- Achieved net earnings of $151
million, or $0.21 per diluted
share
- Generated Adjusted EBITDA of $395
million, a 7 percent increase compared with fourth quarter
2022
- Returned approximately $800
million in cash to shareholders through base and
supplemental dividends
- Increased quarterly base dividend by 5.6 percent
SEATTLE, April 27,
2023 /PRNewswire/ -- Weyerhaeuser
Company (NYSE: WY) today reported first quarter net
earnings of $151 million, or 21 cents per
diluted share, on net sales of $1.9
billion. This compares with net earnings of $771 million, or $1.03 per diluted share, on net sales of
$3.1 billion for the same period
last year and net earnings of $11
million for the fourth quarter of 2022. There were no
special items in first quarter 2023. Net earnings before special
items were $978 million for the same
period last year and $171 million for
the fourth quarter of 2022. Adjusted EBITDA for the first quarter
of 2023 was $395
million compared with $1.5
billion for the same period last year and $369 million for the fourth quarter of
2022.
"I am pleased with the solid operational and financial results
delivered by our teams in the first quarter," said Devin W.
Stockfish, president and chief executive officer. "In addition,
during the quarter we increased our base dividend by 5.6 percent
and returned more than $830 million
to shareholders through base and supplemental dividend payments and
share repurchase activity. Looking forward, we remain constructive
on the longer-term demand fundamentals that will drive growth for
our businesses, notwithstanding the current macroeconomic
headwinds. Our financial position is exceptionally strong, and we
remain focused on driving operational excellence across our
unmatched portfolio of assets and enhancing shareholder value
through disciplined capital allocation."
WEYERHAEUSER
FINANCIAL HIGHLIGHTS
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
(millions, except
per share data)
|
|
Q4
|
|
|
Q1
|
|
|
Q1
|
|
Net sales
|
|
$
|
1,823
|
|
|
$
|
1,881
|
|
|
$
|
3,112
|
|
Net earnings
|
|
$
|
11
|
|
|
$
|
151
|
|
|
$
|
771
|
|
Net earnings per
diluted share
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
|
$
|
1.03
|
|
Weighted average shares
outstanding, diluted
|
|
|
737
|
|
|
|
734
|
|
|
|
749
|
|
Net earnings before
special items(1)(2)
|
|
$
|
171
|
|
|
$
|
151
|
|
|
$
|
978
|
|
Net earnings per
diluted share before special items(1)
|
|
$
|
0.24
|
|
|
$
|
0.21
|
|
|
$
|
1.31
|
|
Adjusted
EBITDA(1)
|
|
$
|
369
|
|
|
$
|
395
|
|
|
$
|
1,497
|
|
Net cash from
operations
|
|
$
|
167
|
|
|
$
|
126
|
|
|
$
|
957
|
|
Adjusted
FAD(3)
|
|
$
|
(56)
|
|
|
$
|
55
|
|
|
$
|
850
|
|
|
|
(1)
|
Net earnings before
special items is a non-GAAP measure that management believes
provides helpful context in understanding the company's earnings
performance. Additionally, Adjusted EBITDA is a non-GAAP measure
that management uses to evaluate the performance of the company.
Adjusted EBITDA, as we define it, is operating income adjusted for
depreciation, depletion, amortization, basis of real estate sold
and special items. Net earnings before special items and Adjusted
EBITDA should not be considered in isolation from, and are not
intended to represent an alternative to, our GAAP results.
Reconciliations of net earnings before special items and Adjusted
EBITDA to GAAP earnings are included within this
release.
|
(2)
|
Special items for prior
periods presented are included in the reconciliation tables within
this release.
|
(3)
|
Adjusted Funds
Available for Distribution (Adjusted FAD) is a non-GAAP measure
that management uses to evaluate the company's liquidity. Adjusted
FAD, as we define it, is net cash from operations adjusted for
capital expenditures and significant non-recurring items. Adjusted
FAD measures cash generated during the period (net of capital
expenditures and significant non-recurring items) that is available
for dividends, repurchases of common shares, debt reduction,
acquisitions, and other discretionary and nondiscretionary capital
allocation activities. Adjusted FAD should not be considered in
isolation from, and is not intended to represent an alternative to,
our GAAP results. A reconciliation of Adjusted FAD to net cash from
operations is included within this release.
