05:07 PM EDT, 05/09/2024 (MT Newswires) -- Conifex Timber ( CFXTF ) Thursday said its first-quarter loss on narrowed on a gain and improved lumber prices.

The forest-products company said it lost $4.5 million, or $0.11 per share, in the period, company with a loss of $8.1 million or $0.20, in the year-prior quarter.

The first quarter results were favorably impacted by $3 million insurance settlement for the loss of the Osilinka Logging Camp.

Revenue rose 2% to $40.7 million from $39.9 million.

The company said its lumber production rose 8% to 44.5-million board feet, while its average price rose 16% to $601.

The company expects second-quarter lumber prices to soften relative to the first quarter, before returning to a modestly higher range for the remainder of the year. There is also an expectation that lumber production and shipments in the remaining quarters of the year to be modestly higher than in the first quarter.

Conifex shares closed down C$0.01 to C$0.58 on the Toronto Stock Exchange.