Vancouver, B.C. - West Fraser Timber Co. Ltd. ("West Fraser", "we", "us", "our", or the "Company") (TSX and NYSE both under the trading symbol WFG) today reported the fourth quarter and annual results of 2020. All dollar amounts in this news release are expressed in Canadian dollars.
Despite a year filled with uncertainty, West Fraser maintained its strategy and delivered strong results. We minimized COVID-19 related business disruptions, thanks to our focus on workplace safety and the agility of our people and operations, and benefitted from strong demand for our products. The acquisition of Norbord Inc. ("Norbord") was completed on February 1, 2021. Norbord's complementary products and operations expand West Fraser's geographic and product diversification and positions the Company as a leading wood-based building products producer. Except where specifically noted, the financial information set out in this news release relates solely to West Fraser prior to giving effect to the acquisition of Norbord.
- Sales of $1.689 billion in the quarter
- Earnings of $366 million or 22% of sales
- Adjusted EBITDA of $544 million
- A quarterly cash dividend of $0.20 declared
- Additional export duty recovery of $124 million for the finalization of the 2017 and 2018 administrative review
- Sales of $5.850 billion in the year
- Earnings of $776 million or 13% of sales
- Adjusted EBITDA of $1.460 billion
- Cash provided by operating activities of $1.295 billion
- Invested $241 million in capital projects
- Year-end liquidity strong at $1.619 billion and net debt to capital ratio at 2%
West Fraser shares trade on the Toronto Stock Exchange and New York Stock Exchange under the symbol: “WFG”.
FOR MORE INFORMATION
West Fraser Investors:
Chief Financial Officer
Tel. (604) 895-2700
Robert B. Winslow, CFA
Director, Investor Relations & Corporate Development
Tel. (416) 777-4426
West Fraser Media:
Director, Corporate Affairs
Tel. (416) 643-8838