|
TIMBERLANDS
FINANCIAL
HIGHLIGHTS
|
|
2022
|
|
|
2023
|
|
|
|
|
(millions)
|
|
Q4
|
|
|
Q1
|
|
|
Change
|
|
Net sales
|
|
$
|
548
|
|
|
$
|
604
|
|
|
$
|
56
|
|
Net contribution to
pretax earnings
|
|
$
|
86
|
|
|
$
|
120
|
|
|
$
|
34
|
|
Adjusted
EBITDA
|
|
$
|
150
|
|
|
$
|
188
|
|
|
$
|
38
|
|
Q1 2023 Performance – In the West, fee harvest volumes
were significantly higher than the fourth quarter which had one
month of operations affected by the work stoppage. Sales volumes
were significantly higher, particularly for export volumes to
China. Sales realizations were
lower, driven by domestic and Japanese export sales. Per unit log
and haul costs were moderately lower and forestry and road costs
were seasonally lower. In the South, fee harvest volumes were
slightly higher and sales realizations were comparable. Per unit
log and haul costs were slightly lower and forestry and road costs
were slightly higher.
Q2 2023 Outlook – Weyerhaeuser anticipates second quarter
earnings and Adjusted EBITDA will be approximately $20 million lower than the first quarter. In the
West, the company expects moderately lower sales realizations,
partially offset by significantly lower per unit log and haul costs
and moderately higher fee harvest volumes. In the South, sales
realizations and per unit log and haul costs are expected to be
slightly lower, while fee harvest volumes are expected to be
comparable. The company expects forestry and road costs in the West
and South to be seasonally higher.
REAL ESTATE, ENERGY & NATURAL RESOURCES
FINANCIAL
HIGHLIGHTS
|
|
2022
|
|
|
2023
|
|
|
|
|
(millions)
|
|
Q4
|
|
|
Q1
|
|
|
Change
|
|
Net sales
|
|
$
|
55
|
|
|
$
|
101
|
|
|
$
|
46
|
|
Net contribution to
pretax earnings
|
|
$
|
24
|
|
|
$
|
53
|
|
|
$
|
29
|
|
Pretax charge for
special items
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
(10)
|
|
Net contribution to
pretax earnings before special items
|
|
$
|
34
|
|
|
$
|
53
|
|
|
$
|
19
|
|
Adjusted
EBITDA
|
|
$
|
46
|
|
|
$
|
89
|
|
|
$
|
43
|
|
Q1 2023 Performance – Earnings and Adjusted EBITDA
increased from the fourth quarter due to higher real estate sales,
partially offset by lower royalty income from the company's Energy
and Natural Resources business. The number of acres sold increased
significantly due to the timing of transactions, and the average
price per acre decreased due to the mix of properties
sold.
Q2 2023 Outlook – Weyerhaeuser anticipates second quarter
earnings will be comparable to the first quarter and Adjusted
EBITDA will be approximately $20
million lower than the first quarter due to the timing and
mix of real estate sales.
WOOD PRODUCTS
FINANCIAL
HIGHLIGHTS
|
|
2022
|
|
|
2023
|
|
|
|
|
(millions)
|
|
Q4
|
|
|
Q1
|
|
|
Change
|
|
Net sales
|
|
$
|
1,331
|
|
|
$
|
1,318
|
|
|
$
|
(13)
|
|
Net contribution to
pretax earnings
|
|
$
|
147
|
|
|
$
|
95
|
|
|
$
|
(52)
|
|
Adjusted
EBITDA
|
|
$
|
197
|
|
|
$
|
148
|
|
|
$
|
(49)
|
|
Q1 2023 Performance – Sales realizations for lumber and
oriented strand board decreased 9 percent and 20 percent,
respectively, compared with fourth quarter averages. Sales and
production volumes for lumber were significantly higher than the
fourth quarter which had one month of operations affected by the
work stoppage at mills in the Northwest. Unit manufacturing costs
were significantly lower and log costs were comparable. For
oriented strand board, sales volumes were significantly higher due
to increased production and improved transportation networks. Unit
manufacturing costs and fiber costs were both moderately lower.
