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Canfor Reports results for fourth quarter of 2016
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Canada NewsWire
VANCOUVER, Feb. 8, 2017
VANCOUVER, Feb. 8, 2017 /CNW/ - Canfor Corporation (TSX: CFP) today reported net income attributable to shareholders ("shareholder net income") of $38.0 million, or $0.29 per share, for the fourth quarter of 2016, compared to a net income attributable to shareholders of $50.9 million, or $0.38 per share, for the third quarter of 2016, and shareholder net income of $1.6 million, or $0.01 per share, for the fourth quarter of 2015. For the twelve months ended December 31, 2016, the Company's shareholder net income was $150.9 million, or $1.14 per share, compared to shareholder net income of $24.7 million, or $0.18 per share, reported for the 2015 year.
The following table summarizes selected financial information for the Company for the comparative periods:
| (millions of Canadian dollars, except per share amounts) | | Q4 2016 | | Q3 2016 | | YTD 2016 | | Q4 2015 | | YTD 2015 |
| | | | | | ||||||
| Sales | $ | 1,043.5 | $ | 1,101.2 | $ | 4,234.9 | $ | 1,053.0 | $ | 3,925.3 |
| Operating income before amortization1 | $ | 135.6 | $ | 158.0 | $ | 530.9 | $ | 94.9 | $ | 378.2 |
| Operating income1 | $ | 72.0 | $ | 97.4 | $ | 288.6 | $ | 35.0 | $ | 164.2 |
| Net income attributable to equity shareholders | $ | 38.0 | $ | 50.9 | $ | 150.9 | $ | 1.6 | $ | 24.7 |
| Net income per share attributable to equity | $ | 0.29 | $ | 0.38 | $ | 1.14 | $ | 0.01 | $ | 0.18 |
| Adjusted shareholder net income | $ | 37.7 | $ | 51.7 | $ | 136.8 | $ | 7.9 | $ | 58.8 |
| Adjusted shareholder net income per share, basic and diluted | $ | 0.29 | $ | 0.39 | $ | 1.03 | $ | 0.06 | $ | 0.43 |
| 1 Adjusted for one-time items, including a $2.0 million recovery related to lower estimated Canal Flats closure costs recorded in the fourth quarter of 2016, a gain of $15.5 million related to a legal settlement in the second quarter of 2016, a $3.2 million expense associated with pension plan legislative changes in the fourth quarter of 2015 and a $19.4 million charge associated with the permanent closure of the Canal Flats sawmill in the third quarter of 2015. |
The Company's adjusted shareholder net income for the fourth quarter of 2016 was $37.7 million, or $0.29 per share, compared to an adjusted shareholder net income of $51.7 million, or $0.39 per share, for the third quarter of 2016, and an adjusted shareholder net income of $7.9 million, or $0.06 per share for the fourth quarter of 2015. For 2016, the Company's adjusted shareholder net income was $136.8 million, or $1.03 per share, compared to $58.8 million, or $0.43 per share, for 2015.
The Company reported operating income, adjusted for one-time items, of $72.0 million for the fourth quarter of 2016, down $25.4 million from operating income of $97.4 million for the third quarter of 2016, with the decline reflecting lower operating earnings in both the lumber and pulp and paper segments. In the lumber segment, seasonally lower lumber prices, along with challenging weather conditions, which impacted log deliveries and productivity in Western Canada, were the major contributing factors to a $19.7 million decline in adjusted operating income. The Company's pulp and paper segment results also reflected the inclement weather conditions, as well as the pre-tax write-down of $7.0 million of advances made in connection with the biofuels technology initiative with Licella Fibre Fuels Pty. Ltd. ("Licella"), a subsidiary of Ignite Energy Resources Ltd. Notwithstanding the future benefits that may result from this innovative effort, the write-down reflected the research and development nature of the advances.
North American lumber demand remained steady in the fourth quarter of 2016, with US housing starts, on a seasonally adjusted basis, moderately higher than the prior quarter, averaging 1,216,000 units. Canadian housing starts in the fourth quarter of 2016 remained solid, averaging 201,000 units on a seasonally adjusted basis. Offshore lumber shipments showed a modest increase in the fourth quarter of 2016 reflecting steadily improving demand in key offshore lumber markets, primarily China and Japan.
Western Spruce/Pine/Fir ("SPF") lumber unit sales realizations increased slightly compared to the third quarter of 2016 as the benefit of a 2 cent, or 2%, weaker Canadian dollar and a higher-value product mix offset a slight decline in the benchmark North American Random Lengths Western SPF 2x4 #2&Btr lumber price, which was down US$7 per Mfbm, or 2%. Southern Yellow Pine ("SYP") lumber unit sales realizations were down slightly compared to the prior quarter largely reflecting seasonally lower prices for wide-width SYP products.
Total lumber shipments and production showed modest declines compared to the prior quarter, largely due to the weather-related challenges and additional statutory holidays, which resulted in lower production volumes in the current quarter. Unit manufacturing costs in the fourth quarter of 2016 were moderately higher than the previous quarter largely reflecting seasonally higher energy costs and the unfavourable impact on unit costs from the aforementioned weather-related disruption to operations and logging activities.
Global softwood pulp markets were relatively stable through most of the fourth quarter of 2016 as evidenced by the average China US-dollar NBSK pulp list price, as published by RISI, remaining at US$595 per tonne. NBSK pulp unit sales realizations were broadly in line with the third quarter of 2016, as the weaker Canadian dollar was offset by slightly increased pricing pressure in North America. BCTMP pulp unit sales realizations increased significantly, reflecting the continued improvement in BCTMP markets. Energy revenues moderately increased during the current quarter, for the most part, reflecting increased power generation and seasonally higher energy prices.
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