SEATTLE, Feb. 9, 2023
/PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today
announced that its board of directors declared a quarterly base
cash dividend of $0.19 per share on the common stock of the
company, reflecting a 5.6 percent increase from the prior quarterly
dividend of $0.18 per share.
The dividend is payable in cash on March 17, 2023, to
holders of record of such common stock as of the close of business
on March 3, 2023.
"We're excited to announce this increase in our quarterly
dividend," said Devin W. Stockfish, president and chief executive
officer. "With today's announcement, this is our second increase in
the past two years, and it reflects our commitment to grow our
sustainable base dividend by 5 percent annually through 2025. We
continue to believe our dividend framework, combined with
opportunistic share repurchase, will enhance our ability to drive
long-term shareholder value by returning meaningful and appropriate
amounts of cash back to shareholders across a variety of market
conditions."
Under Weyerhaeuser's cash return framework, the company expects
to supplement its quarterly base cash dividend, as appropriate,
with an additional return of variable cash to achieve a targeted
total return to shareholders of 75 to 80 percent of annual Adjusted
Funds Available for Distribution (Adjusted FAD). The company has
the flexibility in its capital allocation framework to return this
additional cash either in the form of a supplemental cash dividend
or through opportunistic share repurchase.
Adjusted FAD, a non-GAAP measure, is defined by Weyerhaeuser as
net cash from operations adjusted for capital expenditures and
significant non-recurring items.
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 2022, we generated $10.2 billion in net sales and employed
approximately 9,200 people who serve customers worldwide. Our
common stock trades on the New York Stock Exchange under the symbol
WY. Learn more at www.weyerhaeuser.com.
FORWARD-LOOKING STATEMENTS
This news release contains statements within the meaning of the
Private Securities Litigation Reform Act of 1995 concerning the
company's expectations about the amount, timing and occurrence of
future quarterly and supplemental cash dividends as well as the
company's dividend framework. Forward-looking statements are
generally identified by words such as "expects," "targeted,"
"will," and similar words and expressions referencing future
events. Forward-looking statements are based on our current
expectations and assumptions, the accuracy of which are subject to
a number of risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, those identified in our 2021 Annual Report on Form
10-K, as well as those set forth from time to time in our other
public statements, 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. 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 FAD, which is a non-GAAP financial measure.
Adjusted FAD 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 FAD
should not be considered in isolation from, and is not intended to
represent an alternative to, our GAAP results.
For more information contact:
Analysts –
Andy Taylor, 206-539-3907
Media – Nancy Thompson,
919-861-0342
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SOURCE Weyerhaeuser Company