West Fraser Q1 sales and profits going strong9 May 2022
Leading global OSB and lumber manufacturer West Fraser has reported a boost in sales and earnings in Q1, compared to Q4, 2021.
West Fraser announced group sales of US$3.1bn (Q4, 2021: US$2.03bn) and earnings of US$1.09bn (Q4, 2021: US$£334m).
The North America Engineered Wood Products division recorded adjusted EBITDA of US$730m, while the Europe Engineered Wood Products division posted adjusted EBITDA of US$78m.
“Despite a number of ongoing challenges, we posted strong results in the first quarter of 2022,” said Ray Ferris, West Fraser’s President & CEO.
“We continued to manage significant transportation challenges and the resulting mill disruptions that commenced late last year in BC and that were exacerbated in the first quarter by the typical transportation issues posed by Canadian winters. These near-term constraints to North American supply were offset by continued strong demand for our products.”
“While we continue to monitor rising mortgage rates and the potential risk to demand for new home construction and our wood building products, fundamentals for housing and repair and remodelling activity appear favourable. I expect our team will continue to be agile and creative as we navigate our supply challenges and the evolving requirements of our customers.”