CA - Interfor Corporation (IFSPF) Q1 2024 Earnings Call Transcript

2024-05-10 14:45:25 ET

Interfor Corporation (IFSPF)

Q1 2024 Earnings Conference Call

May 10, 2024, 11:00 AM ET

Company Participants

Ian Fillinger - President and CEO

Rick Pozzebon - EVP and CFO

Bart Bender - SVP-Sales and Marketing

Conference Call Participants

Sean Steuart - TD Cowen

Matthew McKellar - RBC Capital Markets

Ketan Mamtora - BMO Capital Markets

Hamir Patel - CIBC Capital Markets

Presentation

Operator

Good morning. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Interfor Analyst Conference Call. 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] Thank you.

Ian Fillinger, you may begin your conference.

Ian Fillinger

Thank you, operator, and thank you everyone for joining us this morning. With me on the call, I have Rick Pozzebon, our Executive Vice President and Chief Financial Officer; and Bart Bender, our Senior Vice President of Sales and Marketing. I'll start off by providing a brief recap of our quarter, provide some comments on the market outlook and several key initiatives before passing the call on to Rick and Bart.

Turning to our Q1 results, our adjusted EBITDA was a loss of $22 million during another challenging quarter that, was impacted by continued weak pricing. To be clear, current pricing is generally below industry breakeven levels, which is simply not sustainable for an extended period of time. We've been proactive in addressing the controllables, during these market conditions.

Last quarter we made the decision, to indefinitely curtail our Philomath operation in Oregon. We've also done a good job reducing working capital, and recently we announced the removal of 175 million feet of production across all North American regions, to address the oversupply and weak pricing that exists today....

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