Financial Reports & Markets
Conifex releases Q2 results with EBITDA at record high
By P&PC Staff
By P&PC Staff
August 13, 2018 – Vancouver’s Conifex Timber has released the results of its second quarter, with EBITDA at a record $20.8 million, compared to $9.3 million in the first quarter of 2018 and $10.2 million in the second quarter of 2017.
The EBITDA calculation excludes countervailing and anti-dumping duty deposits of $8.2 million.
Compared to the previous quarter, lumber segment EBITDA improved by $12.0 million in the second quarter. Compared to the second quarter of 2017, lumber segment EBITDA improved by $8.5 million and bioenergy segment EBITDA by $0.6 million.
The company also reported higher revenues, with $200.3 million in the second quarter of 2018, an improvement of 53 per cent over Q1 and 72 per cent over the same quarter last year. The revenue growth was due to an increase in lumber segment revenues, as well as the start of commercial operations at the El Dorado mill in April 2018, which contributed about eight per cent of total revenues.
Second-quarter lumber segment operating earnings of $16.1 million represented increases of 140 per cent over the previous quarter and 126 per cent over the second quarter of 2017.
The bioenergy segment contributed operating earnings of $1.4 million in Q2 compared to $2.0 million in the Q1 and $0.9 million in the same quarter last year. Operating earnings were $23.0 million for the first six months of 2018 compared to $7.9 million for the first six months of 2017.