Sales realizations and sales volumes were lower for most engineered
wood products due to softening demand. Raw material costs were
lower, primarily for oriented strand board webstock.
Q2 2023 Outlook – Weyerhaeuser anticipates second quarter
earnings and Adjusted EBITDA will be slightly higher than the first
quarter, excluding the effect of changes in average sales
realizations for lumber and oriented strand board. For lumber, the
company expects higher sales volumes and moderately lower log costs
and unit manufacturing costs. For oriented strand board, the
company anticipates comparable sales volumes, slightly lower fiber
costs and moderately higher unit manufacturing costs. Sales volumes
are expected to be significantly higher and raw material costs are
expected to be moderately lower for most engineered wood products,
partially offset by moderately lower sales
realizations.
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.
EARNINGS CALL INFORMATION
Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10
a.m. Eastern) on April 28,
2023, to discuss first quarter results.
To access the live webcast and presentation online, go to the
Investor Relations section on www.weyerhaeuser.com on
April 28, 2023.
To join the conference call from within North America, dial 1-877-407-0792 (access
code: 13734907) at least 15 minutes prior to the call. Those
calling from outside North America
should dial 201-689-8263 (access code: 13734907). Replays will be
available for two weeks at 1-844-512-2921 (access code: 13734907)
from within North America, and at
1-412-317-6671 (access code: 13734907) from outside North America.
FORWARD-LOOKING STATEMENTS
This news release contains statements concerning the company's
future results and performance that are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, but not limited to, with respect to our outlook
and expectations concerning the following: the growth of our
business and long-term demand drivers; earnings and Adjusted EBITDA
for the company and for each of our businesses; fee harvest
volumes, sales realizations, log and haul costs and forestry and
road expenses for our Timberlands business; sales volumes, log
costs and unit manufacturing costs for our lumber business; sales
volumes, fiber costs and unit manufacturing costs for our oriented
strand board business; and sales volumes, sales realizations and
raw material costs for our engineered wood products business.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often
involve use of words and expressions such as "anticipate,"
"expect," "looking forward," "planned," "will," and similar words
and expressions. They may use the positive, negative or another
variation of those and similar words and expressions. These
forward-looking statements are based on our current expectations
and assumptions and are not guarantees of future events or
performance. The realization of our expectations and the accuracy
of our assumptions 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:
- the effect of general economic conditions, including employment
rates, interest rate levels, inflation, housing starts, general
availability and cost of financing for home mortgages and the
relative strength of the U.S. dollar;
- the effect of COVID-19 and other viral or disease outbreaks and
their potential effects on our business, results of operations,
cash flows, financial condition and future prospects;
- market demand for the company's products, including market
demand for our timberland properties with higher and better uses,
which is related to, among other factors, the strength of the
various U.S. business segments and U.S. and international economic
conditions;
- changes in currency exchange rates, particularly the relative
value of the U.S. dollar to the Japanese yen, the Chinese yuan, and
the Canadian dollar, and the relative value of the euro to the
yen;
- restrictions on international trade and tariffs imposed on
imports or exports;
- the availability and cost of shipping and transportation;
- economic activity in Asia,
especially Japan and China;
- performance of our manufacturing operations, including
maintenance and capital requirements;
- potential disruptions in our manufacturing operations;
- the level of competition from domestic and foreign
producers;
- the successful execution of our internal plans and strategic
initiatives, including restructuring and cost reduction
initiatives;
- our ability to hire and retain capable employees;
- the successful and timely execution and integration of our
strategic acquisitions, including our ability to realize expected
benefits and synergies, and the successful and timely execution of
our strategic divestitures, each of which is subject to a number of
risks and conditions beyond our control including, but not limited
to, timing and required regulatory approvals or the occurrence of
any event, change or other circumstances that could give rise to a
termination of any acquisition or divestiture transaction under the
terms of the governing transaction agreements;
- raw material availability and prices;
- the effect of weather;
- changes in global or regional climate conditions and
governmental response to such changes;
- the risk of loss from fires, floods, windstorms, hurricanes,
pest infestation and other natural disasters;
- energy prices;
- transportation and labor availability and costs;
- federal tax policies;
- the effect of forestry, land use, environmental and other
governmental regulations;
- legal proceedings;
- performance of pension fund investments and related
derivatives;
- the effect of timing of employee retirements as it
relates to the cost of pension benefits and changes in the market
price of our common stock on charges for share-based
compensation;
- the accuracy of our estimates of costs and expenses related to
contingent liabilities and the accuracy of our estimates of charges
related to casualty losses;
- changes in accounting principles; and
- other risks and uncertainties identified in our 2022 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. 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.
RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS
We reconcile Adjusted EBITDA to net earnings for the
consolidated company and to operating income (loss) for the
business segments, as those are the most directly comparable U.S.
GAAP measures for each.
The table below reconciles Adjusted EBITDA for the quarter ended
December 31, 2022:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(45)
|
|
Net contribution
(charge) to earnings
|
|
$
|
86
|
|
|
$
|
24
|
|
|
$
|
147
|
|
|
$
|
(225)
|
|
|
$
|
32
|
|
Non-operating pension
and other post-
employment benefit costs(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
216
|
|
|
|
216
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(16)
|
|
|
|
(16)
|
|
Operating income
(loss)
|
|
|
86
|
|
|
|
24
|
|
|
|
147
|
|
|
|
(25)
|
|
|
|
232
|
|
Depreciation,
depletion and amortization
|
|
|
64
|
|
|
|
5
|
|
|
|
50
|
|
|
|
1
|
|
|
|
120
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
Special items included
in operating
income (loss)(2)
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
Adjusted
EBITDA
|
|
$
|
150
|
|
|
$
|
46
|
|
|
$
|
197
|
|
|
$
|
(24)
|
|
|
$
|
369
|
|
|
|
(1)
|
Non-operating pension
and other post-employment benefit costs includes a pretax special
item consisting of a $205 million noncash settlement charge related
to the transfer of pension plan assets and liabilities to an
insurance company through the purchase of a group annuity
contract.
|
(2)
|
Operating income (loss)
for Real Estate & ENR includes a pretax special item consisting
of a $10 million noncash impairment charge related to the planned
divestiture of legacy coal assets.
|
The table below reconciles Adjusted EBITDA for the quarter ended
March 31, 2023:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
151
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22
|
|
Net contribution
(charge) to earnings
|
|
$
|
120
|
|
|
$
|
53
|
|
|
$
|
95
|
|
|
$
|
(29)
|
|
|
$
|
239
|
|
Non-operating pension
and other post-
employment benefit costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9
|
|
|
|
9
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12)
|
|
|
|
(12)
|
|
Operating income
(loss)
|
|
|
120
|
|
|
|
53
|
|
|
|
95
|
|
|
|
(32)
|
|
|
|
236
|
|
Depreciation,
depletion and amortization
|
|
|
68
|
|
|
|
3
|
|
|
|
53
|
|
|
|
2
|
|
|
|
126
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
33
|
|
|
|
—
|
|
|
|
—
|
|
|
|
33
|
|
Adjusted
EBITDA
|
|
$
|
188
|
|
|
$
|
89
|
|
|
$
|
148
|
|
|
$
|
(30)
|
|
|
$
|
395
|
|
The table below reconciles Adjusted EBITDA for the quarter ended
March 31, 2022:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
771
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72
|
|
Loss on debt
extinguishment(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
276
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
209
|
|
Net contribution
(charge) to earnings
|
|
$
|
182
|
|
|
$
|
81
|
|
|
$
|
1,182
|
|
|
$
|
(117)
|
|
|
$
|
1,328
|
|
Non-operating pension
and other post-
employment benefit costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15
|
|
|
|
15
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
Operating income
(loss)
|
|
|
182
|
|
|
|
81
|
|
|
|
1,182
|
|
|
|
(101)
|
|
|
|
1,344
|
|
Depreciation,
depletion and amortization
|
|
|
65
|
|
|
|
4
|
|
|
|
51
|
|
|
|
2
|
|
|
|
122
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
31
|
|
|
|
—
|
|
|
|
—
|
|
|
|
31
|
|
Adjusted
EBITDA
|
|
$
|
247
|
|
|
$
|
116
|
|
|
$
|
1,233
|
|
|
$
|
(99)
|
|
|
$
|
1,497
|
|
|
|
(1)
|
Loss on debt
extinguishment is a pretax special item related to the early
extinguishment of $931 million of debt.
