West Fraser Timber Co. reported a significant financial turnaround in the first quarter of 2024, posting earnings of US$35 million, compared to a loss of US$42 million in the same period of the previous year. This improvement was reflected in earnings per diluted share, which increased from a loss of 52 cents to a gain of 42 cents. The company’s sales remained stable at US$1.63 billion, indicating sustained customer demand. West Fraser President and CEO Sean McLaren attributed the company’s strong performance to the recent closures of several higher-cost lumber mills, which have resulted in cost savings and improved profitability. Additionally, the company announced the dissolution of its joint venture with Mercer International Inc. in Cariboo Pulp and Paper, with West Fraser becoming the sole owner and operator of the business. This move is expected to further streamline West Fraser’s operations and enhance its competitive position in the pulp and paper industry.
West Fraser Timber Co. Reports Earnings of US$35 Million in Q1
