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West Fraser Timber CO Ltd(WFG-T)

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West Fraser Timber loses US$153 million as sales soften

The Canadian Press - Wed Feb 14, 5:07PM CST

West Fraser Timber Co. Ltd. WFG-T says it lost US$153 million in its fourth quarter, a steeper loss than US$94 million a year earlier.

Sales for the quarter ended Dec. 31 were US$1.5 billion, down from US$1.6 billion.

Loss per diluted share was US$1.87, compared with US$1.13 a year earlier.

West Fraser president and CEO Sean McLaren says the fourth quarter saw continued weakness in demand for the company’s North American lumber and European panel products, though demand was resilient for other products.

The company announced in January that it would permanently wind down and close its Fraser Lake, B.C., sawmill because it can’t access economically viable fibre in the region.

The news came after an announcement earlier in January that West Fraser was closing a sawmill in Maxville, Fla., and indefinitely curtailing operations at its Huttig, Ark., sawmill because of high fibre costs and soft lumber markets.

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