Lumber sales drive Weyerhaeuser in Q1

Weyerhaeuser posted first quarter 2022 net sales of $3.1 billion, rising 24% from net sales of $2.5 billion in the first quarter of 2021.

Sales realizations for lumber and oriented strand board increased 76% and 61%, respectively, compared with fourth quarter averages. 

The Seattle-based company said production volumes for lumber were moderately higher due to less weather-related downtime and planned maintenance, while sales volumes were slightly lower as a result of ongoing transportation disruptions.

Overall, wood product sales for the first quarter increased 114% to $2.519 billion in comparison to fourth quarter 2021 sales of $1.178 billion.

Timberland sales more than doubled to $128 million during the period from sales of $59 million in the fourth quarter 2021.

Net earnings for the quarter rose 13.2% to $771 million from first quarter 2021 net earnings of $681 million.

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The Bottom Line: A big surge in wood product sales helps push Weyerhaeuser earnings up more than 13% to $771 million for the first quarter.

What the CEO said: “Looking forward, we remain constructive on the demand fundamentals that will drive growth for our businesses and are well positioned to deliver superior long-term value and returns for our shareholders,” said Devin Stockfish, Weyerhaeuser president and CEO.

Company info: Click here to read the full first quarter 2022 financial report from Weyerhaeuser.