|
RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET
EARNINGS
We reconcile net earnings before special items to net earnings
and net earnings per diluted share before special items to net
earnings per diluted share, as those are the most directly
comparable U.S. GAAP measures. We believe the measures provide
meaningful supplemental information for investors about our
operating performance, better facilitate period to period
comparisons and are widely used by analysts, lenders, rating
agencies and other interested parties.
The table below reconciles net earnings before special items to
net earnings:
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
(millions)
|
|
Q4
|
|
|
Q1
|
|
|
Q1
|
|
Net
earnings
|
|
$
|
11
|
|
|
$
|
151
|
|
|
$
|
771
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
207
|
|
Pension settlement
charge
|
|
|
152
|
|
|
|
—
|
|
|
|
—
|
|
Restructuring,
impairments and other charges
|
|
|
8
|
|
|
|
—
|
|
|
|
—
|
|
Net earnings before
special items
|
|
$
|
171
|
|
|
$
|
151
|
|
|
$
|
978
|
|
The table below reconciles net earnings per diluted share before
special items to net earnings per diluted share:
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
Q4
|
|
|
Q1
|
|
|
Q1
|
|
Net earnings per
diluted share
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
|
$
|
1.03
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
0.28
|
|
Pension settlement
charge
|
|
|
0.21
|
|
|
|
—
|
|
|
|
—
|
|
Restructuring,
impairments and other charges
|
|
|
0.01
|
|
|
|
—
|
|
|
|
—
|
|
Net earnings per
diluted share before special items
|
|
$
|
0.24
|
|
|
$
|
0.21
|
|
|
$
|
1.31
|
|
RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM
OPERATIONS
We reconcile Adjusted FAD to net cash from operations, as that
is the most directly comparable U.S. GAAP measure. We believe the
measure provides meaningful supplemental information for investors
about our liquidity.
The table below reconciles Adjusted FAD to net cash from
operations:
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
(millions)
|
|
Q4
|
|
|
Q1
|
|
|
Q1
|
|
Net cash from
operations
|
|
$
|
167
|
|
|
$
|
126
|
|
|
$
|
957
|
|
Capital
expenditures
|
|
|
(223)
|
|
|
|
(71)
|
|
|
|
(70)
|
|
Adjustments to
FAD(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
(37)
|
|
Adjusted
FAD
|
|
$
|
(56)
|
|
|
$
|
55
|
|
|
$
|
850
|
|
|
|
(1)
|
Adjustments to FAD
include a $37 million product remediation insurance recovery
received in first quarter 2022.
