By: Winnipeg Free Press
West Fraser Timber Co. Ltd. (TSX:WFT), citing the impact of a lower Canadian dollar, has reported an increase in fourth quarter revenue and earnings.
Vancouver-based West Fraser said net income in the quarter rose to $49 million or 58 cents per share from $43 million or 51 cents in the comparable 2014 period.
Revenue improved to $1.014 billion from $964 million.
In its earnings report, issued Thursday after markets closed, the company said reduced shipments and lower U.S. prices for SPF lumber were substantially offset by the benefits of a weaker Canadian dollar.
The same was true of its panel segment, which includes plywood and other products.
“Lumber markets weakened in the quarter, largely reflecting adverse weather conditions in Eastern Canada and the U.S., as well as in parts of the U.S. South,” it said.
However, as weather conditions moderate “we expect increased construction activity will improve demand for our building products,” the company said in its outlook.