West Fraser second-quarter profits rise from loss last year, sales also up

VANCOUVER — West Fraser Timber Co. says it earned US$105 million in the second quarter, up from a loss of US$131 million a year earlier.

The Vancouver-based company says it saw sales of US$1.7 billion, up from US$1.6 billion during the same quarter last year.

Diluted earnings per share were US$1.20, compared with a loss of US$1.57 last year.

President and CEO Sean McLaren says the company continued to experience demand softness in its North American lumber business.

However, he says the quarter also benefited from relative strength in new home construction demand carrying over from the first quarter.

McLaren says the company continues to realize the benefits of the recent closures of some higher-cost lumber mills, and plans to continue focusing on optimizing its asset portfolio to lower costs.

This report by The Canadian Press was first published July 24, 2024.

Companies in this story: (TSX:WFG)

The Canadian Press