Welcome to our dedicated page for West Fraser Timb news (Ticker: WFG), a resource for investors and traders seeking the latest updates and insights on West Fraser Timb stock.
West Fraser Timber Co. Ltd. (WFG) is a diversified wood products company listed on the TSX and NYSE. Company news releases and regulatory filings provide regular updates on its lumber, engineered wood products, and pulp and paper operations across Canada, the United States, the United Kingdom and Europe. This news page aggregates those disclosures so readers can follow how market conditions, trade policies and operational decisions affect the business.
Recent West Fraser news has covered topics such as quarterly financial results, adjustments to lumber and OSB capacity, and guidance for shipment volumes in its Lumber, North America Engineered Wood Products and Europe Engineered Wood Products segments. The company also reports on capital expenditures, share repurchases under its normal course issuer bid, and dividends on its Common and Class B Common shares.
Operational announcements have included decisions to curtail or close specific lumber and OSB mills in response to timber supply challenges and soft demand, as well as asset and goodwill impairment charges related to these changes. Other releases discuss the impact of countervailing and antidumping duties on Canadian softwood lumber exports to the U.S., and the effect of Section 232 tariffs on imported softwood timber and lumber.
In addition to financial and capacity updates, West Fraser issues news about partnerships and forest stewardship initiatives, such as its collaboration with Lake Babine Nation Forestry Limited Partnership on a First Nations Woodland Licence in British Columbia. Investors and observers can use this news feed to review the company’s own descriptions of its operating environment, risk factors and strategic responses over time.
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West Fraser Timber Co. Ltd. (NYSE: WFG) reported its Q1-2023 results, showing sales of $1.627 billion but a loss of $(42) million or $(0.52 per diluted share. Adjusted EBITDA was $58 million, down from $70 million in Q4-2022. The Lumber segment reported $0 million of Adjusted EBITDA, while NA EWP contributed $31 million, bolstered by $15 million in inventory write-downs. Cash and short-term investments dropped to $847 million from $1.162 billion quarter-over-quarter. The company maintained its $0.30 dividend with $25 million distributed in Q1. Looking ahead, West Fraser anticipates similar shipment levels to 2022 despite market challenges.
Factors impacting performance include rising mortgage rates and seasonal demand fluctuations in the U.S.
West Fraser Timber Co. Ltd. (WFG) announced the results from its Annual General and Special Meeting held on April 18, 2023. A total of 69,696,525 shares, representing 83.41% of the outstanding shares, were voted. All director nominees were elected with significant support: Doyle N. Beneby received 99.70% of votes in favor, while Janice G. Rennie received the lowest at 95.48%. Additionally, shareholders approved the number of directors at eleven and appointed PricewaterhouseCoopers LLP as the auditor. The 'Say-on-Pay' resolution related to executive compensation garnered 93.89% support, and the amendment to the Shareholder Rights Plan passed with 73.19% approval. Detailed voting results are available on SEDAR and EDGAR.
West Fraser Timber Co. Ltd. (NYSE: WFG) has announced the validation of its greenhouse gas (GHG) emissions reduction targets by the Science Based Targets initiative (SBTi). This move supports the company's strategy to significantly reduce GHG emissions across its operations in the U.S., Canada, the U.K., and Europe by 2030. The targeted reductions include a 46.2% decrease in scope 1 and 2 emissions and a 25% decline in scope 3 emissions. SBTi aims to promote substantial reductions in global emissions prior to 2030 and achieve net-zero emissions by 2050, aligning corporate strategies with climate science and Paris Agreement goals. This validation enhances West Fraser's sustainability credibility and demonstrates its commitment to environmental responsibility.
On April 5, 2023, West Fraser Timber Co. Ltd. (NYSE: WFG) announced a conference call scheduled for April 26, 2023, at 8:30 a.m. Pacific Time to discuss its first quarter 2023 financial and operating results. Interested participants can join via a toll-free number or webcast. The financial results will be released on April 25, 2023. West Fraser is a diversified wood products company operating over 60 facilities across Canada, the United States, the United Kingdom, and Europe, producing a range of products including lumber, engineered wood products, and renewable energy.