Q2 2024 Acadian Timber Corp Earnings Call Transcript
Key Points
- Acadian Timber Corp (ACAZF) delivered very strong financial results for Q2 2024, driven by the sale of 600,000 voluntary carbon credits and steady operational performance.
- Sales for the second quarter were $41.2 million, a significant increase of $20.5 million compared to Q2 2023.
- Adjusted EBITDA for the quarter was $20.6 million, a substantial increase from $5.7 million in the prior year period.
- Free cash flow was $16.4 million, $12.3 million higher than the same period in the prior year.
- Acadian Timber Corp (ACAZF) has net liquidity of $25.8 million as of June 29, 2024, primarily due to the net cash flows from the sales of carbon credits.
- Weighted average selling price, excluding biomass, decreased 8% year-over-year.
- Operating costs and expenses increased to $32.2 million during the second quarter, up from $15.5 million in the prior year period.
- Softwood sawlog pricing decreased 10% and hardwood sawlog pricing decreased 9% due to market weaknesses.
- New Brunswick's adjusted EBITDA for the quarter was $4.5 million, down from $5 million in the prior year period.
- Challenges remain in Maine regarding contractor availability and the need for investment in more efficient equipment.
Good day, thank you for standing by, welcome to the Acadian Timber second quarter 2024 analyst conference call and webcast. (Operator Instructions). Please note that today's conference is being recorded.
I will now hand the conference over to your speaker host Susan Wood, Chief Financial Officer. Please go ahead.
Thank you, operator. Good afternoon, everyone, and welcome to Acadian Timber second quarter conference call. With me on the call today is Adam Sheparski, Acadian's President and Chief Executive Officer.
Before discussing Acadian's results, I will first remind everyone that in discussing our second quarter financial and operating performance, the outlook for the remainder of 2024 and responding to your questions, we may make forward-looking statements.
These statements are subject to known and unknown risks and future results may differ materially. For further information on our known risk factors. I encourage you to review our news release and MD&A, which are
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