BRITISH COLUMBIA

West Fraser Timber Q4 profit falls to $43M; revenue rises to $964M

02/19/2015 07:06 EST | Updated 04/21/2015 05:59 EDT
VANCOUVER - West Fraser Timber Co. Ltd. (TSX:WFT) saw its year-over-year earnings more than cut in half in the fourth quarter even as sales revenue increased by over $100 million.

The Vancouver-based integrated wood products company reported Thursday after markets closed that net earnings fell to $43 million or 51 cents per share from $118 million or $1.37 in the comparable 2013 period.

Revenue rose to $964 million from $833 million.

On a full-year basis, net earnings were $259 million or $3.06 per share on sales of $3.86 billion, down from $349 million or $4.07 per share on sales of $3.47 billion.

"We are guardedly optimistic about 2015 as we see continued recovery of the U.S. housing market and we are seeing the results of some of our capital investment program," president and CEO Ted Seraphim said in the company's earnings release.

"Although we have completed a majority of our capital investments, with over $400 million invested in 2014, we still have more to go," he added.

Seraphim noted that the company acquired three sawmills in 2014 which, in combination with some major capital investments, had increased its lumber capacity by 400 million board feet.