Weyerhauser posts second quarter results

Weyerhaeuser Company recently reported their second quarter net earnings of US$317 million, or 42 cents per diluted share, on net sales of US$2.1 billion. This compares with earnings of US$24 million, or 3 cents per diluted share, on net sales of US$1.8 billion for the same period last year.

Excluding net after-tax special charges of US$15 million, the company reported net earnings of US$332 million, or 44 cents per diluted share for the second quarter. This compares with net earnings before special items of US$212 million for the same period last year and US$275 million for the first quarter of 2018. Adjusted EBITDA for the second quarter was US $637 million compared with US $506 million for the second quarter of last year and US $544 million for the first quarter of 2018.

“I am very pleased with our second quarter financial results, as each of our businesses delivered solid operational performance and capitalised on market conditions to drive strong year-over-year improvement, including the highest Wood Products EBITDA on record,” said Doyle R. Simons, president and chief executive officer. “In addition, we delivered Weyerhaeuser’s highest EBITDA since 2006, when the company’s operations were nearly three times larger than they are today. Looking forward, housing market fundamentals remain strong, and we remain relentlessly focused on driving operational excellence and fully capitalising on market conditions to drive value for shareholders.”