West Fraser Timber Co. Ltd.

West Fraser Timber Co. Ltd. had sales of $1.627 billion in the first quarter of 2023, slightly up from sales of $1.615 billion in fourth quarter of 2022. The company had a first quarter loss of $42 million compared to a loss of $94 million in the fourth quarter of 2022. Adjusted earnings before tax was $58 million for the quarter, representing four per cent of sales. The North America engineered wood products segment had EBIT of $31 million, including $15 million of inventory write-downs, and the pulp and paper segment had EBIT of $7 million. Europe engineered wood products had EBIT of $20 million. The company says earnings reflect challenging demand markets due to seasonal effects and higher mortgage rates that continued to moderate new home construction activity in the U.S.