During Q3 2022 GreenFirst Forest Products Inc. recorded a net loss of $23.3 million and Adjusted EBITDA loss of $7.9 million.

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GreenFirst reports Q3 net sales of $153.4 million

GreenFirst reports Q3 net sales of $153.4 million

Bild: GreenFirst Forest Products

GreenFirst Forest Products Inc. reported net sales of $153.4 million during Q3 2022, a decline of $61.1 million or 28%, compared to Q2 2022. This decrease was primarily due to declining lumber prices as the average selling price decreased to $780/mfbm compared to $1,255/mfbm in Q2 2022.

Q3 2022 net loss was $23.3 million or a $0.13 loss per share (diluted), compared to net earnings of $30.7 million or $0.16 per share in the Q2 2022. This quarter marked the one-year point for the Company operating its acquired forest- products assets.

Q3 2022 Adjusted EBITDA was a loss of $7.9 millioncompared to Adjusted EBITDA in Q2 2022 of $54.3 million. Adjusted EBITDA before duties expensed for Q3 2022 was $5.1 million, compared to $76.6 million in Q2 2022.

GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns 7 sawmills and 1 paper mill across Ontario and Quebec. GreenFirst is a significant lumber producer in Canada.