West Fraser Timber Loss Widens as Slow Housing Market Weighs on Wood Sales

Dow Jones07-30

West Fraser Timber reported a wider second-quarter loss as a stagnant housing market drags down sales of its wood products.

The company posted a loss of $61 million, or 78 cents a share, compared with a loss of $24 million, or 38 cents a share, the year prior. Analysts polled by FactSet expected a loss of 70 cents a share.

Sales fell to $1.43 billion from $1.53 billion. Wall Street expected $1.45 billion.

The housing market has been stuck in a four-year rut, with low inventory and high mortgage rates putting off prospective home buyers. The war in Iran caused mortgage rates to spike this year, turning the spring housing season into a bust.

West Fraser relies on homebuilding and remodeling to drive demand for its wood products.

The company said slowing U.S. employment growth, in addition to the conflict in the Middle East and inflationary effects of tariffs could further weigh on the market.

"Given these developments, demand for our wood building products may continue to be challenged and even decline over the near term should the broader economy and employment slow or the trend in interest and mortgage rates negatively impact consumer sentiment and housing affordability," the company said.

Some of West Fraser's products could also be hurt by new 50% tariffs on some Canadian products announced by the U.S. this month.

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