Western Announces First Quarter 2025 Results

About this update from Western Forest Products Inc.

Western Announces First Quarter 2025 Results VANCOUVER, British Columbia, May 06, 2025 (GLOBE NEWSWIRE) -- Western Forest Products Inc. (TSX: WEF) (“Western” or the “Company”) reported improved financial results in the first quarter of 2025, as compared to the same period last year. Net income was $13.8 million in the first quarter of 2025, as compared to a net loss of $8.0 million in the first quarter of 2024, and a net loss of $1.2 million in the fourth quarter of 2024. Adjusted EBITDA was $3.5 million in the first quarter of 2025, as compared to negative $4.2 million in the first quarter of 2024, and Adjusted EBITDA of $14.4 million in the fourth quarter of 2024. Net debt significantly declined from the fourth quarter of 2024 due to proceeds from non-core asset sales of $76.5 million completed in the first quarter of 2025. Net debt to capitalization was 4% at the end of the first quarter of 2025, as compared to 12% at the end of the fourth quarter of 2024, and 13% at the end of the first quarter of 2024. (millions of Canadian dollars except per share amounts and where otherwise noted ) Q1 2025 Q1 2024 Q4 2024 Revenue $ 262.5 $ 239.5 $ 273.2 Adjusted EBITDA (1) 3.5 (4.2 ) 14.4 Adjusted EBITDA margin (1) 1 % (2 %) 5 % Operating loss prior to restructuring and other items $ (9.2 ) $ (17.3 ) $ (0.4 ) Net income (loss) 13.8 (8.0 ) (1.2 ) Earnings (loss) per share, diluted 0.04 (0.02 ) (0.00 ) Net debt ( 1 ) , end of period 21.2 83.6 77.6 Liquidity (1) , end of period 195.4 142.1 144.6 Net debt to capitalization 4 % 13 % 12 % (1)  Refer to Adjusted EBITDA, Adjusted EBITDA margin, Liquidity and Net debt to capitalization in the Non-GAAP Financial Measures section. First Quarter 2025 Financial and Operational Summary Lumber production of 134 million board feet (versus 145 million board feet in Q1 2024). Lumber shipments of 137 million board feet (versus 131 million board feet in Q1 2024). Cedar lumber shipments of 31 million board feet (versus 30 million board feet in Q1 2024). Specialty lumber mix of 51% (versus 61% in Q1 2024). Average lumber selling price of $1,533 per mfbm (versus $1,351 per mfbm in Q1 2024), primarily due to improvements in lumber markets and a stronger US Dollar (“USD”) to Canadian Dollar average exchange rate. Average BC log sales price of $134 per m 3 (versus $129 per m 3 in Q1 2024),...

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