Top-News
Dienstag,
26.07.2016 20:10
von
PR Newswire
| Aufrufe: 52
Canfor Pulp Products Inc. announces second quarter 2016 results and quarterly dividend
Ein Arzt berät einen Patienten (Symbolbild).
© TommL / Vetta / Getty Images
https://www.gettyimages.de/
PR Newswire
VANCOUVER, July 26, 2016
VANCOUVER, July 26, 2016 /PRNewswire/ - Canfor Pulp Products Inc. ("CPPI") (TSX: CFX) today reported net income of $2.2 million, or $0.03 per share, for the second quarter of 2016, compared to $23.1 million, or $0.34 per share, for the first quarter of 2016 and $17.7 million, or $0.25 per share, for the second quarter of 2015. For the six months ended June 30, 2016, the Company's net income was $25.3 million, or $0.37 per share, compared to $45.7 million, or $0.65 per share, for the six months ended June 30, 2015.
The following table summarizes selected financial information for the Company for the comparative periods:
| | | Q2 | | Q1 | | YTD | | Q2 | | YTD |
| (millions of Canadian dollars, except per share amounts) | | 2016 | | 2016 | | 2016 | | 2015 | | 2015 |
| Sales | $ | 257.2 | $ | 295.3 | $ | 552.5 | $ | 276.0 | $ | 549.8 |
| Operating income before amortization | $ | 22.1 | $ | 57.8 | $ | 79.9 | $ | 36.4 | $ | 93.5 |
| Operating income | $ | 5.2 | $ | 39.1 | $ | 44.3 | $ | 20.9 | $ | 62.3 |
| Net income | $ | 2.2 | $ | 23.1 | $ | 25.3 | $ | 17.7 | $ | 45.7 |
| Net income per share, basic and diluted | $ | 0.03 | $ | 0.34 | $ | 0.37 | $ | 0.25 | $ | 0.65 |
| Adjusted net income | $ | 2.2 | $ | 23.1 | $ | 25.3 | $ | 13.0 | $ | 48.0 |
| Adjusted net income per share, basic and diluted | $ | 0.03 | $ | 0.34 | $ | 0.37 | $ | 0.18 | $ | 0.68 |
| | | | | | | | | | | |
The Company had no items affecting comparability in the second quarter of 2016 or for the six months ended June 30, 2016. Adjusted net income was $13.0 million, or $0.18 per share, for the second quarter of 2015 and $48.0 million, or $0.68 per share, for the six months ended June 30, 2015.
The Company reported operating income of $5.2 million for the second quarter of 2016, down $33.9 million from $39.1 million reported for the first quarter of 2016. Results in the second quarter reflected scheduled maintenance outages taken at all three of the Company's Northern Bleached Softwood Kraft ("NBSK") pulp mills and its kraft paper operation as well as lower NBSK pulp unit sales realizations and energy revenues.
Positive pricing momentum in global softwood pulp markets during the second quarter of 2016 was due mostly to the impact of industry spring maintenance outages and solid demand, particularly from China. The average North American US-dollar NBSK pulp list price, as published by RISI, was up US$37 per tonne, or 4%, to US$980 per tonne, while the average price to China was up US$27 per tonne, or 5%. However, NBSK pulp unit sales realizations showed a modest decline from the previous quarter as price increases were outweighed by the 5 cent, or 7%, stronger Canadian dollar and a higher proportion of shipments at the beginning of the quarter when NBSK prices were lower. Similarly, Bleached Chemi-Thermo Mechanical Pulp ("BCTMP") US-dollar list prices also trended positively in the second quarter of 2016 but the increases were offset by the stronger Canadian dollar. Lower energy revenue in the current quarter reflected both increased scheduled maintenance downtime and seasonally lower energy prices.
Pulp shipment and production volumes were down 10% and 13%, respectively, from the previous quarter principally reflecting the impact of the aforementioned scheduled maintenance outages and, to a lesser extent, isolated unplanned disruptions prior to the scheduled outages, which reduced market NBSK pulp production by approximately 40,000 tonnes compared to the 38,000 tonne impact forecast in the previous quarter's press release. NBSK unit manufacturing costs were substantially higher than the previous quarter principally as a result of the scheduled maintenance outages. BCTMP production volumes and unit manufacturing costs were broadly in line with the first quarter of 2016.
Operating income in the Company's paper segment at $5.5 million was down $3.4 million from the first quarter of 2016. Lower earnings compared to the previous quarter was largely due to lower paper unit sales realizations and a five day scheduled maintenance outage in the current quarter, partially offset by increased shipments as well as lower prices for slush pulp.
During the second quarter of 2016, the Company repurchased over 1.8 million common shares for $19.5 million at an average price of $10.60 per common share and paid a quarterly dividend of $0.0625 per common share. Since inception of the Normal Course Issuer Bid program in 2013, the Company has repurchased over 4.5 million common shares for $54.4 million representing approximately 6.4% of the Company's common shares outstanding at the beginning of the program.
Commenting on the Company's second quarter results, CPPI's Chief Executive Officer, Don Kayne said, "This was a challenging quarter for Canfor Pulp given the scheduled maintenance downtime at all of our NBSK pulp mills. With the significant majority of the scheduled NBSK pulp mill maintenance outages now behind us, our focus for the remainder of the year is on returning to our targeted productivity levels at all mills."
Werbung
Mehr Nachrichten zur CANFOR PULP PRODUCTS INC. Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
-1
Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink.
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.
