Interfor Corporation recorded a net loss in Q2 2024 of $75.8 million, or $1.47 per share, compared to a net loss of $72.9 million, or $1.42 per share in Q1 2024 and a net loss of $14.1 million, or $0.27 per share in Q2 2023.

Adjusted EBITDA was a loss of $16.7 million on sales of $771.2 million in Q2 2024 versus a loss of $22.3 million on sales of $813.2 million in Q1 2024 and Adjusted EBITDA of $41.9 million on sales of $871.8 million in Q2 2023.

North American lumber markets over the near term are expected to remain depressed as the economy continues to adjust to inflationary pressures, elevated interest rates, labour shortages and geo-political uncertainty, and as industry-wide lumber production continues to adjust to match demand. Interfor expects that over the mid-term, lumber markets will continue to benefit from favourable underlying supply and demand fundamentals.

Positive demand factors include the advanced age of the U.S. housing stock, a shortage of available housing and various demographic factors, while growth in lumber supply is expected to be limited by extended capital project completion and ramp-up timelines, labour availability and constrained global fibre availability.