Despite Raised Tariff Assumptions, Stagnant Log Costs Will Buoy Near-Term Profit Margins
West Fraser managed a strong first quarter, thanks largely to a rapid rise in lumber prices and better than expected pulp and paper price realizations. Meanwhile, an abundance of mature timber in the U.S. South has kept a lid on log pricing, driving lumber segment EBITDA margins to 23% in the quarter, up from just 13% in the year prior. In light of a preliminary ruling on U.S.-bound tariffs on lumber shipments from Canada (see "Trump Administration Lumber Tariffs Are Largely In Line With Expecta...West Fraser Timber is an integrated wood products company producing lumber, newprint, wood chips, plywood, panels and pulp and paper products.
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