West Fraser reported earnings of $79 million, or $1.01 basic earnings per share, on sales of $1,107 million in the 4Q 2016 and earnings of $326 million, or $4.06 basic earnings per share, on sales of $4,450 million for 2016.
In the 4Q 2016 lumber operations generated operating earnings of $107 million and Adjusted EBITDA of $144 million. Production and shipments declined quarter over quarter due to cold weather in several of our operating areas and fewer operating days. The segment's results benefited from a weaker Canadian dollar while Canadian log costs continued to rise.
4Q 2016 panels segment, which includes plywood, LVL and MDF, generated operating earnings of $17 million and Adjusted EBITDA of $20 million. The major contributor to the decline was plywood pricing as winter weather slowed Canadian construction.
4Q 2016 pulp & paper segment generated operating earnings of $20 million and Adjusted EBITDA of $30 million. NBSK operations were able to offset additional costs associated with cold weather with higher shipments while BCTMP price improvements offset reduced shipments caused by port congestion.
West Fraser is a diversified wood products company producing lumber, LVL, MDF, plywood, pulp, newsprint, wood chips and energy with facilities in western Canada and the southern United States.
