West Fraser Timber Co. Ltd. posted sales of $2.887 billion US and earnings of $762 million US in its second quarter as transportation challenges in recent quarters showed signs of improvement.
“West Fraser generated strong financial results again in the second quarter of 2022,” said Ray Ferris, West Fraser’s president and CEO. “The acute transportation challenges facing the company in recent quarters showed signs of improvement in the second quarter, in large part because of the dedication and determination of our people.”
The CEO said the Vancouver-based company’s ability to ship products in a timely manner to meet the demands of customers is still “not where it needs to be and therefore transportation and logistics remain key focus areas for the company.”
Ferris added, “Inflationary cost pressures persist across our various supply chains, although an environment of strong demand and above-average product pricing has helped to absorb most of these cost increases. And while we recognize the risks of near-term macro headwinds, including rising mortgage rates and elevated energy prices, we also note that demand for our products has been resilient, and we continue to see favourable long-term market fundamentals in support of our wood building products business.”
Read the full release here.
