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Canfor posts results for second quarter of 2018
Canfor Corporation has reported second quarter 2018 results. Highlights include record adjusted operating income of $334 million driven by historically high lumber prices and record-high pulp and paper earnings; record-high quarterly sales of $1.46 billion.
The Company reported operating income of $282.1 million for the second quarter of 2018, up $78.3 million from reported operating income of $203.8 million for the first quarter of 2018, with the increase reflecting significantly higher lumber segment operating earnings and record-high pulp and paper segment operating earnings.
Reported results for the second quarter of 2018 included a net duty expense of $51.7 million, at a current effective countervailing duty (“CVD”) and anti-dumping duty (“ADD”) rate of 14.94%, compared to $34.9 million in the first quarter of 2018 and $35.6 million in the second quarter of 2017. After adjusting for duties, operating income was $333.8 million for the second quarter of 2018, up $95.1 million from similarly adjusted operating income in the first quarter of 2018.