By Canadian Press

West Fraser beats expectations as second quarter turns positive despite COVID-19

Jul 28, 2020 | 5:23 AM

VANCOUVER — West Fraser Timber Co. Ltd. beat expectations as it earned $48 million in its latest quarter despite lower revenues.

The Vancouver-based forest products producer says it earned 70 cents per share for the three months ended June 30, compared with a loss of $58 million or 92 cents per share in the second quarter of 2019.

Adjusted profits increased to $79 million or $1.13 per share, from $28 million or 42 cents a year earlier.

Revenues decreased three per cent to $1.28 billion from $1.32 billion in the prior year’s quarter.

West Fraser was expected to report 19 cents per share in adjusted earnings on $1.15 billion of revenues, according to financial markets data firm Refinitiv.

plan ahead

Sailing alerts and other tools expanding ahead of busy long weekend on BC Ferries

15m ago

dry march

March storms drench much of coastal B.C., save the Nanaimo area

15h ago

pain at the pumps

'Not looking real good:' B.C. has highest average gas price in Canada

19h ago

The company says it adjusted operations starting in March to address COVID-19 which led to a reduction in production of lumber and pulp. Yet, as the quarter progressed, demand for lumber and plywood was more resilient than expected, resulting in increased pricing.

This report by The Canadian Press was first published July 28, 2020.

Companies in this story: (TSX:WFT)

The Canadian Press