Weyerhaeuser Q1 earnings soar
Forest products giant Weyerhaeuser reported first quarter 2018 net sales of $1.9 billion, nearly a 12% increase from net sales of $1.7 billion in the first quarter 2017.
The Seattle, Wash.-based company also reported first quarter net earnings of $269 million, an increase of 71% from net earnings of $157 million for the same period a year ago.
Excluding net after-tax special charges of $6 million, Weyerhaeuser reported net earnings of $275 million.
“I am extremely pleased with our first quarter performance, as we fully capitalized on strong lumber, OSB and Western log markets to drive outstanding results, including the highest first quarter Wood Products EBITDA on record,” said Doyle Simons, president and CEO of Weyerhaeuser. "Looking forward, we are relentlessly focused on capturing the full benefit of improving housing starts and favorable market dynamics to drive value for shareholders."
Wood product sales during the first quarter increased nearly 14% to $1.31 billion from first quarter 2017 sales of $1.15 billion. Timberlands revenue reached $733 million for the period, rising nearly 7% from revenue of $688 million in the first quarter 2017.
The Seattle, Wash.-based company also reported first quarter net earnings of $269 million, an increase of 71% from net earnings of $157 million for the same period a year ago.
Excluding net after-tax special charges of $6 million, Weyerhaeuser reported net earnings of $275 million.
“I am extremely pleased with our first quarter performance, as we fully capitalized on strong lumber, OSB and Western log markets to drive outstanding results, including the highest first quarter Wood Products EBITDA on record,” said Doyle Simons, president and CEO of Weyerhaeuser. "Looking forward, we are relentlessly focused on capturing the full benefit of improving housing starts and favorable market dynamics to drive value for shareholders."
Wood product sales during the first quarter increased nearly 14% to $1.31 billion from first quarter 2017 sales of $1.15 billion. Timberlands revenue reached $733 million for the period, rising nearly 7% from revenue of $688 million in the first quarter 2017.