West Fraser Timber encouraged by outlook despite ongoing challenges: CEO
BNN Bloomberg
West Fraser Timber Co. Ltd. president and CEO Sean McLaren says he expects the company will continue to experience unpredictable challenges such as inflation risks and labour constraints.
However, he told analysts on the company's earnings conference call that West Fraser is encouraged by lower mortgages rates in the U.S. and the continued easing of inflationary pressures across much of the supply chain. The company reported its fourth-quarter results yesterday after the bell, posting a loss of US$153 million compared with a US$94 million loss a year earlier.
In the earnings release, McLaren said the fourth quarter saw continued weakness in demand for the company's North American lumber and European panel products.
So far this year, the company has announced the permanent closure of its Fraser Lake, B.C. sawmill and its sawmill in Maxville, Fla., as well as the indefinite curtailment of its Huttig, Ark. sawmill.
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