Vancouver, B.C. –  West Fraser Timber reports earnings of $118 million or $1.37 per share on sales of $833 million in the fourth quarter of 2013, and earnings of $349 million or $4.07 per share, on sales of $3,474 million for 2013.

Corresponding figures for 2012 indicated fourth-quarter earnings of $20 million on sales of $773 million and earnings of $77 million on sales of  $3,000 million for the year.  Fourth quarter 2013 earnings include a $101 million benefit related to tax loss carryforwards not previously recognized.

In the final quarter of 2013 West Fraser’s lumber operations generated operating earnings of $32 million compared to $57 million in the third quarter.  Restructuring charges of $24 million were included in the  operating earnings in the quarter, representing costs associated with the planned closure of the Houston sawmill. The benefit provided by higher lumber prices and a weaker Canadian dollar was offset by the effect of reduced shipments. Lumber markets weakened late in the quarter as severe weather reduced demand and also affected transportation. Despite prices strengthening for certain lumber grades and dimensions, prices for wide-width SYP lumber declined during the quarter which adversely affected WFT’s U.S. lumber results.

President and CEO Ted Seraphim says "we consider that 2013 represents a year of remarkable recovery.  "We achieved our highest earnings since 2006 reflecting a continuing improvement in the U.S. housing market after a prolonged downturn. We are early in the recovery and expect some volatility, but the overall trend remains positive. We are also experiencing some of the benefits from our ongoing major capital investment program."