Oct 24, 2011. /Lesprom Network/. West Fraser Timber Co. Ltd. reported earnings for the 3Q 2011 from continuing operations of $6 million or basic earnings per share of $0.14 on sales of $705 million. In the quarter the Company completed the sale of its Eurocan deep-sea wharf which contributed to earnings after discontinued operations of $37 million or $0.87 per share. After adjusting for certain non-operational items, adjusted earnings from continuing operations were $3 million or $0.06 per share. For the first nine months of 2011, similarly adjusted earnings from continuing operations were $37 million or $0.87 per share on sales of $2.1 billion, as the company said in a press release received by Lesprom Network. "Political and economic turmoil has increased global risk and uncertainty and may further delay the recovery of our key U.S. housing market," said Hank Ketcham, the Company's Chairman, President and CEO. "We plan on completing our previously-announced capital program and will continue to focus on cost control which will enable us to take full advantage of the eventual market recovery." In the 3Q the lumber segment generated an operating loss of $15 million and EBITDA of $6 million reflecting continuing weak demand as U.S. new home construction remains at or near historically low levels. Lumber shipments to Asia were slightly lower than in the previous quarter but continue to be stronger than comparative periods of 2010. The panels segment, which includes plywood, LVL and MDF, generated an operating loss in the 3Qof $2 million and EBITDA of $2 million. The slight improvement in panel results compared to the previous quarter reflected increases in plywood and MDF prices. MDF and LVL operations continue to operate on a curtailed basis. Pulp and paper operations generated operating earnings of $20 million and EBITDA of $36 million in the 3Q. The decline in earnings from the previous quarter was due to lower NBSK prices and rising chemical, maintenance and electricity costs, offset in-part by increased revenue from our power purchase agreement. Pulp production was similar to the previous quarter as a planned shutdown at Quesnel pulp mill and power-related production curtailments in some of Alberta mills offset the previous quarter's production loss at the Slave Lake pulp mill related to the Slave Lake forest fire and at the Cariboo pulp mill for the planned maintenance shutdown. West Fraser Timber 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.