BURNABY, British Columbia – Bolstered by by record lumber prices, Interfor Corp. recorded adjusted net earnings of $140 million in the third quarter compared to $10.6 million in the second quarter and an adjusted net loss of $11.8 million in the third quarter of 2019.

The company said that its average lumber selling price increased $264 per mfbm from the second quarter to $910 per mfbm in the third quarter driven by robust remodeling activities and U.S. housing starts.

In respect to its strengthened financial position, Interfor said it planned to spend $115 million on capital expenditure this year and $150 million next year.

Interfor reported that it xpensed $19.7 million of duties in the quarter, representing the full amount of countervailing and anti-dumping duties incurred on its Canadian shipments of softwood lumber into the United States at a combined rate of 20.23%. The company added that it has paid cumulative duties of US$121.1 million since the inception of the current softwood lumber trade dispute and are held in trust by U.S. Customs and Border Protection.