West Fraser announces 2021 second quarter results
Published on : Thursday, July 29, 2021
West Fraser Timber Co. Ltd. has recently reported the second quarter results of 2021. The Company also announced that it will hold a virtual Investor Event in which members of the Company’s senior management team will provide a corporate update to investors and analysts. The event will be webcast on September 16, 2021 at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time with further details to follow.
The results of operations presented and discussed below include those of Norbord from February 1, 2021, the date of the completion of the acquisition of Norbord. All dollar amounts in this news release are expressed in U.S. dollars unless noted otherwise.
Second Quarter Highlights:
- Sales increased 61% from the prior quarter to $3.779 billion
- Earnings increased to $1,488 million, or 39% of sales, from $665 million in the prior quarter
- Adjusted EBITDA increased to $2.160 billion from $1.008 billion in the prior quarter
- Repurchased $233 million of WFG shares for cancellation under normal course issuer bid (“NCIB”)
- Increased authorization of the NCIB to 9.58 million shares of WFG
- Redeemed Norbord Notes and retired $665 million of debt
- Finished the quarter with liquidity at $3.392 billion and net debt to total capital ratio of (28)%
- Initiated a CAD$1.0 billion substantial issuer bid (“SIB”) subsequent to quarter-end