This week Canfor, Weyerhaeuser, Domtar, and International Paper all released quarterly earnings reports.
Canfor Corporation, out of Vancouver, BC, Wednesday reported net income attributable to shareholders of $50.9 million, or $0.38 per share, for 3Q 2016, compared to shareholder net income of $36.0 million, or $0.27 per share, for 2Q 2016 and a net loss attributable to shareholders of $17.3 million, or $0.13 per share, for 3Q 2015. For the nine months ended September 30, 2016, the Company’s shareholder net income was $112.9 million, or $0.85 per share, compared to $23.1 million, or $0.17 per share, for the nine months ended September 30, 2015.
Canfor Pulp Products reported net income of $22.4 million, or $0.34 per share, for 3Q 2016, compared to $2.2 million, or $0.03 per share, for 2Q 2016 and $31.2 million, or $0.45 per share, for 3Q 2015. For the nine months ended September 30, 2016, the Compa- ny’s net income was $47.7 million, or $0.70 per share, compared to $76.9 million, or $1.09 per share, for the nine months ended September 30, 2015.
North American Forest Company Quarterly Reports: 3Q 2016
Domtar Corp, based in Montreal, QC, said Thursday it earned US$59-million, or 94 cents per diluted share, for the three months ended September 30, compared to US$11-million, or 17 cents per share, a year earlier.
Excluding one-time items such as closure and restructuring charges, adjusted earnings increased 31 per cent to US$71-million, or US$1.13 per share. Overall revenue dipped to $1.27-billion from $1.29-billion in the third quarter of 2015.
As well on Thursday, Memphis, TN’s, International Paper reported 3Q 2016 net earnings attributable to International Paper of US$312 million (US$0.75 per share) compared with net earnings of US$40 million (US$0.10 per share) in 2Q 2016 and net earnings of
US$220 million (US$0.53 per share) in 3Q 2015. Net earnings in all periods include the impact of special items, if any, non-operating pension expense and discontinued operations.
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During the quarter, IP saw a decline in revenues in most of its segments. The company plans on closing the Weyerhaeuser deal in 4Q. This acquisition is worth US$2.2 billion in cash. With a combined capacity of nearly 1.9 million metric tons of pulp, the transaction is likely to strengthen IP’s position in the global fluff pulp market.”
– Zacks Equity Research
Federal Way, WA’s, Weyerhaeuser reported Friday earnings, before special items, of US$0.23 per share in 3Q 2016.
Company revenues lagged, however, with Weyerhaeuser’s generated revenues of US$1.709 billion. During 3Q 2016, the company completed divesting its liquid packaging board business as well as completed US$2 billion accelerated share repurchase program.
Weyerhaeuser shares were up almost 0.66 per cent ahead of the report.