Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Classified Sites

The Canadian Press - ONLINE EDITION

Western Forest Products reports $23.6 million in first quarter net earnings

VANCOUVER - Western Forest Products Inc. (TSX:WEF) says its first-quarter net income amounted to $23.6 million, or six cents per share, compared to $22.8 million, or a nickel a share, in the same period last year.

The Vancouver-based company says lumber revenues improved by 11 per cent over the first quarter of 2013, supported by higher prices and a favourable exchange rate.

The $23.6 million in net income was drawn from $246 million in sales _ up from $233.8 million in sales recorded in the same period a year ago.

The company says the pace of new home construction in the U.S. during the quarter was slower than expected. The severe winter left the pace of U.S. home construction flat, reducing lumber demand across North America.

It says poor weather, coupled with supply chain disruptions, including the Vancouver port strike and the lack of railcar availability, has negatively impacted shipments across the industry.

In the medium term, says Western Forest, it expects growth in the U.S. new home construction segment and continued growth in demand for forest products in China.

But in the longer-term, constrained supply due to B.C.'s mountain pine beetle infestation and an increase in worldwide demand for lumber are expected to lead to improved pricing for the company's logs and lumber.

On April 30, the Western Forest sawmill in Nanaimo, B.C. was the scene of a shooting incident in which two workers were killed and two others wounded.

"The loss of two colleagues has been devastating and Western is caring for the families impacted by this tragedy," said president and CEO Don Demens.

"We are grateful for the tremendous support we have received from our customers, business partners and the communities on Vancouver Island. This support has reaffirmed for everyone at Western that we are a strong and resilient company."

A former sawmill employee, Kevin Addision, has been charged in the shooting and remains in custody pending his next court appearance on May 13.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.


Make text: Larger | Smaller

Brandon Sun Business Directory
Sudden Surge: Flood of 2014
Opportunity Magazine — The Bakken
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates