07:23 AM EDT, 03/24/2022 (MT Newswires) -- GreenFirst Forest Products Inc. (GFP.V), a forestry company, overnight Wednesday said it recorded Q4 net income of $8.0 million, or $0.04 per share, compared with a loss of $1.5 million, or $0.08 per share, a year earlier.
The company reported net sales of $161.6 million for the quarter ended Dec. 31.
GreenFirst said Q4 was its first full quarter operating as a forestry products business after completing the acquisition of six sawmills and one paper mill from Rayonier Advanced Materials in August 2021 for $294.1 million.
For the full year 2021, GreenFirst clocked a net loss of $9.6 million, or $0.12 per share, and net sales of $190.5 million. It had total liquidity of $83.2 million on Dec. 31.
"As cash flow permits, we intend to make strategic capital investments with the goal to reduce the cost of production and increase our production capacity" said Rick Doman, CEO of GreenFirst.
In its outlook for 2022, the company said demand for lumber remains strong but the expected interest rate increases may moderate this demand. For the first eight weeks of 2022 its average weekly lumber shipments were about 25% lower than its Q4 2021 volumes, but higher lumber prices offset this impact.
The company expects uncertainty around COVID-19 to remain throughout 2022. It also anticipates North American lumber prices to continue to be volatile but to remain above historical trends.