West Fraser Will Face Narrower Margins in 2019 Despite Our Bullish Housing Outlook
Following a fairly rapid decline in lumber and panel prices from their summer peaks, West Fraser's diluted earnings per share declined by 34% from the second quarter, to CAD 2.99. However, this was largely expected, given that second-quarter product prices were at record highs. We've slightly reduced our near-term estimates for production in 2018, as it's taking slightly longer than we expected to offload existing finished goods inventory. The company also deployed CAD 300 million in share repur...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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