金吾财讯 | West Fraser Timber（WFG）披露第二季度财务报告，多项核心财务指标未能达到市场预期。财报数据显示，公司当期美国通用会计准则（GAAP）每股亏损0.78美元，较市场预期低0.21美元；实现营收14.3亿美元，同比下滑6.5%，营收规模低于预期2000万美元。盈利与营收双双承压，反映出木材行业短期经营环境存在挑战。整体盈利层面出现明显改善信号，公司二季度调整后息税折旧摊销前利润（EBITDA）录得5900万美元，相较一季度-6600万美元的水平实现扭亏。分业务板块来看，木材板块调整后EBITDA达到4100万美元，其中包含1300万美元关税相关正向调整；北美工程木制品、欧洲工程木制品板块调整后EBITDA均为1300万美元。与此同时，其他运营板块调整后EBITDA为-800万美元，亏损主要来源于Cariboo纸浆工厂阶段性维护工作带来的影响，各业务板块经营表现分化显著。公司同步披露资本开支规划，预计2026年全年资本支出维持在3亿至3.5亿美元区间。虽然整体EBITDA环比由亏转盈，但是GAAP口径依旧处于亏损状态，叠加营收同比回落，市场将持续关注下游地产需求变化、木材价格波动情况。后续终端需求回暖力度、各项成本管控成效，将成为决定企业盈利能否持续修复的关键因素。
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