West Fraser Timber Co. Ltd. (TSX:WFT) announced its third-quarter results Monday, revealing a 76% increase in earnings year-to-date compared with the same period last year.
The company is reporting earnings of $65 million for the first three quarters of 2012, compared with $37 million in 2011. Year to date, the company reports sales of $2.2 billion, compared with $2.1 billion in the first three quarters of 2011.
Sales in the third quarter were $772 million, a near-10% increase compared with sales of $705 million in 2011’s third quarter.
Earnings per share were $1.27, compared with $0.87 in the same period last year.
The company reports that lumber prices are continuing to reflect an improving U.S. demand for Canadian lumber, as well as a steady demand from Canada and Asia.
“We are encouraged by the signs of a recovery in the U.S. and we feel that we are well-positioned to take advantage of the strengthening of the U.S. housing market,” said West Fraser’s chairman and chief executive officer.
In addition, the company announced it has entered into an agreement to purchaser the Sundance sawmilling and remanufacturing operations in Edson, Alberta, with an expected transaction completion date of October 31.
