Weyerhaeuser reports second quarter results

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Weyerhaeuser Company reported 2Q 2022 net earnings of $788 million, or $1.06 per diluted share, on net sales of $3.0 billion. This compares with net earnings of $1.0 billion, or $1.37 per diluted share, on net sales of $3.1 billion for the same period last year and net earnings of $771 million for the 1Q 2022. There were no special items in the 2Q 2022 or the same period last year. Net earnings before special items was $978 million for the 1Q 2022.

Adjusted EBITDA for the 2Q 2022 was $1.2 billion compared with $1.6 billion for the same period last year and $1.5 billion for the 1Q 2022.

"In the 2Q, our teams delivered strong results across each of our businesses," said Devin W. Stockfish, President and CEO. "Year to date, we have generated $2.7 billion of Adjusted EBITDA and $1.9 billion of Adjusted Funds Available for Distribution. Looking forward, we remain constructive on long-term demand fundamentals that support our businesses, notwithstanding the recent macroeconomic headwinds. Our financial position is exceptionally strong, and we remain committed to delivering operational excellence across our unmatched portfolio of assets and enhancing shareholder value through disciplined capital allocation."

Timberlands: In the West, fee harvest volumes were moderately lower than the 1Q due to unseasonably wet weather. Domestic sales realizations were moderately lower and per unit log and haul costs were significantly higher as harvesting operations transitioned to higher elevation units. Export sales realizations were moderately higher and export sales volumes were significantly higher, driven by strong demand in Japan. In the South, sales realizations for sawlogs and fiber logs were slightly higher, and fee harvest volumes increased moderately. Per unit log and haul costs were significantly higher, primarily due to fuel-related costs. Forestry and road costs in the West and South were seasonally higher.

Wood Products: Sales realizations for lumber and oriented strand board decreased 25% and 14%, respectively, compared with 1Q averages. Sales volumes for lumber were significantly higher due to seasonal inventory drawdown and improved production, while unit manufacturing costs and log costs were slightly higher. Sales volumes for oriented strand board were slightly higher. Unit manufacturing costs were moderately higher and fiber costs were comparable. Sales realizations and production volumes for most engineered wood products were significantly higher. This was partially offset by significantly higher raw material costs, primarily for oriented strand board webstock. Distribution commodity realizations were significantly lower.

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