Western Forest Products Swings to a First-quarter Loss as Revenue Falls
Western Forest Products (WEF.TO) after trade Wednesday said it swung to a first-quarter loss on lower revenue.The company lost $19.9 million, or $1.83 per share, in the period, compared with net income of $13.8 million, or $1.33 per share, a year ago. FactSet expected loss per share of $1.29.Revenue fell to $201.5 million from $262.5 million the year-ago quarter. FactSet projected sales of $187 million.The company also reported adjusted EBITDA of negative $13.6 million for the quarter, compared with adjusted EBITDA of $3.5 million a year ago."As the spring season approaches and building activity picks up pace, pricing is expected to increase before stabilizing by the end of the second quarter. Persistently high interest rates, along with recent increases in oil prices, may curb demand in the short term," the company said.The company's shares closed up $0.44 to $14.39 on the Toronto Stock Exchange.
