Western Forest Products Inc. (“Western”) reported negative adjusted EBITDA of $16.6 million in the 3Q 2019, compared to adjusted EBITDA of $32.3 million in the 3Q 2018, and $15.1 million reported in the 2Q 2019.
Operating loss prior to restructuring and other income was $24.2 million in the 3Q 2019, compared to operating income prior to restructuring and other income of $23.4 million in 3Q 2018, and $1.4 million reported in the 2Q 2019.
Net loss of $18.7 million was reported for the 3Q 2019, as compared to net income of $15.1 million for the 3Q 2018 and net loss of $0.7 million in the 2Q 2019.
The company generated revenue of $141.6 million in the 3Q 2019, as compared to $292.5 million in the 3Q 2018, and $310.3 million in the 2Q 2019. The company partially mitigated the impacts of the strike by selling unencumbered lumber and log inventories during the 3Q 2019.
“In the 3Q, we focused on delivering targeted products to our selected customers and limiting the impacts of the USW strike on our financial position,” said Don Demens, President and CEO.
Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets.