Canfor Corporation reported net income attributable to shareholders of C$36 million ($27.7 million) for the 2Q 2016, compared to shareholder net income of C$26 million ($20 million) for the 1Q 2016 and shareholder net income of C$11.1 million ($8.5 million) for the 2Q 2015.
For the six months ended June 30, 2016, the Company's shareholder net income was C$62 million ($47.7 million), compared to C$40.4 million ($31 million) for the six months ended June 30, 2015.
The Company's adjusted shareholder net income for the 2Q 2016 was C$26.5 million ($20.4 million), compared to an adjusted shareholder net income of C$20.9 million ($16 million) for the 1Q 2016, and an adjusted shareholder net loss of C$2 million ($1.5 million) for the 2Q 2015.
For the six months ended June 30, 2016, the Company's adjusted shareholder net income was C$47.4 million ($36.5 million), compared to C$44.5 million ($30.2 million) for the six months ended June 30, 2015.
The Company reported adjusted operating income of C$54.1 million ($41.6 million) for the 2Q 2016, down C$11 million ($8.5 million) from operating income of C$65.1 million ($50 million) for the 1Q 2016, with a solid improvement in lumber segment operating earnings more than offset by lower operating earnings in the pulp and paper segment, which reflected significant scheduled maintenance downtime in the quarter. Adjusted operating income excludes a one-time pre-tax gain of C$15.5 million ($11.9 million) related to the settlement of a legal claim with respect to logistics services for its pellet business.
Commenting on the Company's 2Q results, Canfor's President and CEO, Don Kayne, said, "The lumber segment had a solid 2Q, with increased benchmark prices reflecting steadily improving demand and lean inventories through the supply chain." Kayne added, "This was a challenging quarter for Canfor Pulp given the scheduled maintenance downtime at all of our NBSK pulp mills. With the significant majority of the scheduled NBSK pulp mill maintenance outages now behind us, our focus for the remainder of the year is on returning to our targeted productivity levels at all mills."
Canfor is a leading integrated forest products company based in Vancouver, British Columbia ("BC") with interests in BC, Alberta, Ontario, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas.
