Weyerhaeuser revenue climbs
Forest products giant Weyerhaeuser reported first quarter 2024 sales of $1.8 billion, up from Q4 2023 net sales of $1.77 billion and down compared to first quarter 2023 sales of $1.9 billion.
The Seattle, Washington-based company also reported net earnings of $114 million for the period, down from first quarter 2023 net earnings of $151 million.
In segment reports, net sales of timberlands were $521 million in Q1, down from $534 million in Q4.
The company said harvest volumes in the west were moderately higher than the fourth quarter. Domestic sales volumes were significantly higher and export sales volumes were significantly lower.
The wood products sales segment was flat from Q4 to Q1 at $1.3 billion.
Sales realizations for both lumber and oriented strand board increased four percent compared with fourth quarter averages, said company.Sales volumes for lumber were slightly lower, partially driven by winter weather disruptions early in the quarter.
Unit manufacturing costs for lumber were slightly higher and log costs were slightly lower. For oriented strand board, sales volumes and fiber costs were slightly higher, while unit manufacturing costs were slightly lower, said the company.
Sales for the real estate, energy and natural resources segment were $107 million in Q1, an increase of $30 million over Q4.
The Bottom Line: Sales were $1.8 billion in Q1 up from $1.77 billion in Q4 last year.
What the CEO said: “We continued to make progress toward our multi-year targets by increasing our base dividend by 5.3% and signing our third carbon capture and sequestration agreement in the U.S. south,” said Devin Stockfish, Weyerhaeuser president and CEO.
“Looking forward, we are encouraged by the strong underlying fundamentals that will drive long-term growth for housing and repair and remodel demand, and natural climate solutions,” said the CEO.
Company info: Click HERE to read the Q1 2024 financial report from Weyerhaeuser.
