{"id":88205,"date":"2024-10-29T06:14:40","date_gmt":"2024-10-29T06:14:40","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/challenging-q3-2024-for-canfor-lumber-segment-outlook-in-n-america-and-europe-under-pressure\/"},"modified":"2025-09-19T09:03:02","modified_gmt":"2025-09-19T09:03:02","slug":"challenging-q3-2024-for-canfor-lumber-segment-outlook-in-n-america-and-europe-under-pressure","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/challenging-q3-2024-for-canfor-lumber-segment-outlook-in-n-america-and-europe-under-pressure\/","title":{"rendered":"Challenging Q3\/2024 for Canfor; lumber segment outlook in N. America and Europe under pressure"},"content":{"rendered":"

Canfor Corp. says it had a net loss of $350.1 million in its last quarter as it took writedowns and impairment charges related to mill closures in a slumping lumber market.<\/span><\/p>\n

The forestry giant says the net loss worked out to $2.96 per share, compared with a net loss of $23.1 million or 19 cents per share last year.<\/p>\n

Canfor says its B.C. operations continue to struggle with limited access to economic fibre, weak lumber prices, rising operating costs, increased tariffs and various regulatory complexities.<\/p>\n

Company chief executive Don Kayne says it was another extremely challenging quarter that pushed it to announce a pullback in operations.<\/p>\n

During the quarter, Canfor announced the closure of mills in Fort. St. John and Plateau in northern B.C., leading to an asset write-down and impairment charge of $100 million, plus $38.6 million in restructuring costs.<\/p>\n

Canfor's third quarter lumber segment highlights<\/strong><\/p>\n

For the lumber segment, the operating loss was $336.2 million for the third quarter of 2024, compared to the previous quarter\u2019s operating loss of $230.5 million. After taking account of adjustments and other one-time items totaling $207.7 million for the lumber segment in the current period, as noted in the table above, the operating loss was $128.5 million, compared to a similarly adjusted operating loss of $114.9 million in the prior quarter.<\/p>\n

These results reflected the ongoing weakness in North American lumber markets and pricing in the current quarter, particularly in the US South. These conditions were accompanied by lower lumber production and shipment volumes, driven by continued curtailments in BC, a full quarter impact of the April 2024 closure of Polar, as well as market and capital project related downtime in the US South. Although earnings from Europe were positive in the quarter, overall results reflected the Company\u2019s regular summer downtime.<\/p>\n

Despite modestly improving fundamentals, North American lumber markets remained under pressure during the third quarter of 2024. AEordability constraints continued to impact both the repair and remodeling and housing sectors, leading to a decline in US residential construction activity in the current quarter. While some supply pressures in the region resulted in pricing improvements towards the end of the third quarter, weakened demand ultimately contributed to an overall decline in certain North American benchmark prices compared to the previous quarter.<\/p>\n

Offshore lumber demand and pricing in Asia remained relatively stable during the third quarter of 2024. In China, the real estate market continued to face challenges despite the government's ongoing efforts to rejuvenate the economy. However, a slight reduction in inventories in the region contributed to small price increases in the current quarter. In Japan, rising demand in the multi-family rental housing market helped to oEset declines in the single-family sector, leading to relatively flat pricing quarter-over-quarter.<\/p>\n

In Europe, the ongoing impact of low levels of residential and commercial construction throughout the current quarter was coupled with weakness in the do-it-yourself sector, resulting in continued pricing pressure in the region.<\/p>\n

Canfor's lumber segment outlook<\/strong><\/p>\n

Looking ahead, Canfor's demand in the North American lumber market is anticipated to remain under pressure for the balance of 2024. Residential housing and do-it-yourself activity are likely to continue to be constrained largely due to ongoing affordability concerns despite some initial relief provided by lower interest rates. On the supply side, however, the gradual effects of industry-wide sawmill curtailments and closures, coupled with the decline in European imports into the North American market, have resulted in some modest pricing improvements early in the fourth quarter. This slow improvement is projected to continue through the balance of the year.<\/p>\n

Canfor's offshore lumber demand and pricing in China is forecast to remain under pressure in the fourth quarter of 2024 predominately due to persistent challenges in the real estate market. In contrast, Japan\u2019s multi-family rental and nonresidential markets are anticipated to continue to strengthen and result in some modest upward pricing trends for the rest of the year.<\/p>\n

European lumber pricing and demand are projected to remain relatively flat through the fourth quarter of 2024. Increased inventory levels in the United Kingdom are forecast to lead to some pricing declines in the near-term; however, this reduction is anticipated to be offset by overall supply constraints in other European regions.<\/p>\n

In BC, despite the Company\u2019s recent announced changes with regards to its operating footprint, it is anticipated that this region will continue to face challenging operating conditions especially with respect to the availability of economically viable fibre and high duties on lumber shipments to the US.<\/p>","protected":false},"excerpt":{"rendered":"

Canfor Corp. says it had a net loss of $350.1 million in its last quarter as it took writedowns and impairment charges related to mill closures in a slumping lumber market. The forestry giant says the net loss worked out … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":96282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4716],"tags":[],"class_list":["post-88205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-trends"],"acf":[],"yoast_head":"\nChallenging Q3\/2024 for Canfor; lumber segment outlook in N. 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