Post by
Apaulson on Nov 03, 2023 8:13am
Another quarterly miss
Ian Fillinger and Rich Possebon have dropped another terd this quarter.
Adjusted EBITDA of $26 million versus consensus of $37 million.
They also dropped on us (for the first time) that the company will have to incur an estimated $85 million to settle certain contractual obligations in order to facilitate monetization of its Coastal B.C. operations.
Boneheads have over-leveraged the company, got played by Georgia-Pacific, Rayonier/Doman, Eacom, and Kilmer Group in over-paying for mills.
Pursuing growth without any consideration of the downside risks.....
Tax loss selling into year end will be heavy this year.