West Fraser reports Q4 net loss on weaker lumber demand

West Fraser Timber Co. has reported a fourth-quarter net loss of $153 million on sales of $1.51 billion. Full-year sales were $6.45 billion, down from $9.70 billion in 2022. The company had a net loss for the year of $167 million, down from a net profit $1.98 billion in 2022.

“The fourth quarter of 2023 saw continued weakness in demand for our North American lumber and European panel products,” said Sean McLaren, West Fraser’s president and CEO in a release. “In contrast, demand for our North American OSB, plywood and other engineered products experienced resilient demand as new home construction markets were surprisingly robust, with mortgage rates showing signs of stabilizing after moving meaningfully higher earlier in the year.”