Interfor caps challenging year with larger losses in fourth quarter

VANCOUVER – Interfor Corp. capped a challenging year by reporting larger losses in the fourth quarter on reduced revenues.

The Vancouver-based forest products company says it lost $41.7 million for the period ended Dec. 31, compared with $13.5 million in net losses a year earlier.

Excluding one-time items such as $22.7 million of write-downs and restructuring costs and $29.2 million of impairments on its B.C. Coastal and U.S. Northwest businesses, the adjusted loss was $17.4 million or 26 cents per basic share. That compared with a loss of $20.2 million or 29 cents per share in the fourth quarter of 2018.

Revenues decreased 2.5 per cent to $456.8 million from $468.5 million a year earlier.

Interfor was expected to report adjusted losses of 16 cents per share on $460 million of revenues, according to financial markets data firm Refinitiv.

For the full year, Interfor swung to a $103.8 million loss from $111.1 million in 2018. The adjusted loss was $58.1 million or 86 cents per share, compared with adjusted net earnings of $113.5 million or $1.63 per share a year ago.

Revenues dropped 14.2 per cent to $1.87 billion from $2.19 billion.

Adjusted profits were forecast to be 76 cents per share on $1.88 billion of revenues.

This report by The Canadian Press was first published Feb. 6, 2020.

Companies in this story: (TSX:IFP)