VANCOUVER, British Columbia — West Fraser Timber Co. Ltd. reported third quarter sales of $1.437 billion, down 15.7% from the third quarter of 2023.

“The benefits of our product diversification strategy were apparent once again in the third quarter of 2024, a period marked by uneven demand across our key products,” said Sean McLaren, president and CEO of West Fraser. “North American OSB, plywood and other engineered wood products continued to experience healthy demand and the lumber segment saw unexpected improvement in SPF demand, while SYP markets remained challenging, in part reflecting ongoing softness in repair and remodeling markets.

"The team at West Fraser has been actively improving the cost position across our portfolio of mills, and in particular we continue to make progress within our U.S. South lumber platform,” McLaren added. “We expect to continue working diligently to execute on our strategy of investing capital to modernize mills and lower costs, helping build a more resilient organization. We will also continue to return excess capital to shareholders when it is prudent to do so, maintaining our strong balance sheet that continues to allow West Fraser the financial flexibility to take advantage of opportunities that fit our long-term strategy.”