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West Fraser shares second quarter results for 2022

West Fraser announced its results for the second quarter of 2022.  All dollar amounts are expressed in U.S. dollars unless noted otherwise.

Highlights  from the Q2 2022 include: 

• Sales of $2.887 billion and earnings of $762 million, or $7.59 per diluted share
• Adjusted EBITDA of $1,124 million, representing 39 percent of sales
• Lumber segment adjusted EBITDA of $449 million
• North America Engineered Wood Products segment adjusted EBITDA of $623 million
• Pulp and paper segment adjusted EBITDA of negative $3 million
• Europe Engineered Wood Products segment adjusted EBITDA of $54 million
• Returned $1.475 billion of capital to shareholders through the repurchase of approximately 16.0 million West Fraser common shares

“West Fraser generated strong financial results again in the second quarter of 2022, supporting the return of more than $1.5 billion of capital to shareholders through share repurchases and our quarterly dividend,” said Ray Ferris, West Fraser’s president and CEO. “The acute transportation challenges facing the company in recent quarters showed signs of improvement in the second quarter, in large part because of the dedication and determination of our people. Even so, our ability to ship products in a timely manner to meet the demands of our customers is not where it needs to be and therefore transportation and logistics remain key focus areas for the company. Inflationary cost pressures persist across our various supply chains, although an environment of strong demand and above-average product pricing has helped to absorb most of these cost increases. And while we recognize the risks of near-term macro headwinds, including rising mortgage rates and elevated energy prices, we also note that demand for our products has been resilient, and we continue to see favourable long-term market fundamentals in support of our wood building products business.”

“In 2021, we took important steps toward becoming a sustainability leader, and today we are sharing our progress with the release of our 2021 Sustainability Report,” said Ferris. “We understand the importance, and necessity, of doing the right thing for the environment, our communities and our employees while sustainably and profitably growing our business.  We are proud of our past, but even more excited about our future.”