Panel segment generated operating earnings of $25 million (2Q - $10 million) and EBITDA of $29 million (2Q- $13 million), the result of substantially improved plywood prices.
Pulp and paper operations generated an operating loss of $2 million compared to operating earnings of $19 million in the previous quarter and EBITDA of $9 million (2Q - $30 million). The loss was largely the result of scheduled maintenance downtime at its Hinton pulp mill followed by a difficult startup.
"The largest capital program in our Company's history is currently underway and I expect combined capital expenditures for 2013 and 2014 to exceed $700 million," said Ted Seraphim, our President and CEO. "I'm excited about what these investments are doing to improve the competitiveness of the Company and how we are positioning our operations to succeed as U.S. housing continues its slow recovery."
West Fraser Timber is an integrated wood products company producing lumber, wood chips, LVL, MDF, plywood, pulp and newsprint.
