The following is a summary of the Western Forest Products Inc. (WFSTF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Western Forest Products reported an improvement in Q1 2024 adjusted EBITDA to negative $4.2 million from negative $5 million the previous year.
The company generated EBITDA of about $10 million from the acquisition of Calvert in August 2022 and made $35.9 million from the sale of a 34% interest in their Mid-Island Forest Operation in Q1 2024.
A tax refund of approximately $23 million expected in Q2 or Q3 of 2024. They ended Q1 2024 with a net debt-to-cap ratio of 13% and liquidity of approximately $142 million.
Business Progress:
Despite softer market conditions in Q1 2024, they completed a multimillion-dollar sale of a part of their Mid-Island Forest operation.
Commissioned the first continuous kiln at the Saltair sawmill, achieving 97% efficiency.
Continued advancement in pre-engineering and permitting for two more continuous kilns on Vancouver Island, with completion expected in 2025.
Expansion of operations across the entire timber harvesting land base showed prioritize on health, safety, and profitability.
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