Canfor Reports Second Quarter 2013 Results

Published on : Tuesday, July 30, 2013

CanforCanfor Corporation reported net income attributable to shareholders (“shareholder net income”) of $110.3 million, or $0.77 per share, for the second quarter of 2013, compared to $61.9 million, or $0.43 per share, for the first quarter of 2013 and $2.6 million, or $0.02 per share, for the second quarter of 2012. For the six months ended June 30, 2013, the Company’s shareholder net income was $172.2 million, or $1.21 per share, compared to a shareholder net loss of $15.4 million, or $0.11 per share, reported for the first half of 2012.

 

The shareholder net income for the second quarter of 2013 included various items affecting comparability with prior periods, which had an overall net positive impact on the Company’s results of $22.6 million, or $0.16 per share. After adjusting for such items, the Company’s adjusted shareholder net income for the second quarter of 2013 was $87.7 million, or $0.61 per share, up $17.4 million, or $0.12 per share, from an adjusted shareholder net income of $70.3 million, or $0.49 per share, for the first quarter of 2013. Adjusted shareholder net income for the second quarter of 2012 was $9.2 million, or $0.07 per share.

 

The Company reported operating income of $128.2 million for the second quarter of 2013, compared to operating income of $100.0 million for the first quarter. The positive variance reflected improved results in the lumber segment mostly as a result of increased shipments and, to a lesser extent, lower manufacturing costs.

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