May 04, 2011. /Lesprom Network/. West Fraser Timber Co. Ltd. reported earnings after discontinued operations of $19 million or $0.44 per share for the 1Q 2011. Earnings from continuing operations were $20 million or $0.46 per share on sales of $687 million. "We are pleased with our operating performance which produced another quarter of positive results despite a lack of recovery in U.S. housing and a strengthening Canadian dollar," said Hank Ketcham, the Company's Chairman, CEO and President. "We continue to focus on efficiency and cost control at every level of our business." The Company's lumber and pulp operations were significant contributors to earnings in the quarter. Current quarter earnings were adversely affected by the stronger Canadian dollar and a $27 million charge for long-term equity-based compensation. The lumber segment recorded operating earnings of $33 million and EBITDA of $55 million in the current quarter. SPF shipments were lower in the current quarter compared to the prior quarter as poor weather conditions affected truck and railcar availability. The panel segment, which includes plywood, LVL and MDF, recorded break-even operating earnings and EBITDA of $4 million in the quarter. The MDF and LVL operations continue to operate on a curtailed basis while the three plywood mills ran at capacity. Pulp & paper operations recorded operating earnings of $29 million and EBITDA of $47 million. Global inventory levels of NBSK are lower than normal which allowed for a price increase during the quarter. BCTMP prices have weakened during the quarter as new production in China adversely affected markets. West Fraser is an integrated wood products company producing lumber, wood chips, LVL, MDF, plywood, pulp and newsprint. The Company has operations in western Canada and the southern United States.