West Fraser Timber's 1Q 222 sales were $3.110 billion, up 33% from $2.343 billion in the 1Q 2021.
1Q 2022 earnings were $1,090 million, or $10.25 per diluted share, compared to $334 million, or $3.13 per diluted share in the 4Q 2021. 1Q 2022 Adjusted EBITDA was $1,592 million compared to $615 million in the 4Q 2021.
Lumber sales for 1Q 2022 were higher than both comparative quarters due primarily to higher product pricing and increased shipments of SYP lumber, which more than offset decreases in shipments of SPF lumber caused by transportation disruptions in Western Canada.
“Despite a number of ongoing challenges, we posted strong results in the 1Q 2022,” said Ray Ferris, West Fraser’s President & CEO. “We continued to manage significant transportation challenges and the resulting mill disruptions that commenced late last year in B.C. and that were exacerbated in the first quarter by the typical transportation issues posed by Canadian winters. These near-term constraints to North American supply were offset by continued strong demand for our products.”
“While we continue to monitor rising mortgage rates and the potential risk to demand for new home construction and our wood building products, fundamentals for housing and repair and remodelling activity appear favourable. I expect our team will continue to be agile and creative as we navigate our supply challenges and the evolving requirements of our customers.”
West Fraser is a diversified wood products company with more than 60 facilities in Canada, the United States, the United Kingdom, and Europe.
