SEATTLE, Sept. 22, 2021 /PRNewswire/ -- Weyerhaeuser
Company (NYSE: WY) will today outline the company's strategy
for driving long-term sustainable growth and superior shareholder
returns at its 2021 Virtual Investor Day, beginning at 9:30 a.m. Pacific time.
"Over the past 18 months, we have improved Weyerhaeuser's
portfolio of assets, strengthened our balance sheet and positioned
the company for its next phase of sustainable growth and value
creation," said Devin W. Stockfish, president and chief executive
officer. "We intend to grow our company and cash flows, improve our
competitive position, fully capitalize on increasing demand for our
products and capabilities, and unequivocally establish Weyerhaeuser
as a premier ESG investment opportunity. These actions will enhance
our ability to return capital to shareholders through dividends and
opportunistic share repurchases. Looking forward, I am confident in
our ability to achieve our new multi-year targets and deliver
superior returns for our shareholders."
DRIVING STRATEGIC
GROWTH
At today's event, members of Weyerhaeuser's management team will
discuss the company's targets for driving strategic growth by
year-end 2025, including:
- Growing the company's timberlands portfolio through
$1 billion of disciplined investments
with strong returns;
- Generating $100 million of
Adjusted EBITDA from Natural Climate Solutions, a fivefold increase
from current levels;
- Capturing $175 to 250 million of
additional operational excellence improvements to maintain and
further improve upon Weyerhaeuser's industry leading performance;
and
- Organically growing lumber production by 5 percent
annually to serve increasing market demand.
RETURNING CASH TO SHAREHOLDERS
In light of its record
first-half 2021 cash flow generation, the company is also
announcing the following actions, which demonstrate its strong
commitment to returning capital to shareholders:
- Declaring a one-time interim supplemental dividend of
$0.50 per share, enabling
shareholders to benefit from extraordinary market conditions and
allowing the company to capitalize on a one-time tax planning
opportunity;
- Targeting 5 percent annual growth in the sustainable base
dividend from 2022-2025 driven by Timberlands and Natural Climate
Solutions growth opportunities; and
- Authorizing a new $1 billion
share repurchase authorization.
Additional details regarding the interim supplemental dividend
declaration and share repurchase authorization can be found in a
separate press release issued today.
ENHANCING ESG LEADERSHIP
The company is taking
meaningful action to contribute to climate change solutions and
further enhance Weyerhaeuser's reputation as a leading ESG
investment opportunity, including:
- Growing the company's Natural Climate Solutions business to
capitalize on opportunities associated with emerging carbon
markets;
- Leading its sector by aligning carbon disclosures with the
future Greenhouse Gas Protocol on Carbon Removals and Land
Use;
- Releasing its inaugural carbon record, disclosing that the
company is significantly carbon negative and stores billions of
metric tons of carbon dioxide equivalents in its U.S. timberlands;
and
- Setting a science-based greenhouse gas emissions reduction
target that aligns with limiting global warming to 1.5 degrees
Celsius and supports the pathway to net-zero.
WEBCAST INFORMATION
To register for the live video
webcast, please visit
https://wyinvestorday.connectid.cloud/register/ or the
homepage of www.weyerhaeuser.com. Presentation materials will be
available on the Investor Relations section of
www.weyerhaeuser.com, and a replay will be posted following the
event.
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the
world's largest private owners of timberlands, began operations in
1900. We own or control approximately 11 million acres of
timberlands in the U.S. and manage additional timberlands under
long-term licenses in Canada. We
manage these timberlands on a sustainable basis in compliance with
internationally recognized forestry standards. We are also one of
the largest manufacturers of wood products in North America. Our company is a real estate
investment trust. In 2020, we generated $7.5
billion in net sales and employed approximately 9,400 people
who serve customers worldwide. We are listed on the Dow Jones
Sustainability North America Index. Our common stock trades on the
New York Stock Exchange under the symbol WY. Learn more at
www.weyerhaeuser.com.
FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES
This news release contains statements within the meaning of the
Private Securities Litigation Reform Act of 1995 concerning the
company's strategic plans, targets and expectations, including
without limitation with respect to the following: goals and
prospects; business strategies; key initiatives; demand for our
products; projections relating to the future growth, value and
performance of our timberlands portfolio as well as the future
growth and productivity of our wood products businesses; targets
for incremental operational excellence improvements; future growth
of our cash flows; our cash dividend framework and future
growth and sustainability of our quarterly base dividend; plans for
future share repurchases; and our new climate solutions business
and related plans, including projections for adjusted EBITDA and
our greenhouse gas emissions reduction targets.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts and may
be identified by reference to a future date or time period or our
use of certain words in such statements, including without
limitation words such as "expect," "future," "grow,"
"growth," "maintain," "plan," "sustainable," "target," "will," and
similar words and terms and phrases using such terms and
words. We may refer to assumptions, goals, targets, or
expected performance through, or events to occur by or at, a future
date, and such references may also constitute forward-looking
statements. Forward-looking statements are based on our current
expectations and assumptions. The realization of our expectations
and the accuracy of our assumptions are subject to a number
of risks and uncertainties that are difficult to
predict and often are beyond the company's control. These and other
factors could cause one or more of our expectations to be unmet,
one or more of our assumptions to
be materially inaccurate or actual results to differ
materially from those expressed or implied in our forward-looking
statements or all of the foregoing. These risks and
uncertainties include, but are not limited to, those identified in
our 2020 Annual Report on Form 10-K, as well as those set forth
from time to time in our other public statements and reports,
including reports, registration statements, prospectuses,
information statements and other filings with the SEC.
It is not possible to predict or identify all risks and
uncertainties that might affect the accuracy of our forward-looking
statements and, consequently, our descriptions of such risks and
uncertainties should not be considered exhaustive. There is no
guarantee that any of the events anticipated by these
forward-looking statements will occur, and if any of
the events do occur, there is no guarantee what effect they
will have on the company's business, results of operations, cash
flows, financial condition and future prospects.
Forward-looking statements speak only as of the date they are made,
and we undertake no obligation to publicly update or revise any
forward-looking statements, whether because of new information,
future events, or otherwise.
Also included in this news release are references to Adjusted
EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA may
not be comparable to similarly named or captioned non-GAAP
financial measures of other companies due to potential
inconsistencies in how such measures are calculated. Adjusted
EBITDA should not be considered in isolation from, and is not
intended to represent an alternative to, our GAAP results.
For more information contact:
Analysts –
Beth Baum or Andy Taylor, 206-539-3907
Media – Nancy Thompson,
919-861-0342
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SOURCE Weyerhaeuser Company