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Western Forest Products' 3Q revenue down to $285.2 million
Western Forest Products Inc. reported adjusted EBITDA of $32.6 million in the 3Q 2017, compared to adjusted EBITDA of $35.7 million in the 3Q 2016, and $47.1 million reported in the 2Q 2017. Hot, dry weather lowered log harvest and reduced Western’s third quarter log and lumber sales volumes. Western Forest Products mitigated US lumber duties and capitalized on improved market demand and pricing by increasing lumber sales to China.
Western Forest Products realized revenue of $285.2 million in the 3Q 2017, as compared to $322.7 million in the 3Q 2016, and $287.4 million in the 2Q 2017. Supply challenges and strong demand delivered robust log and lumber pricing that partly offset the impacts of limited coastal log supply on results in the period.
Net income of $13.6 million was reported for the 3Q 2017, as compared to $16.8 million for the 3Q 2016 and $25.6 million in the previous quarter.
Adjusted EBITDA and net income were reduced by $6.5 million of export duties expensed in the 3Q 2017.
Western is an integrated Canadian forest products company, and is the largest coastal British Columbia woodland operator and lumber producer.
Source: Lesprom Network