Interfor’s quarterly EPS beat the calendar estimate, but the lumber producer still reported a net loss after recording a non-cash impairment charge.
Interfor Corp. (TSX: IFP) reported third-quarter 2026 results after markets closed on November 5. Calendar data shows EPS of C$0.19, compared with an estimate of C$0.11—a 72.7% beat. But the company reported a net loss of C$45.6 million, or C$0.69 per share, including a C$53.2 million non-cash impairment charge. Adjusted EBITDA was C$76.9 million on sales of C$832.1 million. For Canadian investors, the quarter brought stronger cash generation and lower debt, but lumber-market volatility, costs and U.S. duties remain concerns.
Recent earnings trend
Interfor Corp
IFP.TO
IFP.TO
Interfor Corp
WealthAwesomeMarket cap
$889.17M
52W high
$15.74
52W low
$7.05
1W change
-1.10%
Beta
1.90
Analyst Price Targets
Based on analyst covering IFP · as of Oct 28, 2026
Wall Street analysts forecast IFP stock price to rise 28.2% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$17.33
+28.2% Upside
Previously C$17.50 on Oct 19, 2026
Current Price
C$13.52
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on IFP's historical volatility
30-Day Vol
49.4%
Annualized
90-Day Vol
50.3%
Annualized
Trend (90d)
-25.9%
Annualized drift
90d Mean
C$12.33
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$13.11 | C$11.05 – C$15.55 |
| 60 trading days | C$12.71 | C$9.99 – C$16.18 |
| 90 trading days | C$12.33 | C$9.17 – C$16.56 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 3 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-18 | — | -0.3700 | — |
| 2026-09-30 | 2026-11-05 | 0.1900 | 0.1100 | +72.7% |
| 2026-06-30 | 2026-08-06 | 0.0400 | 0.1300 | -69.2% |
| 2026-03-31 | 2026-05-14 | -0.3400 | -0.3700 | +8.1% |
| 2025-12-31 | 2026-02-12 | -0.9300 | -1.1700 | +20.5% |
| 2025-09-30 | 2025-11-06 | -3.9600 | -1.2600 | -214.3% |
Investor takeaway: The EPS beat is positive, but it doesn’t change the reported net loss. The calendar EPS figure and the company’s reported loss per share are different measures. Interfor generated C$61.4 million in operating cash flow after working-capital changes, and net debt fell to C$788.2 million from C$816.7 million in the previous quarter. The next test is whether cash generation and cost reductions can continue as lumber prices weaken seasonally and the company faces additional duty expenses in Q4. See the IFP.TO stock page for more coverage.
C$76.9 million
Interfor reported Q3 adjusted EBITDA of C$76.9 million, down from C$92.3 million in Q2 but well above the C$183.8 million adjusted EBITDA loss in Q3 2025. Sales rose to C$832.1 million from C$804.4 million in Q2 and C$689.3 million a year earlier. The improvement from last year is significant, but lower adjusted EBITDA than in the previous quarter and the reported net loss show that the recovery remains uneven.
Bull case
Interfor’s average lumber selling price rose 2% from Q2 to C$751 per thousand board feet, and production increased to 952 million board feet. The company said year-to-date production costs were C$27 per thousand board feet, or 4%, below full-year 2025 levels. It also generated positive operating cash flow in every quarter of 2026, and available liquidity reached C$462.4 million. These results show the company has maintained some operational resilience in a difficult market. Raymond James has argued that concerns about Interfor’s exposure to Mercer International’s restructuring may be overstated, according to company news coverage. That’s a brokerage view, not a guarantee from Interfor.
Bear case
Interfor remains unprofitable on a trailing basis, with reported EPS (TTM) of -C$3.24 and a profit margin of -7.38%. Q3’s net loss included a C$53.2 million impairment. The company also expects about US$63.3 million in additional non-cash duty expense and US$11.4 million in additional non-cash interest expense in Q4. Interfor warned that fuel and other cost pressures could continue into 2027 and that North American lumber markets are likely to remain volatile. Its shares closed at C$13.52, below the 50-day moving average of C$13.98 but above the 200-day average of C$11.81.
Analysis
Interfor’s third-quarter calendar EPS was C$0.19, compared with an estimate of C$0.11, a 72.7% beat. The company’s results release reported a net loss of C$45.6 million, or C$0.69 per share. In Q2, Interfor reported net earnings of C$1.0 million, or C$0.02 per share. The company attributed much of the Q3 loss to a C$53.2 million non-cash impairment related to a previously curtailed mill in Eastern Canada. The distinction matters: the estimate comparison comes from calendar data, while the company’s release reports its quarterly results.
Adjusted EBITDA was C$76.9 million on sales of C$832.1 million. In Q2, adjusted EBITDA was C$92.3 million on sales of C$804.4 million. In Q3 2025, the company reported an adjusted EBITDA loss of C$183.8 million on sales of C$689.3 million. The latest result is a marked improvement from a year ago, though adjusted EBITDA fell from the previous quarter. The earnings trend table and chart show a longer history of actual results and estimates; Interfor beat estimates in three of the last four comparable quarters.
Analysis
Interfor’s average selling price rose 2% from Q2 to C$751 per thousand board feet. Prices increased across its operating regions except the U.S. South, where they edged down. Production reached 952 million board feet, up 25 million from the previous quarter. The increase followed the completed ramp-up of the rebuilt Thomaston, Georgia, sawmill and higher operating rates in British Columbia and the U.S. South. Shipments were 948 million board feet, slightly below production, as supply-chain and logistics problems continued to ease.
The company generated C$61.4 million in operating cash flow after working-capital changes. Net debt fell to C$788.2 million, or 35.5% of invested capital, from C$816.7 million and 36.7% at the end of Q2. Available liquidity rose to C$462.4 million. Interfor said year-to-date production costs were C$27 per thousand board feet, or 4%, below full-year 2025 levels. It also warned that fuel and other cost pressures could continue into 2027. The company plans to spend about C$100 million on capital projects in 2026 and expects preliminary 2027 spending of C$75 million to C$100 million.
Analysis
Interfor expects North American lumber markets to remain volatile amid changes in monetary policy, tariffs, oil prices and geopolitical conditions. Benchmark lumber prices weakened in early Q4 as seasonal demand and building activity slowed. The company said final rates from the U.S. Department of Commerce’s seventh administrative review will add about US$63.3 million in non-cash duty expense and US$11.4 million in non-cash interest expense, both expected in Q4. The 10% Section 232 tariff on softwood lumber imports into the U.S. remains in effect.
Analyst price targets: The supplied analyst data shows an average target of C$17.33, compared with the last closing price of C$13.52, implying 28.2% upside. The source describes the consensus as bullish based on the average target. A formal rating isn’t available for Canadian listings. See the analyst ratings section for details. Analyst targets are estimates, not guaranteed outcomes.
Wealth Awesome price forecast: The statistical 90-day model gives a mean forecast of C$12.33. Its 68% range is C$9.17 to C$16.56, and its 95% range is C$6.83 to C$22.26. The model’s annualized drift is -25.9%, with 30-day volatility of 49.4%. This is a statistical model, not financial advice or a certain price prediction. See the IFP.TO price forecast.
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