Weyerhaeuser earnings fall in Q3

Weyerhaeuser reported third quarter sales of $2.3 billion, which were flat compared to sales in the third quarter of 2021.

The Seattle-based forest products and timberlands company also reported third quarter net earnings of $310 million, down significantly from net earnings of $482 million for the same period a year ago.

"In the third quarter, we delivered solid results across our businesses, despite increasing macroeconomic headwinds," said Devin Stockfish, Weyerhaeuser president and CEO. "Although near-term market conditions have moderated, we maintain a constructive longer-term outlook for the demand fundamentals that support our businesses. Looking ahead, our balance sheet is exceptionally strong, and we are well-positioned to navigate through a range of market conditions.”

Weyerhaeuser’s full third quarter earnings report is available here.

The company also reported a resolution of a work stoppage involving members of the International Association of Machinists and Aerospace Workers union in Oregon and Washington. 

Weyerhaeuser has approximately 1,200 employees who are members of IAM, including employees in the company's Wood Products and Timberlands organizations, and the approval of a new contract will result in the restoration of operations at all sites.

"We know this has been a difficult process for everyone involved, and we have appreciated the patience and professionalism of all parties as we worked through the negotiation," Stockfish said. "Our people are what make Weyerhaeuser special, and we are committed to providing safe, reliable jobs with competitive wages and benefits that support our employees and their families.

Weyerhaeuser owns or controls approximately 11 million acres of timberlands in the U.S. and manages additional timberlands under long-term licenses in Canada. The company is also one of the largest U.S. manufacturers of wood products.