West Fraser Timber Co. Ltd. (NYSE:WFG) Q3 2024 Results Conference Call October 24, 2024 11:30 AM ET
Company Participants
Sean McLaren - President & CEO
Chris Virostek - CFO
Matt Tobin - SVP, Sales & Marketing
Conference Call Participants
Ketan Mamtora - BMO Capital
Sean Steuart - TD Cowen
Ben Isaacson - Scotiabank
Hamir Patel - CIBC
Matthew McKellar - RBC Capital Markets
Operator
Good morning, ladies and gentlemen, and welcome to the West Fraser Q3 2024 Results Conference Call. [Operator Instructions] This call is being recorded on Thursday, October 24, 2024.
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, assumptions, which may cause West Fraser's actual or 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 and in our 2023 annual MD&A and annual information form, which can be accessed on the West Fraser's website or through SEDAR+ for Canadian investors and EDGAR for United States investors.
I would now like to turn the conference over to Sean McLaren, President and Chief Executive Officer. Please go ahead.
Sean McLaren
Thank you, Emily. Good morning, everyone, and thank you for joining our third quarter 2024 earnings call. My name is Sean McLaren, President and CEO of West Fraser. And joining me today are Chris Virostek, Senior Vice President and CFO; Matt Tobin, Senior Vice President of Sales and Marketing; and other members of our leadership team. On the earnings call this morning, I will begin with a brief overview of West Fraser's Q3 2024 financial results and then pass the call to Chris for additional comments before I share some thoughts on our outlook and offer concluding remarks.
West Fraser generated $62 million of adjusted EBITDA in the third quarter of 2024, representing a 4% margin. Note that this quarter was impacted by a $32 million lumber export duty expense related to the 2022 calendar year. Results were varied across our business again in Q3 with relative strength in our North American Engineered Wood Products segment and stronger-than-expected demand for SPF lumber, offset by continued softness in SYP lumber demand.