Welcome to our dedicated page for West Fraser Timber news (Ticker: WFG), a resource for investors and traders seeking the latest updates and insights on West Fraser Timber stock.
West Fraser Timber Co. Ltd. reports recurring developments across a diversified wood products business that produces lumber, engineered wood products, pulp, newsprint, wood chips, and residuals. Its operating updates commonly address lumber, North America Engineered Wood Products, Europe Engineered Wood Products, and Pulp & Paper results, with demand tied to home construction, repair and remodelling, industrial applications, paper, tissue, and box materials.
Company news also covers softwood lumber duties administered through U.S. trade proceedings, mill operations, impairment and restructuring matters, capital expenditures, share repurchases, annual meeting voting results, shareholder rights plan matters, and annual Form 40-F reporting.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
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.
West Fraser Timber Co. Ltd. (NYSE: WFG) announced the renewal of its normal course issuer bid (NCIB) approved by the Toronto Stock Exchange. Under this NCIB, West Fraser can repurchase up to 4,063,696 common shares, around 5% of its outstanding shares, starting February 27, 2023. The NCIB is set to expire on February 26, 2024, or earlier if the share repurchase target is reached. The prior NCIB expired on February 22, 2023, during which West Fraser bought 10,194,000 shares at an average price of US$81.78 each. All repurchased shares will be canceled, aiming to enhance shareholder value.