Lumber Earnings Boost Canfor Income

Canfor Corporation had operating income of $741.9 million for the first quarter of 2022, up from an operating loss of $602.6 million in the first quarter of 2021. The increase reflects a significant increase in lumber segment earnings and, to a much lesser extent, improved pulp and paper segment results. In the lumber segment, adjusted earnings increased $509.7 million quarter-over-quarter principally reflecting an extensive uplift in Western Spruce/Pine/Fir (SPF) and Southern Yellow Pine (SYP) US-dollar benchmark pricing. North American market conditions remained very strong through much of the first quarter, primarily led by continued strength in new home construction activity. Overall net income was $534 compared to $427.8 million in the year-ago period.