Norbord, out of Toronto, ON, Friday reported a loss of US$6 million, or US$0.11 per share, in 1Q 2015 compared to earnings of US$3 million, or US$0.06 per share, in the prior quarter and earnings of US$7 million, or US$0.13 per share, in 1Q 2014.
Norbord also announced completion of the merger with Ainsworth, making Norbord a leading global wood products company active on three continents. Company integration efforts are well underway in implementing the plan to realize the annual synergies target of US$45 million.
Vancouver, BC’s, Interfor Thursday reported a loss of $163,000, or a loss of less than 1 cent per share, in 1Q 2015. Earnings, adjusted for non-recurring costs, were 5 cents per share.
The lumber company posted revenue of $415.4 million in the period. Interfor shares have decreased 21 per cent since the beginning of the year. The stock has increased 3 per cent in the last 12 months.
1Q 2015 Results
Canfor Corporation, also out of Vancouver, BC, Wednesday reported net income attributable to shareholders of $29.3 million, or $0.22 per share, for 1Q 2015, compared to $29.9 million, or $0.22 per share, for 4Q 2014 and $45.5 million, or $0.33 per share, for 1Q 2014.
The Company reported operating income of $83.7 million for 1Q 2015, up $21.7 million compared to operating income of $62.0 million for 4Q 2014. Current quarter results include the consolidation of the Company’s recent US South acquisitions of Beadles Lumber & Balfour Lumber and Scotch & Gulf Lumber, which were considered to be controlled by Canfor for accounting purposes on January 2, 2015 and January 30, 2015, respectively.
Still in Vancouver, BC, Acadian Timber Wednesday reported financial and operating results for 1Q 2015. Acadian generated net sales of $24.7 million on sales volume of 348 thousand cubic metres which represents a $3.4 million, or 16 per cent, increase in net sales compared to the same period in 2014. The improved performance was driven primarily by a 14 per cent increase in weighted average log selling prices reflecting continued strong market demand along with the positive impact of the strengthening of the US dollar and a higher proportion of hardwood sawtimber in the sales mix.