Surging lumber prices boost Canfor Q2 profits and revenues to record highs
Business Related
Midway
VANCOUVER – Canfor Corp. is reporting a large year-over-year increase in net income in its latest quarter as surging lumber prices helped its revenues to more than double to a record high.
The Vancouver-based company says it earned a record $726.9 million or $5.81 per share in its second quarter.
That’s up from $60.7 million or 48 cents per share a year earlier and $427.8 million or $3.42 per share in the first quarter.
Adjusted profit growth was equally strong, rising to $721.2 million or $5.76 per share, from $68.9 million or 55 cents per share in the second quarter of 2020 and $434.2 million or $3.47 per share in the prior quarter.