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    WEF   CA9582112038

WESTERN FOREST PRODUCTS INC.

(WEF)
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Delayed Toronto Stock Exchange  -  05/24 03:07:16 pm EDT
1.790 CAD   -2.72%
05/05Western Forest Products Inc. Announces Election of Directors
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05/05Western Forest Products Inc. Announces Election of Directors
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05/05Western Forest Products Inc. to Seek Acquisitions
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Western Forest Products : Q2 profit soars to $78.3 million on surging lumber prices

08/06/2021 | 09:51am EDT

VANCOUVERWestern Forest Products Inc. beat expectations as surging lumber prices strongly boosted its second-quarter results.

The Vancouver-based company says its net income soared to $78.3 million or 21 cents per share, up from $8.5 million or two cents per share a year earlier.

Revenues for the three months ended June 30 rose nearly 62 per cent to $414.4 million from $256.3 million in the second quarter of 2020.

Lumber revenue rose 87 per cent on a 45-per-cent increase in volumes while log revenue declined 23 per cent to $46.3 million.

The company says it realized record quarterly average lumber prices of $1,598 per thousand board feet, up 29 per cent from the prior year.

Analysts on average expected Western Forest Products to earn 17 cents per share on $372 million of revenues, according to financial data firm Refinitiv.

"We successfully increased North American lumber production and shipments in the first half of the year to benefit from record commodity pricing," stated CEO Don Demens.

"Looking ahead, we will continue to leverage our flexible operating platform by directing volume to the highest margin alternatives."

This report by The Canadian Press was first published Aug. 6, 2021.

Companies in this story: (TSX:WEF)

© 2021 The Canadian Press. All rights reserved., source Canadian Press DataFile

All news about WESTERN FOREST PRODUCTS INC.
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Analyst Recommendations on WESTERN FOREST PRODUCTS INC.
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Financials
Sales 2022 1 400 M 1 096 M 1 096 M
Net income 2022 139 M 109 M 109 M
Net cash 2022 209 M 164 M 164 M
P/E ratio 2022 4,43x
Yield 2022 2,72%
Capitalization 599 M 465 M 469 M
EV / Sales 2022 0,28x
EV / Sales 2023 0,22x
Nbr of Employees 2 051
Free-Float 99,7%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 1,84 CAD
Average target price 2,70 CAD
Spread / Average Target 46,7%
EPS Revisions
Managers and Directors
Donald Eugene Demens President & Chief Executive Officer
Stephen D. A. Williams Chief Financial Officer & Executive VP
Michael T. Waites Independent Chairman
Daniel Louis Nocente Lead Independent Director
Laura A. Cillis Independent Director
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