05:26 PM EDT, 10/23/2024 (MT Newswires) -- West Fraser Timber (WFG.TO) edged up in after-hours New York trading after the company on Wednesday said it swung to a loss in the third quarter as its revenue declined.

The company said it lost US$83 million, or US$1.03 per share, in the period, compared with a profit of US$159 million, or US$1.81, in the year-prior quarter.

Sales for the quarter fell 16% to US$1.44 billion, down from US$1.71 billion.

The company said it is narrowing the range of expected capital expenditures to around $475 million to $525 million in 2024.

"The benefits of our product diversification strategy were apparent once again in the third quarter of 2024, a period marked by uneven demand across our key products. North American OSB, plywood and other engineered wood products continued to experience healthy demand and the Lumber segment saw unexpected improvement in SPF demand, while SYP markets remained challenging, in part reflecting ongoing softness in repair and remodelling markets," Chief Executive Sean McLaren said.

The company's shares were last seen up US$0.03 to US$94.54 after hours. They closed up $0.70 to $130.83 on the Toronto Stock Exchange.