Western Forest Products Inc. reported adjusted EBITDA of $50.2 million in the 2Q 2018, compared to adjusted EBITDA of $47.1 million in the 2Q 2017, and $43 million reported in the 1Q 2018.
Operating income prior to restructuring and other income was $39.7 million in the 2Q 2018, compared to $37.7 million in 2Q 2017, and $32.6 million reported in the 1Q 2018. Increased lumber shipments and lower manufacturing costs in the 2Q 2018 more than offset the impacts of $11.7 million of US export lumber duty expense and significantly higher stumpage costs.
Net income for the 2Q 2018 was $27.1 million, as compared to $25.6 million for the same period of 2017. Increased revenue and lower operating restructuring items drove an increased net income that was partly offset by higher export lumber duties and income tax expense.
Western Forest Products Inc. is an integrated Canadian forest products company and the largest coastal British Columbia timberlands operator and lumber producer.