The Company generated net earnings of $30 million, or $0.30 per share in the June 2014 quarter compared to a net loss of $7 million or $0.07 per share in the June 2013 quarter. The June 2014 results include a gain of $14 million related to the sale of land.
Operating earnings before depreciation, amortization and other items (adjusted EBITDA) was $30 million for the 3Q 2014, as compared to adjusted EBITDA of $30 million a year ago and adjusted EBITDA of $18 million in the prior quarter.
The Specialty Cellulose Pulp segment generated adjusted EBITDA of $19 million on sales of $126 million for the 3Q, compared to adjusted EBITDA of $18 million on sales of $128 million in the prior quarter.
The Forest Products segment generated adjusted EBITDA of $5 million on sales of $108 million for the quarter ended June 2014, compared to adjusted EBITDA of $3 million on sales of $112 million in the prior quarter. Lumber shipments were equal to 84% of capacity versus 83% in the prior quarter.
The Paper Pulp segment generated adjusted EBITDA of $3 million on sales of $102 million for the 3Q, compared to adjusted EBITDA of $2 million on sales of $62 million in the prior quarter. Market conditions for paper pulp remained relatively weak although demand was stable. Pulp shipments were equal to 117% of capacity as compared to 70% in the prior quarter.
The Paper segment generated adjusted EBITDA of $8 million on sales of $89 million for the quarter ended June 2014, compared to negative adjusted EBITDA of $1 million on sales of $84 million in the prior quarter. The coated bleached board market improved slightly. The shipment to capacity ratio was 96% compared to 94% in the prior quarter.
Tembec is a manufacturer of forest products - lumber, pulp, paper and specialty cellulose - and a global leader in sustainable forest management practices. Principal operations are in Canada and France.
