Interfor Corporation reported results for the initial quarter of the current year.
The company reported net earnings of $6.3 million or $0.09 per share during the quarter. This compares with net losses of $41.7 million, or $0.62 per share in Q4 2019. I
t posted adjusted net earnings of $0.7 million compared to adjusted net losses of $17.4 million in the prior quarter.
The adjusted EBITDA was $36.6 million on sales of $479.6 million. Interfor ended the quarter with net debt of $322.0 million.
The total lumber production during the initial quarter of the year was 627 million board feet, down from the production of 668 million board feet in the previous quarter, driven by reduced production in the B.C. region. The quarterly lumber shipments totalled 641 million board feet.
The lumber inventory levels posted a decline of 4 million board feet over the quarter, the company press release said. The overall benchmark lumber prices recorded improvement over the prior quarter, although it registered steep decline in April.
The company has announced various proactive measures to protect the health of employees and safeguards its financial position.
The Covid-19-related market uncertainties are likely to have negative impacts on near-tern lumber demand.
Meantime, production curtailments are likely to lead to balanced supply-demand situation. The demand is expected to normalize over the mid-to-long-term.