Canfor Corp. (CFP) has reported a $142 million loss for this year’s first quarter as lumber prices continue to decline.

The Vancouver-based forest products company said its Q1 loss equaled -$1.17 per share compared to a profit of $534 million or $4.29 per share a year earlier.

Revenue in the quarter ended March 31 totalled $1.39 billion, down 37% from $2.21 billion in the first three months of 2022.

Canfor blamed the Q1 loss on continued price declines for lumber and lumber products, saying they offset strong results in its European operations.

Canfor’s stock has decreased 21% in the last 12 months to $20.80 per share.

Source:  Canfor Corp.