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UPDATE: West Fraser Timber Up 2%, Nearer To Yr Highs as Announces Q2 Results, Provides Outlook

West Fraser Timber Co. Ltd. (WFT.TO) has risen 2% and closer to year highs this morning as it reported earnings for the second quarter of 2012 of $27 million and earnings per share of $0.63 on sales of $774 million. For the first half of 2012, earnings were $10 million and earnings per share were $0.24, on sales of $1.5 billion.

Outlook: WFT said: "We expect results from our lumber and panels businesses to improve if U.S. new home construction continues to recover. Despite some encouraging signs, the current recovery still appears to be fragile and could be set back by adverse global economic events. The immediate outlook for our NBSK pulp business is negative as additional supply coming onstream will require market adjustments before prices will recover.

Hank Ketcham, West Fraser's Chairman and CEO, said" "We are encouraged by this quarter's results and we expect to see continuing operational improvements as a result of our extensive capital program and the efforts of all of our people. We are well positioned to take advantage of the anticipated recovery."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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