Acadian Timber Corp. reported financial and operating results for the three months ended March 31, 2018. Acadian had a solid start to the year and posted strong performance for the three-month period ended March 31, 2018.
The Company generated Adjusted EBITDA of $8.9 million for the 1Q, up from $8.0 million in the prior year, as its operations benefitted from favourable winter harvest conditions and strong seasonal demand that led to an increase in log sales volumes of 17% compared to the same quarter of 2017. Demand for most of its products continues to be solid with its weighted average log selling price per cubic meter remaining in-line with the 1Q of last year.
Acadian Timber reports 1Q 2018 income of $2 million, down from $4.8 million a year ago.
“Acadian posted a strong start to the year with operations benefiting from favourable winter conditions which supported seasonally strong log production. We believe we are well positioned to maintain this momentum through 2018”, commented Mark Bishop, CEO of Acadian. “We are pleased to announce that our Board of Directors has approved a 3% increase in Acadian’s quarterly dividend.”
Acadian Timber Corp. is a leading supplier of primary forest products in Eastern Canada and the Northeastern U.S. With a total of 2.4 million acres of land under management, Acadian is the third largest timberland operator in New Brunswick and Maine.
