Weyerhaeuser earnings jump in Q3

Seattle-based forest products company Weyerhaeuser reported big third quarter gains in net income, in spite of severe weather, forest fires and the coronavirus outbreak.

The company reported net earnings of $283 million on net sales of $2.1 billion. This compares with net earnings of $99 million and $1.7 billion in the same period last year. 

Third quarter results include after-tax charges of $103 million for special items, primarily a non-cash timber casualty loss associated with Oregon fire damage. Excluding special items, the company reported third quarter net earnings of $386 million, or 52 cents per diluted share. This compares with net earnings before special items of $59 million for the same period last year and $77 million for the second quarter of 2020.

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Bottom line: Net earnings of $283 million are up from $99 million in the same quarter last year. 

What the CEO said: "In the third quarter, each of our businesses delivered outstanding operational and financial results despite disruptions from severe weather, unprecedented forest fires and the ongoing COVID-19 pandemic," said Devin W. Stockfish, president and CEO. "We achieved record Wood Products Adjusted EBITDA, surpassing the previous high by nearly 60 percent. 

More information: The company's full financial release is available here.