|
Weyerhaeuser
Company
Exhibit 99.2
|
Q1.2023 Analyst
Package
|
Preliminary results
(unaudited)
|
|
Consolidated
Statement of Operations
|
|
|
|
Q4
|
|
|
Q1
|
|
in millions
|
|
Dec 31,
2022
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
Net
sales
|
|
$
|
1,823
|
|
|
$
|
1,881
|
|
|
$
|
3,112
|
|
Costs of
sales
|
|
|
1,434
|
|
|
|
1,512
|
|
|
|
1,647
|
|
Gross
margin
|
|
|
389
|
|
|
|
369
|
|
|
|
1,465
|
|
Selling
expenses
|
|
|
23
|
|
|
|
22
|
|
|
|
23
|
|
General and
administrative expenses
|
|
|
104
|
|
|
|
101
|
|
|
|
92
|
|
Other operating costs,
net
|
|
|
30
|
|
|
|
10
|
|
|
|
6
|
|
Operating
income
|
|
|
232
|
|
|
|
236
|
|
|
|
1,344
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
(216)
|
|
|
|
(9)
|
|
|
|
(15)
|
|
Interest income and
other
|
|
|
16
|
|
|
|
12
|
|
|
|
(1)
|
|
Interest expense, net
of capitalized interest
|
|
|
(66)
|
|
|
|
(66)
|
|
|
|
(72)
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
(276)
|
|
(Loss) earnings before
income taxes
|
|
|
(34)
|
|
|
|
173
|
|
|
|
980
|
|
Income taxes
|
|
|
45
|
|
|
|
(22)
|
|
|
|
(209)
|
|
Net
earnings
|
|
$
|
11
|
|
|
$
|
151
|
|
|
$
|
771
|
|
Per Share
Information
|
|
|
|
Q4
|
|
|
Q1
|
|
|
|
Dec 31,
2022
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
|
$
|
1.03
|
|
Diluted
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
|
$
|
1.03
|
|
Dividends paid per
common share
|
|
$
|
0.18
|
|
|
$
|
1.09
|
|
|
$
|
1.63
|
|
Weighted average shares
outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
735,715
|
|
|
|
733,163
|
|
|
|
747,507
|
|
Diluted
|
|
|
736,640
|
|
|
|
733,546
|
|
|
|
748,823
|
|
Common shares
outstanding at end of period (in thousands)
|
|
|
732,794
|
|
|
|
732,507
|
|
|
|
745,442
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and Amortization
(Adjusted EBITDA)
|
|
|
|
Q4
|
|
|
Q1
|
|
in millions
|
|
Dec 31,
2022
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
Net
earnings
|
|
$
|
11
|
|
|
$
|
151
|
|
|
$
|
771
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
216
|
|
|
|
9
|
|
|
|
15
|
|
Interest income and
other
|
|
|
(16)
|
|
|
|
(12)
|
|
|
|
1
|
|
Interest expense, net
of capitalized interest
|
|
|
66
|
|
|
|
66
|
|
|
|
72
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
276
|
|
Income taxes
|
|
|
(45)
|
|
|
|
22
|
|
|
|
209
|
|
Operating
income
|
|
|
232
|
|
|
|
236
|
|
|
|
1,344
|
|
Depreciation, depletion
and amortization
|
|
|
120
|
|
|
|
126
|
|
|
|
122
|
|
Basis of real estate
sold
|
|
|
7
|
|
|
|
33
|
|
|
|
31
|
|
Special items included
in operating income
|
|
|
10
|
|
|
|
—
|
|
|
|
—
|
|
Adjusted
EBITDA(1)
|
|
$
|
369
|
|
|
$
|
395
|
|
|
$
|
1,497
|
|
|
|
(1)
|
Adjusted EBITDA is a
non-GAAP measure that management uses to evaluate the performance
of the company. Adjusted EBITDA, as we define it, is operating
income adjusted for depreciation, depletion, amortization, basis of
real estate sold and special items. Our definition of Adjusted
EBITDA may be different from similarly titled measures reported by
other companies. Adjusted EBITDA should not be considered in
isolation from, and is not intended to represent an alternative to,
our GAAP results.
|
Weyerhaeuser Company
Total Company Statistics
|
Q1.2023 Analyst
Package
|
Preliminary results
(unaudited)
|
|
Special Items
Included in Net Earnings (Income Tax Affected)
|
|
|
|
Q4
|
|
|
Q1
|
|
in millions
|
|
Dec 31,
2022
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
Net
earnings
|
|
$
|
11
|
|
|
$
|
151
|
|
|
$
|
771
|
|
Loss on debt
extinguishment(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
207
|
|
Pension settlement
charge
|
|
|
152
|
|
|
|
—
|
|
|
|
—
|
|
Restructuring,
impairments and other charges
|
|
|
8
|
|
|
|
—
|
|
|
|
—
|
|
Net earnings before
special items(2)
|
|
$
|
171
|
|
|
$
|
151
|
|
|
$
|
978
|
|
|
|
|
Q4
|
|
|
Q1
|
|
|
|
Dec 31,
2022
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
Net earnings per
diluted share
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
|
$
|
1.03
|
|
Loss on debt
extinguishment(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
0.28
|
|
Pension settlement
charge
|
|
|
0.21
|
|
|
|
—
|
|
|
|
—
|
|
Restructuring,
impairments and other charges
|
|
|
0.01
|
|
|
|
—
|
|
|
|
—
|
|
Net earnings per
diluted share before special items(2)
|
|
$
|
0.24
|
|
|
$
|
0.21
|
|
|
$
|
1.31
|
|
|
|
(1)
|
We recorded a total
pretax loss on debt extinguishment of $276 million ($207 million
after-tax) in first quarter 2022.
