By Canadian Press

West Fraser Timber withdraws 2020 production outlook due to COVID-19

Apr 28, 2020 | 3:28 PM

VANCOUVER — West Fraser Timber Co. Ltd. says it is withdrawing its production outlook for the year due to the uncertain impact of measures to cope with the COVID-19 pandemic.

The Vancouver-based forest products producer says it expects output to be further hurt over the coming months from the novel coronavirus’s influence on the supply chain and market demand.

The warning came as the company swung to a profit in the first quarter, earning $12 million or 18 cents per basic share for the period ended March 31. That compared with a loss of $5 million or seven cents per share a year earlier.

Excluding one-time items, adjusted profits were $28 million or 42 cents per share, up from $22 million or 32 cents per share in the first quarter of 2019.

Revenues decreased 3.7 per cent to $1.195 billion, from $1.24 billion.

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West Fraser was expected to post an adjusted loss of 20 cents per share on $1.2 billion of revenues, according to the financial markets data firm Refinitiv.

This report by The Canadian Press was first published April 28, 2020.

Companies in this story: (TSX:WFT)

The Canadian Press