Big Q2 gains for Weyerhaeuser

Weyerhaeuser reported second quarter sales jumped to $3.1 billion from second quarter 2020 sales of $1.6 billion.

The Seattle-based forest products and lumber giant also reported that net earnings for the second quarter soared to $1.03 billion compared to net earnings of $72 million for the same period a year ago.

Weyerhaeuser said sales realizations for lumber and oriented strand board increased 25% and 48%, respectively, compared with first quarter averages.  Sales volumes for lumber increased moderately. Oriented strand board production and sales volumes were modestly lower, and unit manufacturing costs increased, due to planned maintenance outages. 

Production and sales volumes for solid section and I-joist products increased and sales realizations improved as the company continued to benefit from previously announced price increases. 

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The Bottom Line: Second quarter net earnings for Weyerhaeuser jump 43% to $1.03 billion.

What the CEO said:  "In the second quarter, our teams again delivered the company's strongest quarterly results on record, surpassing last quarter's Adjusted EBITDA record by over 40 percent," said Devin Stockfish, president and CEO. "Year-to-date, our Adjusted EBITDA is almost $2 billion higher than this time last year and exceeds our full year results for each of the last 14 years.”

“Looking forward, our outlook remains favorable for continued strength in residential construction, our financial position is exceptionally strong, and with year-to-date Adjusted Funds Available for Distribution of almost $1.9 billion, we are excited for the opportunity to return significant cash to shareholders through the variable supplemental component of our new dividend framework."

Company info: The full second quarter 2021 financial report from Weyerhaeuser is available here.