Jul 18, 2019
Vancouver, B.C. – West Fraser Timber Co. Ltd. reports second quarter 2019 results:
Second Quarter Highlights
- Softer commodity pricing in all segments reduces operating earnings relative to comparative periods.
- Cash flow from operations of $187 million for the quarter.
- Permanent closure of Chasm, British Columbia lumber mill announced in June along with shift reduction at 100 Mile House lumber mill.
- Lumber inventories reduced by approximately 150 million board feet.
- Quarter ending net debt to capital ratio of 26% and available liquidity of $365 million.
- On July 18, 2019, available credit under our syndicated committed revolving credit facilities was increased by $350 million to $850 million and maturity date of these facilities and US$200 million syndicated term loan extended to August 28, 2024. Proforma for this increase, available liquidity totaled $715 million.
- As part of our senior leadership transition plan, Ray Ferris replaced Ted Seraphim as our CEO.