|
(2)
|
Net earnings before
special items is a non-GAAP measure that management believes
provides helpful context in understanding the company's earnings
performance. Net earnings before special items should not be
considered in isolation from, and is not intended to represent an
alternative to, our GAAP results.
|
Selected Total
Company Items
|
|
|
|
Q4
|
|
|
Q1
|
|
in millions
|
|
Dec 31,
2022
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
Pension and
post-employment costs:
|
|
|
|
|
|
|
|
|
|
Pension and
post-employment service costs
|
|
$
|
9
|
|
|
$
|
6
|
|
|
$
|
10
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
216
|
|
|
|
9
|
|
|
|
15
|
|
Total company
pension and post-employment costs
|
|
$
|
225
|
|
|
$
|
15
|
|
|
$
|
25
|
|
Weyerhaeuser
Company
|
Q1.2023 Analyst
Package
|
Preliminary results
(unaudited)
|
|
Condensed
Consolidated Balance Sheet
|
|
|
in millions
|
|
December 31,
2022
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,581
|
|
|
$
|
797
|
|
|
$
|
1,205
|
|
Receivables,
net
|
|
|
357
|
|
|
|
440
|
|
|
|
745
|
|
Receivables for
taxes
|
|
|
42
|
|
|
|
28
|
|
|
|
8
|
|
Inventories
|
|
|
550
|
|
|
|
586
|
|
|
|
611
|
|
Prepaid expenses and
other current assets
|
|
|
216
|
|
|
|
202
|
|
|
|
206
|
|
Total current
assets
|
|
|
2,746
|
|
|
|
2,053
|
|
|
|
2,775
|
|
Property and
equipment, net
|
|
|
2,171
|
|
|
|
2,157
|
|
|
|
2,026
|
|
Construction in
progress
|
|
|
222
|
|
|
|
222
|
|
|
|
203
|
|
Timber and timberlands
at cost, less depletion
|
|
|
11,604
|
|
|
|
11,564
|
|
|
|
11,469
|
|
Minerals and mineral
rights, less depletion
|
|
|
214
|
|
|
|
211
|
|
|
|
252
|
|
Deferred tax
assets
|
|
|
8
|
|
|
|
8
|
|
|
|
15
|
|
Other
assets
|
|
|
375
|
|
|
|
365
|
|
|
|
376
|
|
Total
assets
|
|
$
|
17,340
|
|
|
$
|
16,580
|
|
|
$
|
17,116
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
$
|
982
|
|
|
$
|
981
|
|
|
$
|
—
|
|
Accounts
payable
|
|
|
247
|
|
|
|
266
|
|
|
|
310
|
|
Accrued
liabilities
|
|
|
511
|
|
|
|
403
|
|
|
|
674
|
|
Total current
liabilities
|
|
|
1,740
|
|
|
|
1,650
|
|
|
|
984
|
|
Long-term debt,
net
|
|
|
4,071
|
|
|
|
4,072
|
|
|
|
5,053
|
|
Deferred tax
liabilities
|
|
|
96
|
|
|
|
101
|
|
|
|
66
|
|
Deferred pension and
other post-employment benefits
|
|
|
344
|
|
|
|
346
|
|
|
|
432
|
|
Other
liabilities
|
|
|
340
|
|
|
|
335
|
|
|
|
344
|
|
Total
liabilities
|
|
|
6,591
|
|
|
|
6,504
|
|
|
|
6,879
|
|
Total
equity
|
|
|
10,749
|
|
|
|
10,076
|
|
|
|
10,237
|
|
Total liabilities
and equity
|
|
$
|
17,340
|
|
|
$
|
16,580
|
|
|
$
|
17,116
|
|
Weyerhaeuser
Company
|
Q1.2023 Analyst
Package
|
Preliminary results
(unaudited)
|
|
Consolidated
Statement of Cash Flows
|
|
|
|
|
Q4
|
|
|
Q1
|
|
in millions
