The Canadian lumber producer sets a new company record for total production.
Lumber production at Intefor set a company record in the first quarter.
Canadian lumber and forest products giant Interfor reported first quarter 2022 sales increased to 1.3 billion Canadian dollars (US$1 billion), compared to sales of C$676 million (US$523 million) in the first quarter of 2021.
Total lumber production in the first quarter was 921 million board feet, representing an increase of 163 million board feet quarter-over-quarter and setting an Interfor production record.
In its first quarter 2022 financial report, Interfor stated that the U.S. South and U.S. Northwest regions accounted for 452 million board feet and 173 million board feet, respectively, compared to 409 million board feet and 166 million board feet in the fourth quarter of 2021.
Total lumber sales for the first quarter were C$1.2 billion (US$928 million), rising nearly 36% from lumber sales of C$762.4 million (US$589.5 million) in the first quarter a year ago.
The Vancouver, British Columbia-based company also reported net earnings of C$397 million (US$307 million), a 50% increase from net earnings of C$264.5 million (US$204.5 million) for the corresponding quarter a year ago.
Interfor noted that it expensed C$35.8 million (US$27.7 million) of duties in the quarter, representing the full amount of countervailing and anti-dumping duties incurred on shipments of softwood lumber from its Canadian operations to the U.S. at a combined rate of 17.91%.