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West Fraser reports $200 M in 1st quarter earnings

By Randy Thoms Apr 26, 2024 | 2:28 AM

strong start to the year for the owners of the mill in Barwick.

West Fraser Timber is reporting first quarter earnings of 200 million dollars.

That is almost four times the figure earned in the first three months of 2023.

The company cites the increase in home construction and higher prices as factors for the improvement.

“While new home construction in the U.S. remained resilient through the quarter, supporting demand for OSB and, to a large extent, SPF lumber, continued elevated mortgage rates appear to be constraining existing home sales activity and tempering repair and remodelling spending, which had a greater impact on SYP lumber demand,” says Sean McLean, President and Chief Executive Officer.

Still, the company is remaining cautious about the year.

It is expecting OSB shipments to be consistent with 2023 levels.