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.