West Fraser(US:WFG)2025-04-23 15:44Financial Performance & Outlook - West Fraser's Q1 2025 adjusted EBITDA was $195 million, with an adjusted EBITDA margin of 13%[7] - The company expects capital expenditures of $400-$450 million in 2025 to execute strategic projects[14] - Cumulative duties on deposit with the U S Department of Commerce reached $920 million in Q1 2025[11,99] Production & Shipments - Lumber shipments in Q1 2025 were 1,239 MMfbm, a slight increase of 9 MMfbm compared to Q4 2024[11] - North American OSB shipments decreased by 101 MMsf 3/8" to 1,503 MMsf 3/8" in Q1 2025 due to weather-related issues[11] - Europe OSB shipments increased to 292 MMsf 3/8" in Q1 2025, up 30 MMsf 3/8" from the previous quarter[11] Strategic Positioning - West Fraser's lumber capacity is shifting towards the US South, with approximately 53% of capacity located in that region in 2024, compared to approximately 11% in 2004[38] - The company has removed approximately 820 MMfbm of lumber capacity since 2022 through various measures[108] Market Dynamics - North America lumber end use in 2024 was comprised of New Residential 32%, R&R 38%, Industrial 23%, Non-Residential & Other 6%[34] - North America OSB end use in 2024 was comprised of New Residential 57%, R&R 24%, Industrial 10%, Non-Residential 9%[34]