SEATTLE, October 24, 2024 – Weyerhaeuser Company (NYSE: WY) today reported third quarter net earnings of $28 million, or 4 cents per diluted share, on net sales of $1.7 billion.
This compares with net earnings of $239 million, or 33 cents per diluted share, on net sales of $2.0 billion for the same period last year and net earnings of $173 million for second quarter 2024. Excluding an after-tax charge of $7 million for special items, the company reported third quarter net earnings of $35 million, or 5 cents per diluted share. This compares with net earnings before special items of $154 million for second quarter 2024. There were no special items in third quarter 2023. Adjusted EBITDA for third quarter 2024 was $236 million, compared with $509 million for the same period last year and $410 million for second quarter 2024.
On July 25, 2024, Weyerhaeuser announced strategic timberland acquisitions in Alabama, totaling 84,300 acres for $244 million. These acres were sourced through multiple transactions, the first of which closed in second quarter 2024 for $48 million, the second transaction closed in third quarter 2024 for $82 million, and the final transaction closed in fourth quarter 2024 for $114 million.
“Our teams delivered solid operating performance in the third quarter against a challenging market backdrop,” said Devin W. Stockfish, president and chief executive officer. “We remain well positioned in the current environment given our deeply engrained OpX culture and relative position on the cost curve. Our balance sheet is strong, and we continue to demonstrate the durability of our portfolio and capital allocation framework across market cycles. Looking forward, we maintain a constructive outlook for the demand fundamentals that support growth for our businesses, and we remain focused on serving our customers and driving long-term value for our shareholders.”
Source: Weyerhaeuser