Weyerhaeuser Company reported 1Q 2020 net earnings of $150 million, or 20 cents per diluted share, on net sales of $1.7 billion. This compares with a net loss of $289 million, or 39 cents per diluted share, on net sales of $1.6 billion for the same period last year.
Excluding an after-tax benefit of $12 million for special items, the company reported 1Q net earnings of $138 million, or 18 cents per diluted share. This compares with net earnings before special items of $80 million for the same period last year and $23 million for the 4Q 2019.
Adjusted EBITDA for the 1Q 2020 was $413 million compared with $365 million for the same period last year and $260 million for the 4Q 2019.
“I am proud of our 1Q performance, as each business delivered strong operating results despite rapidly changing market conditions associated with the COVID-19 pandemic,” said Devin W. Stockfish, president and CEO. “In late March, we took steps to enhance financial flexibility and position Weyerhaeuser’s businesses for changing market dynamics. During the 2Q, customer market conditions have deteriorated across our businesses, consistent with the broader macroeconomic environment. As a result, we are taking further actions, including temporarily suspending the quarterly dividend, to preserve liquidity and financial flexibility. Weyerhaeuser remains committed to a balanced capital allocation philosophy that includes returning cash to shareholders through a sustainable dividend. The board will regularly evaluate opportunities to reinitiate an appropriate quarterly cash dividend as soon as practicable based on the company’s cash flow, liquidity, leverage, customer demand, market conditions, and the broader macroeconomic environment.”
Weyerhaeuser Company, one of the world’s largest private owners of timberlands, began operations in 1900. The company owns or controls approximately 11 million acres of timberlands in the U.S. and manages additional timberlands under long-term licenses in Canada.