During the 2Q 2018, Acadian Timber’s net sales rose to $16.1 million from $14.3 million in the comparable period of 2017, driven by favourable operating conditions and strong seasonal demand which resulted in a 4% increase in total log sales volumes. Acadian’s weighted average log selling price remained in-line with the prior year period as the benefit from increases in softwood sawlog and hardwood pulpwood prices of 6% and 3%, respectively, was offset by changes in the sales mix.
Net income was $1.9 million, or $0.11 per share, for the 2Q, compared to $4 million, or $0.24 per share, for the same period in 2017 due to the impact of foreign exchange revaluation of U.S. dollar denominated long-term debt.
“Acadian’s 2Q benefited from favourable operating conditions and strong seasonal demand”, said Mark Bishop, CEO of Acadian. “As the outlook for softwood sawtimber demand and pricing continues to be supported by steady growth in U.S. housing starts and residential home improvement, Acadian is well positioned to continue its favourable momentum for the remainder of the year.”
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.