West Fraser Timber achieves $ 350 million third quarter profit on higher lumber prices – archyworldys

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West Fraser Timber Co. Ltd. said it made a significant profit in the third quarter thanks to higher lumber prices.

The Vancouver-based logging company says it earned $ 350 million or $ 5.09 per share for the three months ended Sept. 30, down from a loss of $ 45 million or 65 cents per share a year earlier.

Adjusted earnings also jumped, to $ 386 million or $ 5.63 per share, from a loss of $ 15 million or 22 cents per share in the third quarter of 2019.

Sales rose 42% to $ 1.69 billion, from $ 1.19 billion the year before.

West Fraser is expected to post $ 4.59 per share in adjusted earnings over $ 1.65 billion in revenue, according to financial data firm Refinitiv.

The company said its lumber segment generated $ 454 million of $ 487 million in operating income in the quarter.

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