West Fraser adjusted profit falls on reduced shipments

Thu Feb 13, 2014 6:01pm EST
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VANCOUVER (Reuters) - West Fraser Timber Co Ltd (WFT.TO: Quote) reported a slight decline in adjusted fourth-quarter profit on Thursday as higher lumber prices were outweighed by reduced shipments.

On an adjusted basis, earnings were C$50 million ($45.51 million), or 58 Canadian cents per share, in the quarter ended December 31. That compared with C$51 million, or 60 Canadian cents per share, in the year-ago period.

Net earnings, which included a one-time benefit related to remaining tax loss carryforwards, were C$118 million, or $1.37 per share, compared with C$20 million, or 23 Canadian cents per share, in the fourth quarter of 2012.

Sales rose 7.8 percent to C$833 million. ($1 = 1.0986 Canadian dollars)

(Reporting by Julie Gordon; Editing by Jonathan Oatis)