Canfor Corporation (TSX: CFP) today reported fourth quarter 2017 results:
Highlights
- Q4, 2017 adjusted operating income of $190.8 million, aided by improved lumber unit sales realizations and record-high pulp and paper earnings; operating income of $598.5 million and record-high sales of $4.66 billion in 2017
- Adjusted net income of $114.8 million, or $0.89 per share; $363.4 million, or $2.77 per share, for 2017
- CVD/ADD duty deposit rate reduced from 27.98% to 20.52% following final determination by US Department of Commerce; combined duty expense of 14.34% recorded in fourth quarter of 2017 to reflect impact of updated sales and cost data on ADD rate in 2017
- Net debt of $97.5 million, or 4.6% net debt to total capitalization, at December 31, 2017
- Construction of new state-of-the-art US$120 million greenfield sawmill in Georgia approved by Board of Directors: 275 million board feet of high-value dimension Southern Yellow Pine lumber
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