Canfor Corp swings to fourth quarter profit as lumber market rallies

VANCOUVER – Canfor Corporation (TSX:CFP) said it swung to a profit in the fourth quarter as lumber markets ended 2012 with one of the strongest price rallies in recent years. Citing an improved U.S. housing market and strong demand from offshore markets, Canfor posted net income of of $21.6 million, or 15 cents per share for quarter compared to a loss of $44.1 million, or 31 cents per share in the year earlier period. Sales revenue improved to $721.8 million in the fourth quarter compared to $576.2 million year over year.