Weyerhaeuser reports declines for Q3 2024
Weyerhaeuser Company has reported third quarter net earnings of $28 million, or 4 cents per diluted share, on net sales of $1.7 billion.
This compares with net earnings of $239 million, or 33 cents per diluted share, on net sales of $2 billion for the same period last year and net earnings of $173 million for second quarter 2024. Excluding an after-tax charge of $7 million for special items, the company reported third quarter net earnings of $35 million, or 5 cents per diluted share. This compares with net earnings before special items of $154 million for second quarter 2024.
The company shared these key highlights from Q3 2024:
- Generated net earnings of $28 million, or $0.04 per diluted share, and net earnings before special items of $35 million, or $0.05 per diluted share.
- Achieved Adjusted EBITDA of $236 million.
- Completed $125 million of share repurchase year-to-date through third quarter.
- Completed previously announced timberland acquisitions in Alabama.
On July 25, 2024, Weyerhaeuser announced strategic timberland acquisitions in Alabama, totaling 84,300 acres for $244 million. These acres were sourced through multiple transactions, the first of which closed in second quarter 2024 for $48 million, the second transaction closed in third quarter 2024 for $82 million, and the final transaction closed in fourth quarter 2024 for $114 million.
“Our teams delivered solid operating performance in the third quarter against a challenging market backdrop,” said Devin W. Stockfish, president and chief executive officer. “We remain well positioned in the current environment ... and relative position on the cost curve. Our balance sheet is strong, and we continue to demonstrate the durability of our portfolio and capital allocation framework across market cycles. Looking forward, we maintain a constructive outlook for the demand fundamentals that support growth for our businesses.”
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