VANCOUVER, B.C. — Interfor Corporation recently released its 2018 annual report.
According to a press release, the corporation recorded net earnings of $111.7 million, or $1.60 per share.
This was an increase from the corporation’s 2017 earnings of $97.2 million, or $1.39 per share.
The corporation reported an adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of $280.4 million on sales of $2.2 billion.
For the fourth quarter of 2018, Interfor recorded a net loss of $13.2 million, or 19 cents per share, compared to net earnings of $28.1 million, or 40 cents per share, for the third quarter of 2018 and $36.2 million, or 52 cents per share, for the fourth quarter of 2017.
The corporation noted several items that impacted fourth quarter earnings.
A decrease in benchmark lumber prices led to a decrease of $102 per million board feet in Interfor’s average lumber selling to $599 per million board feet.
A decrease in total production, 607 million board feet in the quarter reflected a decrease of 67 million board feet from third quarter.
The corporation purchased and canceled 1,680,295 of its common shares for $25 million, for a total of 2,277,540 shares purchased for $36.9 million throughout 2018.
The Interfor Corporation operates a sawmill west of Port Angeles.