West Fraser Timber Co. Ltd - WFG STOCK NEWS

West Fraser Timber reported Q3 2024 results with sales of $1.437 billion and losses of $(83) million, or $(1.03) per diluted share. The company's Adjusted EBITDA was $62 million, representing 4% of sales. The Lumber segment posted negative Adjusted EBITDA of $(62) million, while North America Engineered Wood Products showed stronger performance with $121 million. The company repurchased 446,460 shares for $35 million and announced indefinite curtailment of operations at its Lake Butler, Florida lumber mill. Post-quarter, West Fraser repaid $300 million in senior notes with cash on hand.

West Fraser Timber Co. (TSX and NYSE: WFG) has announced its upcoming third quarter 2024 financial and operating results conference call. The call is scheduled for Thursday, October 24, 2024, at 8:30 a.m. Pacific Time/11:30 a.m. Eastern Time. Interested parties can participate by dialing 1-888-510-2154 (Toll-free North America) or (437) 900-0527 (Toll number), or by connecting to the webcast.

The conference call will be chaired by Mr. Sean McLaren, President and Chief Executive Officer. Following management's discussion, analysts will have the opportunity to ask questions. The call will be recorded and made available on West Fraser's website at www.westfraser.com. The company's third quarter 2024 financial and operating results will be released on Wednesday, October 23, 2024.

West Fraser Timber Co. (TSX and NYSE: WFG) has announced the indefinite curtailment of its sawmill in Lake Butler, Florida by the end of September 2024. This decision is due to high fiber costs and soft lumber markets. The curtailment will:

• Impact approximately 130 employees
• Reduce West Fraser's U.S. lumber capacity by 110 million board feet

The company plans to mitigate the impact on affected employees by providing work opportunities at other operations. West Fraser expects to take an impairment charge in the third quarter of 2024 associated with this announcement.

West Fraser Timber Co. (TSX and NYSE: WFG) has announced a quarterly dividend of US$0.32 per share on both Common and Class B Common shares. The dividend is payable on October 11, 2024, to shareholders of record as of September 26, 2024. These dividends are designated as eligible dividends under Canadian tax law. While declared and payable in U.S. dollars, shareholders have the option to receive their dividends in Canadian dollars. Detailed information about the election procedure is available on the company's website under the Investors section.

West Fraser Timber Co. (TSX and NYSE: WFG) reported Q2 2024 results with sales of $1.705 billion and earnings of $105 million, or $1.20 per diluted share. Adjusted EBITDA was $272 million, representing 16% of sales. The company's North America Engineered Wood Products segment performed strongly with $308 million Adjusted EBITDA, while the Lumber segment faced challenges with $(51) million Adjusted EBITDA. West Fraser repurchased 935,568 shares for $74 million and increased its quarterly dividend to $0.32 per share. The company maintains a strong balance sheet with $1,004 million in cash and short-term investments. Despite near-term demand uncertainty, West Fraser continues to focus on modernizing mills, lowering costs, and maintaining financial flexibility.

West Fraser Timber will hold an analyst conference call on July 25, 2024, at 8:30 a.m. PT (11:30 a.m. ET) to discuss its Q2 2024 financial and operating results. The call, chaired by CEO Sean McLaren, will include a discussion by management followed by a Q&A session with analysts. The call can be accessed by dialing 1-888-390-0605 (North America toll-free) or (416) 764-8609 (toll). A recording will be available on the company's website. The financial results will be released on July 24, 2024.

West Fraser Timber Co. (TSX and NYSE: WFG) announced an increase in its quarterly dividend to US$0.32 per share, up from US$0.30 per share. This is due to a share count reduction from recent normal course issuer bids. The dividend will be payable on July 12, 2024, to shareholders of record by June 26, 2024. CEO Sean McLaren emphasized the importance of a sustainable dividend as part of their capital allocation strategy. Dividends will be paid in U.S. dollars, with an option for shareholders to receive them in Canadian dollars.

West Fraser Timber released its 2023 Sustainability Report, detailing progress in environmental, social, and governance goals. Key achievements include validation of greenhouse gas reduction targets, modernized forest management policies, and a record low rate of serious injuries. The report emphasizes future investments in emissions reduction and partnerships with Indigenous Nations. New governance policies were also introduced to align contractors with the company's ethical standards.

West Fraser Timber Co. announced the voting results from its Annual General Meeting held on April 24, 2024. Shareholders voted in favor of all items, including the election of directors. A total of 67,961,345 common shares and Class B common shares were voted, representing 83.24% of all outstanding shares. The company confirmed the election of all director nominees and approved other matters like the number of directors and appointment of auditor. Shareholder approval for the Company's approach to executive compensation was at 96.82%.