According to the company’s year-end results announced Thursday afternoon, the forestry giant had earnings of $166 million, or $3.84 per share, in 2010.
This compared with a $341 million loss on earnings at the end of 2009.
Company chairman, president and CEO Hank Ketcham said he was "generally pleased" with the results despite the fact that forest products markets are still somewhat uneven.
In a continuation of an ongoing theme in B.C.’s forestry sector, West Fraser said its lumber operations benefited from constrained supply and increased demand from China.
As of December 31, 2010, the company had $161 million in cash compared with a loss of $10 million for the same period a year before.
As for 2011, West Fraser has expressed a ěcautious outlookî while the U.S. housing market continues to struggle.
"Despite some market uncertainties, we are well positioned to benefit from the eventual recovery," Ketcham said. "Our low-cost, highly efficient facilities allow us to operate at high rates and generate value for our shareholders throughout the recovery cycle."
At press time, West Fraser’s shares were down $0.25 to $51.80.
A year ago, the company’s stock was valued at $36.21.