West Fraser Timber Co. Ltd. (NYSE:WFG) Q1 2023 Results Conference Call April 26, 2023 11:30 AM ET
Company Participants
Ray Ferris - President and Chief Executive Officer
Chris Virostek - Chief Financial Officer
Matt Tobin - Vice President of Sales and Marketing
Conference Call Participants
Ketan Mamtora - BMO
Hamir Patel - CIBC Capital Markets
Sean Steuart - TD Securities
Andrew Kuske - Credit Suisse
Paul Quinn - RBC Capital Markets
Operator
Good morning, ladies and gentlemen. Welcome to West Fraser Q1 2023 Results Conference Call. Please note that all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
During this conference call, West Fraser's representatives will be making certain statements about West Fraser's future financial and operational performance, business outlook and capital plans. These statements may constitute forward-looking information or forward-looking statements within the meaning of Canadian and United States securities laws.
Such statements involve certain risks, uncertainties and assumptions because Fraser's actual future results and performance to be materially different from those expressed or implied in these statements.
Additional information about these risk factors and assumptions is included both in the accompanying webcast presentation in our 2022 annual MD&A and annual information form, which can be accessed on West Fraser's website or through SEDAR for Canadian investors and EDGAR for United States investors.
Thank you. Mr. Chris Virostek you may begin your conference.
Chris Virostek
Thank you, Julie. Good morning, everyone, and thank you for joining our first quarter 2023 earnings call. I'm Chris Virostek, Chief Financial Officer of West Fraser. And joining me today are Ray Ferris, our President and CEO; and Matt Tobin, our Vice President of Sales and Marketing; and other members of the executive team.
I'll begin with a brief overview of West Fraser's Q1 2023 financial results, and then pass the call to Ray who will give an update on the business as well as provide a few concluding remarks before we transition the call to Q&A.
Our comments today will be brief as we recently provided a company update at last week's Annual General Meeting. As a reminder, we report in U.S. dollars and all references today will be the U.S. dollar amounts, unless otherwise indicated.
West Fraser generated $58 million of adjusted EBITDA in the first quarter. This was largely comparable to the $70 million of adjusted EBITDA generated in the fourth quarter, which included a one-time $7 million benefit of carbon credits from our EU business as well as a $14 million insurance recovery from our North American engineered wood business.