West Fraser, a Canadian forestry company, reported earnings of $762 million in the second quarter as the severe transportation challenges faced by the company in recent months showed signs of improvement. However, the one registered by the company a year earlier was US$ 1.49 billion, showing a drop in the annual comparison.
The company – which is based in Vancouver but reports its results in US dollars – said it earned $7.59 per diluted share in the second quarter, down from $12.32 per share in the same period last year.
Second-quarter sales were $2.887 billion, down from $3.78 billion in the second quarter of 2021.
In a statement, West Fraser President and CEO Ray Ferris said the company’s ability to ship products in a timely manner to meet customer demands is still “not where it needs to be and therefore transportation and logistics remain key focus areas for the company.”
“Inflationary cost pressures persist across our various supply chains, although an environment of strong demand and above-average product pricing has helped to absorb most of these cost increases,” he added.