{"id":81513,"date":"2021-11-23T11:45:47","date_gmt":"2021-11-23T11:45:47","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/q3-profits-drop-sharply-north-american-lumber-giants\/"},"modified":"2025-09-19T08:56:32","modified_gmt":"2025-09-19T08:56:32","slug":"q3-profits-drop-sharply-north-american-lumber-giants","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/q3-profits-drop-sharply-north-american-lumber-giants\/","title":{"rendered":"Q3 profits drop sharply for North American lumber giants"},"content":{"rendered":"
\n

The combined net profits of the\u00a0five largest publicly traded North American lumber producers\u00a0(Canfor in British Columbia; Interfor in British Columbia;\u00a0Resolute Forest Products\u00a0in Montreal; West Fraser Timber in British Columbia; and Seattle-based Weyerhaeuser) jumped a staggering 2,218% between the second quarter of 2020 ($160 million) and the same quarter in 2021 ($3.7 billion).<\/p>\n

Those historic earnings, of course, came before the lumber bubble burst this summer. Between mid-May to mid-August, the cash market lumber price crashed from an all-time high of $1,515 per thousand board feet to $389 per thousand board feet.<\/p>\n

What did plummeting lumber prices do to sawmill profits? The party ended. For the third quarter of 2021\u2014the period covering the collapse in lumber prices\u2014the combined profits of the five largest publicly traded sawmills are down 69% to $1.1 billion. The biggest drop was posted by\u00a0Interfor\u00a0(which saw its third quarter profit fall 85% from the previous quarter), followed by\u00a0West Fraser Timber\u00a0(down 76%),\u00a0Canfor\u00a0(down 72%),\u00a0Resolute Forest Products\u00a0(down 70%), and\u00a0Weyerhaeuser\u00a0(down 53%). Given it's a subsidiary of privately held Koch Industries and isn't required to report earnings, we aren't sure what hit Atlanta-based lumber titan Georgia-Pacific took.<\/p>\n

\"\"<\/a><\/p>\n

The good news for lumber producers: The latest round of profits is still fairly strong. Indeed, the aggregated earnings of those five producers in the third quarter of 2021 are up 34% from the same quarter in 2020.<\/p>\n

While lumber prices have come back down to earth, they're still historically high. Since August, prices have shot up to $575 per thousand board feet. That's well above the normal $350 to $500 price range they floated in prior to the pandemic. The reason? While DIYers have cut back, homebuilding has stayed relatively strong. The historically tight\u00a0housing market\u2014which saw home prices\u00a0jump a record 19.9% between August 2020 and August 2021\u2014has kept demand high for new construction, which, of course, requires lots of framing lumber.<\/p>\n

Where are lumber prices headed in 2022? Many industry insiders tell say\u00a0<\/i>prices could remain elevated\u2014or go even higher next year. But there are two wild cards. For starters, if supply chain issues and shortages don't let up soon it could slow down homebuilding next year. Additionally, the U.S. Department of Commerce plan to\u00a0double duties on Canadian softwood lumber\u00a0next year is already shaking up the market.<\/p>\n

The industry is digesting some new developments, such as additional cutbacks in harvesting in British Columbia,\u00a0and\u00a0an expected doubling of duties later this month on Canadian mills\u2019 exports to the U.S. The former is another longer-term supply-side worry, while the latter represents a near-term oversupply concern, as Canadian mills rush shipments into the U.S. market ahead of the duty increase.<\/p>\n

\"\"<\/a><\/p>\n<\/div>\n

<\/h2>","protected":false},"excerpt":{"rendered":"

The combined net profits of the\u00a0five largest publicly traded North American lumber producers\u00a0(Canfor in British Columbia; Interfor in British Columbia;\u00a0Resolute Forest Products\u00a0in Montreal; West Fraser Timber in British Columbia; and Seattle-based Weyerhaeuser) jumped a staggering 2,218% between the second quarter … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":57861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4713,4716,4715,4714],"tags":[4576,3945,3405],"class_list":["post-81513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies-in-the-timber-industry","category-latest-trends","category-market-analysis","category-wood-industry-prices","tag-lumber-companies","tag-lumber-prices","tag-north-america","topic-forestry","topic-industry-prices","topic-sawmilling","topic-wood-construction","area-north-america"],"acf":[],"yoast_head":"\nQ3 profits drop sharply for North American lumber giants - 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