VANCOUVER, BC, May 1, 2024 /CNW/ - Canfor Corporation ("The Company" or "Canfor") (TSX:CFP) today reported its first quarter of 2024 results: Overview Q1 2024 operating loss of $86 million; shareholder net loss of $65 million, or $0.54 per share Sustained pressure on global lumber markets and pricing, especially for Southern Yellow Pine ("SYP") Solid earnings from Europe; US South results directly impacted by weak SYP lumber pricing; Western Canadian results remained challenging despite uplift in Western Spruce/Pine/Fir lumber pricing Modest uptick in NBSK pulp unit sales realizations, 7% increase in pulp production quarter-over-quarter Continued execution of the Company's US South growth strategy with the announced agreement to acquire the El Dorado lumber manufacturing facility in Arkansas, as well as plans to optimize the Company's Alabama operational footprint Ongoing constraints accessing economically viable fibre in British Columbia impacting lumber and pulp operating rates in the near-term and through the balance of 2024 Financial Results The following table summarizes selected financial information for the Company for the comparative periods: (millions of Canadian dollars, except per share amounts)          Q1          Q4         Q1 2024 2023 2023 Sales $ 1,382.7 $ 1,282.9 $ 1,385.4 Reported operating income (loss) before amortization $ 19.8 $ (89.1) $ (105.7) Reported operating loss $ (85.8) $ (191.3) $ (208.5) Adjusted operating loss before amortization1 $ (10.4) $ (130.2) $ (43.6) Adjusted operating loss1 $ (116.0) $ (232.4) $ (146.4) Net loss2 $ (64.5) $ (117.1) $ (142.0) Net loss per share, basic and diluted2 $ (0.54) $ (0.98) $ (1.17) Adjusted net loss1, 2 $ (52.1) $ (127.2) $ (144.9) Adjusted net loss per share, basic and diluted1, 2 $ (0.44) $ (1.06) $ (1.20) 1 Adjusted results referenced throughout this news release are defined as non-IFRS financial measures. For further details, refer to the "Non-IFRS Financial Measures" section of this document. 2 Attributable to equity shareholders of the Company. The Company reported an operating loss of $85.8 million for the first quarter of 2024, compared to an operating loss of $191.3 million in the fourth quarter of 2023. After taking into consideration a net $30.2 million reversal of a previously recognized inventory write-down, the Company's adjusted operating loss was $116.0 million for the first quarter of 2024, compared to a similarly adjusted operating loss of $232.4 million for the fourth quarter of 2023. These results largely reflected an improvement in the lumber segment. Commenting on the Company's first quarter results, Canfor's President and Chief Executive Officer, Don Kayne, said, "Although global lumber markets remained under pressure in the first quarter, especially Southern Yellow Pine, our global lumber footprint helped mitigate some of these market-related pressures, as our European operations delivered positive results and our Western Canadian operations benefited from an ...