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West Fraser Timber suffers $83 million loss in Q3 as lumber revenues fall

West Fraser Timber suffers $83 million loss in Q3 as lumber revenues fall

Posted on October 24, 2024   |  

West Fraser Timber recorded an $83 million loss in Q3 2024, with revenue falling to $1.437 billion from $1.7 billion in Q2, largely due to weaker lumber sales.

Low prices for southern yellow pine caused the drop in lumber revenue, a stark contrast to the $105 million profit the company made in Q3 2023.

While lumber sales struggled, other products like OSB, plywood, and engineered wood products remained steady.

The company paid $32 million in U.S. softwood lumber duties during the third quarter.

U.S. lumber prices fell from $1,440 per thousand board feet in February 2022 to below $400 by July 2024, mainly due to higher interest rates and reduced demand from the housing sector.

U.S. housing starts averaged 1.35 million units in September 2024, down from 1.42 million in 2023 and 1.55 million in 2022, further lowering lumber demand.



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