GreenFirst Forest Products' Q4 2024 net loss from continuing operations was $26.6 million or $1.39 loss per share (diluted), compared to net income of $14.8 million or $0.83 earnings per share (diluted) in Q3 2024. Adjusted EBITDA from continuing operations for Q4 2024 was negative $0.9 million compared to negative $15.7 million in Q3 2024.
Average realized lumber prices of $680/mfbm for Q4 2024 were higher than the $606/mfbm pricing realized in Q3 2024. Benchmark prices saw increases during the quarter as a result of an increase in the duties rate late in Q3 from 8.05% to 14.40% and recent rate cuts by the US Federal Reserve and Bank of Canada signaling a reversal in monetary policy. Subsequent to Q4 2024 pricing continued to move favorably as the U.S. administration announced the potential imposition of tariffs on Canadian imports.
Net sales were $69.9 million in Q4 2024, a decrease of approximately 1% compared to Q3 2024 resulting from a 12% increase in the average realized price of lumber which averaged in Q4 2024 at $680 per board feet vs $606 per board feet in the third quarter of 2024. The strengthening of the USD vs the CDN dollar represented $14 of the $74 dollar per board feet increase. Volume of lumber sold was down by an equal 12% primarily as due to weather conditions impacting our supply chain in Northern Ontario.
Cost of sales was $68.5 million, a decrease of approximately 2% compared to Q3 2024. The decrease in cost of sales in the Q4 was primarily due to lower volumes shipped.
GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production.
