Weyerhaeuser reports Q4 2018 net loss of $93M; predicts lower Q1 2019 earnings

P&PC Staff
February 01, 2019
By P&PC Staff
February 1, 2019 – Weyerhaeuser Company has reported a fourth-quarter 2018 net loss of $93 million, or 12 cents per diluted share, on net sales of $1.6 billion.

This compares with net earnings of $271 million, or 36 cents per diluted share, on net sales of $1.8 billion for the same period last year and net earnings of $255 million for the third quarter of 2018.

Fourth quarter includes net after-tax charges of $163 million for special items, primarily a non-cash settlement charge related to a previously announced action to reduce the company's pension liabilities. Excluding special items, the company reported net earnings of $70 million, or 10 cents per diluted share, for fourth quarter 2018. This compares with net earnings before special items of $234 million for the same period last year and $214 million for the third quarter of 2018.

For the full year 2018, Weyerhaeuser reported net earnings of $748 million, or 99 cents per diluted share, on net sales of $7.5 billion. This compares with net earnings of $582 million on net sales of $7.2 billion for the full year 2017.

Full year 2018 includes net after-tax charges of $143 million from special items. Excluding these items, the company reported net earnings before special items of $891 million, or $1.18 per diluted share. This compares with net earnings before special items of $872 million for the full year 2017.

"In 2018 we delivered strong results through a wide range of market conditions, generating over $2 billion of adjusted EBITDA, returning nearly $1.4 billion to shareholders through dividends and share repurchases, and significantly reducing our pension liabilities," says Devin W. Stockfish, president and chief executive officer. "Entering 2019, U.S. economic fundamentals remain strong and we expect continued growth in U.S. housing. We remain focused on driving value for shareholders through operational excellence and disciplined capital allocation."

Weyerhaeuser expects first quarter 2019 earnings and adjusted EBITDA will be lower than the fourth quarter 2018. In the south, the company anticipates seasonally lower fee harvest volumes and comparable average log sales realizations. In the west, the company expects lower fee harvest volumes and average log sales realizations moderately below the fourth quarter average, mostly offset by significantly lower road and forestry spending.

Read the full Q4 Weyerhaeuser financial report

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