Canfor Posts Fourth Quarter Loss

Canfor Corporation had sales of $1.37 billion in the fourth quarter of 2022, a decrease of 12.7 per cent compared to $1.57 billion from the year-ago period. By sales segment, Canada had $180 million in sales for the quarter, a 49.5 per cent increase compared to $121.2 million from the same quarter of 2021. In the North American lumber market, supply continued to exceed demand, affecting sales, says the company. Inflationary pressures and rising interest rates reduced housing affordability, leading to less residential construction activity. The repair and remodeling sector also trended downwards. Overall net loss was $207.9 million for the reporting period, versus a loss of $23.1 million year over year. Retained earnings were $3.3 billion, a decline of 29 per cent from the compared to $2.6 billion for the prior-year period.