Canfor reports results for Q1 2018

Photo: Canfor

Canfor Corporation recently reported first quarter 2018 results. The Company reported operating income of $203.8 million for the first quarter of 2018, down $10.4 million from reported operating income of $214.2 million for the fourth quarter of 2017, as lower operating earnings for the lumber segment were offset in part by record-high operating earnings for the pulp and paper segment.

Reported results in the first quarter of 2018 include a net duty expense of $34.9 million, at a combined effective countervailing duty (“CVD”) and anti-dumping duty (“ADD”) rate of 14.34%. This compares to a net duty recovery of $23.4 million in the fourth quarter of 2017 reflecting the year-to-date true-up of preliminary CVD and ADD rates to current rates following final determinations announced by the US Department of Commerce (“DOC”) and US International TradeCommission (“ITC”). After adjusting for the duties, operating income was $238.7 million for the first quarter of 2018, up $47.9 million from similarly adjusted operating income in the fourth quarter of 2017.