Interfor Corp, out of Vancouver, BC, reported net earnings of $11 million, or $0.16 per share, for 3Q 2014, the company announced Thursday. These figures compare with net earnings of $7.4 million in the previous quarter, and a loss of $130,000 in 3Q 2013. Sales revenue amounted to $373 million in 3Q compared with $390 million in 2Q and $273 million in 3Q last year.
Interfor Results: 3Q 2014
Interfor’s lumber production in 3Q was 567 million board feet, down 15 million board feet, or 3 per cent, compared with 2Q. Adjusting for the production of the Beaver-Forks, WA, operation which was closed permanently at the end of 2Q, production was up 7 million board feet compared with 2Q and up 143 million board feet relative to 3Q 2013.
Net earnings in 3Q include $0.7 million of expenses associated with the wind-down of the Beaver-Forks operation.
Long-term incentive compensation expense of $3.6 million was recorded in 3Q compared with a recovery of $0.4 million in 2Q.