VANCOUVER, BC - International Forest Products Limited reported net earnings of C$11.4 million in the fourth quarter of 2013, compared to net losses of C$100,000 a year ago.
Lumber production was a record 470 million board feet, up 5% from the third quarter of 2013. Lumber sales, including wholesale and agency volumes, were a record 500 million board feet, up 12% versus the prior quarter.
Interfor benefited from a rise in commodity lumber prices. SPF 2x4 in the U.S. market averaged US$370, up US$42 versus the third quarter. Hem-Fir studs increased US$41 to average US$374 while SYP 2x4 East increased US$22 to average US$415.
Export taxes on shipments to the US averaged 2% in the fourth quarter of this year versus 5% in the third quarter and an average of 8% in the fourth quarter last year.
Interfor announced Feb. 9 it would buy Ilim Timber Continental, S.A. to acquire Tolleson Ilim Lumber Company of Perry, GA.
Interfor says it expects to the U.S. economic recovery, though fragile, to continue, and that U.S. housing starts and lumber prices will continue to improve in 2014. It expects demand and pricing in China to remain stable across all product lines.
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