, [email protected]; Dan Barwin, Director, Corporate Finance, (604) 661-5390, [email protected]

Modal title

Organization Profile

Canfor Corporation

...

    Also from this source

  • Canfor reports results for the first quarter of 2025.

  • /R E P E A T -- Canfor Corporation Announces Annual General Meeting and Q1 2025 Results Conference Call/

  • /C O R R E C T I O N from Source -- Canfor Corporation/

Contact Cision

  • 866-245-2317
    from 8 AM - 10 PM ET
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media

Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2025 CNW Group Ltd. All Rights Reserved. A Cision company.