Forest Company Quarterly Results: 2Q 2015

Forest Company Quarterly Results: 2Q 2015

Interfor Corp, Resolute Forest Products, Tembec Inc, and Norbord all announced second-quarter 2015 financial results this week.

Interfor Corp, out of Vancouver, BC, recorded Thursday a net loss of $20.6 million, or $0.29 per share, on sales of $429.7 million in Q2 2015 compared with a net loss of $0.2 million in the previous quarter and net earnings of $7.4 million in Q2 2014.
Included in the Company’s results for Q2 2015 is a pre-tax loss of $7.7 million associated with the operations of the Tacoma sawmill which was acquired from Simpson Lumber earlier this year as part of a larger transaction involving a total of four mills.
Montreal, QC’s, Resolute Forest Products reported also Thursday a loss of US$4 million in its latest quarter compared with a loss of US$2 million a year ago.
The forestry company said the loss amounted to four cents per share for the quarter ended June 30 compared with a loss of two cents per share a year ago.
Excluding special items, Resolute said it earneed a profit of US$7 million or seven cents per share, down from US$17 million or 18 cents per share in the same quarter last year.
Sales slipped to US$926 million compared with US$1.09 billion a year ago.
Meanwhile, Tembec Inc, also out of Montreal, QC, reported, also Thursday, that consolidated sales for the three-month period ended June 27, 2015, were $365 million, as compared to $404 million in the same quarter a year ago.
The Company generated a net loss of $16 million, or $0.16 per share in the June 2015 quarter compared to net earnings of $30 million, or $0.30 per share in the June 2014 quarter. The current quarter results include approximately $12 million of incremental costs related to planned major maintenance conducted at two large operating sites. Adjusted EBITDA was $2 million for the three-month period ended June 27, 2015, as compared to adjusted EBITDA of $30 million a year ago and adjusted EBITDA of $12 million in the prior quarter.

Quarterly Results, Forest Companies

Elsewhere, Toronto, ON’s, Norbord Inc once more on Thursday reported Adjusted EBITDA of $18 million in 2Q 2015 compared to $14 million in the previous quarter and $46 million in 2Q 2014.  The year-over-year change is primarily due to lower North American oriented strand board (OSB) prices.
North American operations generated Adjusted EBITDA of $11 million in the quarter, unchanged from the prior quarter and compared to $37 million in the same quarter last year.
European operations delivered Adjusted EBITDA of $10 million in the quarter versus $7 million in the prior quarter and $12 million in the same quarter last year.

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