Weyerhaeuser Company (NYSE: WY) eported first quarter net earnings of $114 million, or 16 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings of $151 million, or 21 cents per diluted share, on net sales of $1.9 billion for the same period last year and net earnings of $219 million for fourth quarter 2023. There were no special items in first quarter 2024 or the same period last year. Net earnings before special items was $121 million for fourth quarter 2023. Adjusted EBITDA for first quarter 2024 was $352 million, compared with $395 million for the same period last year and $321 million for fourth quarter 2023.

Q1 2024 Performance
In the West, fee harvest volumes were moderately higher than the fourth quarter. Domestic sales volumes were significantly higher and export sales volumes were significantly lower, primarily for China, as the company flexed volumes to the domestic market. Domestic sales realizations were slightly lower, primarily due to mix, while export sales realizations were comparable. Per unit log and haul costs were significantly lower due to the seasonal transition to lower elevation harvest activity. In the South, fee harvest volumes were slightly lower than the fourth quarter. Sales realizations and per unit log and haul costs were comparable. Forestry and road costs in the West and South were seasonally lower.

Q2 2024 Outlook
Weyerhaeuser anticipates second quarter earnings and Adjusted EBITDA will be slightly higher than the first quarter. In the West, the company expects moderately higher fee harvest volumes, comparable sales realizations, and higher per unit log and haul costs. In the South, the company expects fee harvest volumes to be moderately higher and sales realizations and per unit log and haul costs to be comparable. Forestry and road costs in the West and South are expected to be seasonally higher.

Source: weyerhaeuser.com