Weyerhaeuser reports net earnings up in Q3 2018
By P&PC Staff
By P&PC Staff
October 31, 2018 – Weyerhaeuser Company has reported its third-quarter net earnings of $255 million, or 34 cents per diluted share, on net sales of $1.9 billion. This compares with earnings of $130 million, or 17 cents per diluted share, on net sales of $1.9 billion for the same period last year.
Excluding a special tax benefit of $41 million, the company reported net earnings of $214 million, or 28 cents per diluted share for the third quarter. This compares with net earnings before special items of $259 million for the same period last year and $332 million for the second quarter of 2018. Adjusted EBITDA for the third quarter was $505 million compared with $569 million for the third quarter of last year and $637 million for the second quarter of 2018.
“In the third quarter, our business delivered solid operating performance despite significant headwinds from severe weather, trade policy and unusually volatile wood products markets,” says Doyle R. Simons, president and chief executive officer. “During the quarter we demonstrated our ongoing commitment to disciplined capital allocation by increasing our quarterly dividend six per cent, repurchasing $290 million of common shares, and announcing actions to reduce our pension liabilities. Going forward, we remain relentlessly focused on driving value for shareholders through industry-leading performance and disciplined capital allocation.”