West Fraser Timber Co. Ltd - WFG STOCK NEWS

West Fraser Timber Co. Ltd. (NYSE: WFG) reported its Q1-2023 results, showing sales of $1.627 billion but a loss of $(42) million or $(0.52 per diluted share. Adjusted EBITDA was $58 million, down from $70 million in Q4-2022. The Lumber segment reported $0 million of Adjusted EBITDA, while NA EWP contributed $31 million, bolstered by $15 million in inventory write-downs. Cash and short-term investments dropped to $847 million from $1.162 billion quarter-over-quarter. The company maintained its $0.30 dividend with $25 million distributed in Q1. Looking ahead, West Fraser anticipates similar shipment levels to 2022 despite market challenges.

Factors impacting performance include rising mortgage rates and seasonal demand fluctuations in the U.S.

West Fraser Timber Co. Ltd. (WFG) announced the results from its Annual General and Special Meeting held on April 18, 2023. A total of 69,696,525 shares, representing 83.41% of the outstanding shares, were voted. All director nominees were elected with significant support: Doyle N. Beneby received 99.70% of votes in favor, while Janice G. Rennie received the lowest at 95.48%. Additionally, shareholders approved the number of directors at eleven and appointed PricewaterhouseCoopers LLP as the auditor. The 'Say-on-Pay' resolution related to executive compensation garnered 93.89% support, and the amendment to the Shareholder Rights Plan passed with 73.19% approval. Detailed voting results are available on SEDAR and EDGAR.

West Fraser Timber Co. Ltd. (NYSE: WFG) has announced the validation of its greenhouse gas (GHG) emissions reduction targets by the Science Based Targets initiative (SBTi). This move supports the company's strategy to significantly reduce GHG emissions across its operations in the U.S., Canada, the U.K., and Europe by 2030. The targeted reductions include a 46.2% decrease in scope 1 and 2 emissions and a 25% decline in scope 3 emissions. SBTi aims to promote substantial reductions in global emissions prior to 2030 and achieve net-zero emissions by 2050, aligning corporate strategies with climate science and Paris Agreement goals. This validation enhances West Fraser's sustainability credibility and demonstrates its commitment to environmental responsibility.

On April 5, 2023, West Fraser Timber Co. Ltd. (NYSE: WFG) announced a conference call scheduled for April 26, 2023, at 8:30 a.m. Pacific Time to discuss its first quarter 2023 financial and operating results. Interested participants can join via a toll-free number or webcast. The financial results will be released on April 25, 2023. West Fraser is a diversified wood products company operating over 60 facilities across Canada, the United States, the United Kingdom, and Europe, producing a range of products including lumber, engineered wood products, and renewable energy.

West Fraser Timber Co. Ltd. (NYSE: WFG) announced the renewal of its normal course issuer bid (NCIB) approved by the Toronto Stock Exchange. Under this NCIB, West Fraser can repurchase up to 4,063,696 common shares, around 5% of its outstanding shares, starting February 27, 2023. The NCIB is set to expire on February 26, 2024, or earlier if the share repurchase target is reached. The prior NCIB expired on February 22, 2023, during which West Fraser bought 10,194,000 shares at an average price of US$81.78 each. All repurchased shares will be canceled, aiming to enhance shareholder value.

West Fraser Timber Co. Ltd. (NYSE: WFG) announced the filing of its 2022 annual report on Form 40-F with the SEC as of February 14, 2023. This filing includes audited financial statements for the year ended December 31, 2022, along with management's discussion and analysis (MD&A) and the annual information form. These documents are also available on SEDAR and the company's website. Shareholders can request a hard copy of the report at no charge. West Fraser operates over 60 facilities across Canada, the U.S., the U.K., and Europe, producing a range of wood products from sustainably managed resources.

West Fraser Timber Co. Ltd. (WFG) reported Q4 2022 financial results showing sales of $1.615 billion and a net loss of $94 million, equating to $1.13 per diluted share. For the full year, sales totaled $9.701 billion, down from $10.518 billion in 2021. Adjusted EBITDA for Q4 was $70 million, significantly lower than the $426 million in Q3 2022. The Lumber segment saw an Adjusted EBITDA loss of $77 million due to $39 million in inventory write-downs. Despite challenges, the company returned nearly $2.1 billion to shareholders via stock buybacks. A dividend of $0.30 per share was declared for April 2023.

West Fraser Timber Co. Ltd. (WFG) announced a planned curtailment of operations at Cariboo Pulp & Paper in Quesnel, British Columbia. This suspension will start in mid-April for one month and again in the third quarter. The decision stems from a decline in sawmill residual availability due to factors like infestation, fire, and government policies impacting fibre supply in British Columbia. During the downtime, the company intends to mitigate employee impacts through vacation scheduling and alternative work assignments.