Forestry companies in the district are reporting increased earnings for the third quarter of 2018.
Domtar, which has a mill in Dryden, has reported net earnings of $99 million dollars for the third-quarter. This is up from $70 million for the same quarter last year, or $43 million for the second quarter of 2018.
“Our strong performance was driven by accelerating price realizations and margin expansion, particularly, within our Pulp and Paper businesses. Our operations also ran exceptionally well, despite some weather-related outages, with productivity gains across the mill system,” said John D. Williams, President and Chief Executive Officer.
“We have strong momentum to close the year on a high note, and the confidence that our Pulp and Paper businesses will enter 2019 in the best position in recent years,” Williams continued.
Weyerhaeuser reported earnings of $255 million last quarter, compared with $130 million in 2017 or $317 million for the second quarter of 2018.
“In the third quarter, our business delivered solid operating performance despite significant headwinds from severe weather, trade policy and unusually volatile wood products markets,” said Doyle R. Simons, president and chief executive officer.
“During the quarter we demonstrated our ongoing commitment to disciplined capital allocation by increasing our quarterly dividend six percent, repurchasing $290 million of common shares, and announcing actions to reduce our pension liabilities. Going forward, we remain relentlessly," Simons continued.