VANCOUVER, BC, March 5, 2024 /CNW/ – Canfor Pulp Products Inc. (“The Company” or “CPPI” or “Canfor Pulp”) (TSX:CFX) today reported its 2023 and fourth quarter of 2023 results:
Overview
2023 operating loss of $128 million; net loss of $96 million, or $1.47 per share
Q4 2023 operating loss of $15 million; net loss of $13 million, or $0.20 per share
Moderate uplift in global pulp market fundamentals through the fourth quarter driven by a slight increase in demand and purchasing activity in most major regions
20% increase in pulp production in the fourth quarter reflecting improved operating performance at both the Northwood and Intercontinental NBSK pulp mills
Persistent challenges associated with the availability of economic fibre in British Columbia
Financial Results
The following table summarizes selected financial information for CPPI for the comparative periods:
Q4
Q3
YTD
Q4
YTD
(millions of Canadian dollars, except per share amounts)
2023
2023
2023
2022
2022
Sales
$
193.9
$
188.8
$
875.5
$
268.1
$
1,085.6
Reported operating income (loss) before amortization,
asset write-down and impairment
$
1.1
$
(27.7)
$
(42.5)
$
(15.1)
$
41.4
Reported operating loss
$
(15.1)
$
(49.3)
$
(127.5)
$
(91.1)
$
(106.0)
Adjusted operating income (loss) before amortization,
asset write-down and impairment1
$
(9.8)
$
(29.7)
$
(44.9)
$
(15.6)
$
39.2
Adjusted operating loss1
$
(26.0)
$
(51.3)
$
(129.9)
$
(42.0)
$
(58.6)
Net loss
$
(13.2)
$
(35.7)
$
(96.1)
$
(69.8)
$
(79.1)
Net loss per share, basic and diluted
$
(0.20)
$
(0.55)
$
(1.47)
$
(1.07)
$
(1.21)
Adjusted net loss1
$
(13.2)