VANCOUVER, BC, July 25, 2024 /CNW/ - Canfor Corporation ("The Company" or "Canfor") (TSX:CFP) today reported its second quarter of 2024 results: Overview. Q2 2024 operating loss of $251 million, shareholder net loss of $191 million, or $1.61 per share. After taking into consideration adjusting items1 of $83 million as well as restructuring costs of $39 million, Q2 2024 operating loss of $129 million, compared to a similarly adjusted operating loss of $116 million in Q1 2024. Sustained weakness in North American lumber markets with continued downward pressure on benchmark pricing, particularly for Southern Yellow Pine ("SYP"). Solid earnings from Europe; persistently weak SYP pricing negatively impacted results for the US South; Western Canadian results remained challenging. Announced permanent closure of Polar and Jackson sawmills and suspension of planned reinvestment in Houston. Strong global pulp pricing and moderate improvement in NBSK pulp unit sales realizations. Announced indefinite curtailment of one production line at Northwood NBSK pulp mill. Ongoing constraints accessing economically viable fibre in BC impacting lumber and pulp operating rates in the near-term and through the balance of the year. Financial results. The following table summarizes selected financial information for the Company for the comparative periods: (millions of Canadian dollars, except per share amounts) Q2 2024 Q1 2024 YTD 2024 Q2 2023 YTD 2023 Sales $ 1,381.5 $ 1,382.7 $ 2,764.2 $ 1,446.0 $ 2,831.4 Reported operating income (loss) before amortization, asset write-downs and impairments   $   (98.3)   $       19.8   $   (78.5)   $     41.0   $     (64.7) Reported operating loss $ (250.8) $ (85.8) $ (336.6) $ (66.7) $ (275.2) Adjusted operating loss before amortization, assetwrite-downs and impairments1 $ (46.9) $ (10.4) $ (57.3) $ (16.4) $ (60.0) Adjusted operating loss1 $ (167.8) $ (116.0) $ (283.8) $ (124.1) $ (270.5) Net loss2 $ (191.1) $ (64.5) $ (255.6) $ (43.9) $ (185.9) Net loss per share, basic and diluted2 $ (1.61) $ (0.54) $ (2.15) $ (0.36) $ (1.54) Adjusted net loss1, 2 $ (168.7) $ (52.1) $ (220.8) $ (44.3) $ (189.2) Adjusted net loss per share, basic and diluted 1, 2 $ (1.42) $ (0.44) $ (1.86) $ (0.36) $ (1.57) 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 $250.8 million for the second quarter of 2024, compared to an operating loss of $85.8 million in the first quarter of 2024. After accounting for adjusting items totaling $83.0 million (consisting of an inventory write-down as well as an asset write-down and impairment charge), the Company's operating loss was $167.8 million for the current ...