Ainsworth Lumber Co. says its third-quarter profit doubled to $60.7-million or $4.14 a share, thanks to increased sales of oriented strandboard (OSB)-- a popular substitute for plywood in construction. The Vancouver-based company said profit for the quarter ended Sept. 30 compared with $28.9-million or $1.99 per share a year earlier. During the same period, sales revenue jumped to $225.2-million from $155.8-million. Ainsworth recently completed the acquisition of three OSB factories in northern Minnesota from Potlatch Corp. The additional shipments from these facilities has enabled the company to continue to generate strong financial returns despite a decline in OSB prices, compared with the previous quarter, Ainsworth said in a release. ANS (TSX) rose 96 cents to $25.40. CP
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