Canfor reaps nearly $575 million in 2020

By / Mark NIELSEN / Local Journalism Initiative Reporter

Buoyed an “unexpected increase in demand and record global pricing,” forest products producer Canfor recorded $574.6 million in adjusted net income for 2020, according to an update issued Wednesday.

The number represents a major turnaround from a $96.6-million loss for 2019 and translated into a gain of $4.59 per share, compared to a loss of $0.77 the year before.

Much of the gain was made in the third and fourth quarters, when the company recorded a total of $517.4 million in adjusted net income.

“The unprecedented challenges stemming from the coronavirus outbreak weighed heavily on results in the first half of 2020. However, through the second half of 2020 there were several positive developments, including an unexpected increase in demand and record global pricing,” the company said in its quarterly report.