West Fraser Timber rallied from a 1Q loss of C$17 million (US$16.8 million) to post a gain of C$27 million ($US26.7 million) in the second quarter, the company announced Thursday. The growth represents a near-doubling of the bottom line (earnings after discontinued operations) from a year ago on sales of C$774 million ($US768 million), up 7.5% for the same period.
EBITDA, classified as operating earnings plus amortization, rose to C$89 million (US$88.3 million) from C$62 million (US$61.5 million) a year ago as operating earnings doubled to C$46 million (US$46.5 million) for the same period and recovered from a C$22 million (US$21.8 million) 1Q 2012 loss.
The Vancouver, British Columbia-based wood-products manufacturer’s lumber segment recorded quarterly operating earnings of C$34 million (US$33.7 million) and EBITDA of C$53 million (US$52.6 million), up from an C$8 million (US$7.94) operating loss and $11 million (US$10.92 million) reported EBITDA a year ago thanks in part to an uptick in U.S. demand and strengthened lumber prices. The panels segment (plywood, LVL, and MDF) generated C$8 million in operating earnings and C$12 million (US$11.91 million) EBITDA, an about-face from 2Q 2011’s C$5 million (US$4.96 million) operating loss and negative EBITDA of C$1 million (US$990,000).