Canfor Q4 profit rises on lumber price gains, pulp shipments

VANCOUVER Wed Feb 5, 2014 5:57pm EST

VANCOUVER Feb 5 (Reuters) - Canadian forest products company Canfor Corp posted a higher fourth-quarter profit on Wednesday, boosted by strong lumber prices as well as an increase in pulp production and shipments.

Net income attributable to shareholders rose 31 percent to C$28 million, or 20 Canadian cents per share, compared with C$21.3 million, or 15 Canadian cents a share, in the fourth quarter of 2012.

On an adjusted basis, net income totaled C$48.8 million, or 35 Canadian cents a share, in the period compared with C$20.3 million, or 14 Canadian cents a share, in the same quarter a year earlier.

Analysts, on average, had expected earnings of 36 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Vancouver-based Canfor said it expects North American lumber consumption to continue to rise in 2014 as the housing market recovers in the United States, with offshore markets solid on strong demand from China and Japan.

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