Tembec turns around losses in Q1

MONTREAL — Timber products manufacturer Tembec reversed losses but posted lower than expected results for the first quarter. Consolidated sales for the three-month period ended December 28 were $354 million, as compared to $376 million in the same quarter a year ago. The company generated net earnings of $2 million in the December 2013 quarter compared to a net loss of $15 million in the December 2012 quarter. Operating earnings before depreciation, amortization and other items (adjusted EBITDA) was $13 million for the three-month period ended December 28, 2013, as compared to adjusted EBITDA of $19 million a year ago and adjusted EBITDA of $24 million in the prior quarter.