West Fraser Announces First Quarter 2021 Results

May 06, 2021

Analyst Call:

May 7, 2021 - 8:30am PDT

Vancouver, B.C. - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) reported today the first quarter results of 2021. All dollar amounts in this news release are expressed in U.S. dollars unless noted otherwise.

The results of operations presented and discussed below include those of Norbord from February 1, 2021, the date of the completion of the acquisition of Norbord.

First Quarter Highlights

• Sales increased 81% from the prior quarter to $2.343 billion
• Earnings increased to $665 million, or 28% of sales, from $282 million in the prior quarter
• Adjusted EBITDA increased to $1.008 billion from $453 million in the prior quarter
• Completed the acquisition of Norbord on February 1, 2021
• Commenced commissioning at the new lumber mill in Dudley, Georgia and shipments commenced from the recently re-started OSB mill in Chambord, Quebec
• Repurchased $102 million of WFG shares for cancellation under Normal Course Issuer Bid
• Executing on plan to redeem Norbord Notes and retire $665 million of debt
• Finished the quarter with liquidity at $2.551 billion and net debt to capital ratio of (3%)

West Fraser shares trade on the Toronto Stock Exchange and New York Stock Exchange under the symbol: “WFG”.

For more information:

West Fraser Investors:
Robert B. Winslow, CFA
Director, Investor Relations & Corporate Development
Tel. (416) 777-4426
[email protected]

West Fraser Media:
Heather Colpitts
Director, Corporate Affairs
Tel. (416) 643-8838
[email protected]