|
|
December 31,
2022
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
Cash flows from
operations:
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
$
|
11
|
|
|
$
|
151
|
|
|
$
|
771
|
|
Noncash charges
(credits) to earnings:
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
|
120
|
|
|
|
126
|
|
|
|
122
|
|
Basis of real estate
sold
|
|
|
7
|
|
|
|
33
|
|
|
|
31
|
|
Deferred income taxes,
net
|
|
|
(47)
|
|
|
|
3
|
|
|
|
14
|
|
Pension and other
post-employment benefits
|
|
|
225
|
|
|
|
15
|
|
|
|
25
|
|
Share-based
compensation expense
|
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
276
|
|
Change in:
|
|
|
|
|
|
|
|
|
|
Receivables,
net
|
|
|
68
|
|
|
|
(83)
|
|
|
|
(238)
|
|
Receivables and
payables for taxes
|
|
|
(116)
|
|
|
|
14
|
|
|
|
110
|
|
Inventories
|
|
|
(7)
|
|
|
|
(36)
|
|
|
|
(87)
|
|
Prepaid expenses and
other current assets
|
|
|
(5)
|
|
|
|
(9)
|
|
|
|
(1)
|
|
Accounts payable and
accrued liabilities
|
|
|
(88)
|
|
|
|
(87)
|
|
|
|
(62)
|
|
Pension and
post-employment benefit contributions and payments
|
|
|
(5)
|
|
|
|
(6)
|
|
|
|
(4)
|
|
Other
|
|
|
(4)
|
|
|
|
(3)
|
|
|
|
(8)
|
|
Net cash from
operations
|
|
$
|
167
|
|
|
$
|
126
|
|
|
$
|
957
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Capital expenditures
for property and equipment
|
|
$
|
(208)
|
|
|
$
|
(50)
|
|
|
$
|
(50)
|
|
Capital expenditures
for timberlands reforestation
|
|
|
(15)
|
|
|
|
(21)
|
|
|
|
(20)
|
|
Acquisition of
timberlands
|
|
|
(9)
|
|
|
|
—
|
|
|
|
(18)
|
|
Other
|
|
|
3
|
|
|
|
2
|
|
|
|
1
|
|
Net cash from
investing activities
|
|
$
|
(229)
|
|
|
$
|
(69)
|
|
|
$
|
(87)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Cash dividends on
common shares
|
|
$
|
(132)
|
|
|
$
|
(799)
|
|
|
$
|
(1,218)
|
|
Net proceeds from
issuance of long-term debt
|
|
|
—
|
|
|
|
—
|
|
|
|
881
|
|
Payments on long-term
debt
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,203)
|
|
Proceeds from exercise
of stock options
|
|
|
1
|
|
|
|
2
|
|
|
|
12
|
|
Repurchases of common
shares
|
|
|
(141)
|
|
|
|
(34)
|
|
|
|
(118)
|
|
Other
|
|
|
(5)
|
|
|
|
(10)
|
|
|
|
(18)
|
|
Net cash from
financing activities
|
|
$
|
(277)
|
|
|
$
|
(841)
|
|
|
$
|
(1,664)
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash,
cash equivalents and restricted cash
|
|
$
|
(339)
|
|
|
$
|
(784)
|
|
|
$
|
(794)
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
|
1,920
|
|
|
|
1,581
|
|
|
|
1,999
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$
|
1,581
|
|
|
$
|
797
|
|
|
$
|
1,205
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the
period for:
|
|
|
|
|
|
|
|
|
|
Interest, net of
amounts capitalized
|
|
$
|
72
|
|
|
$
|
57
|
|
|
$
|
78
|
|
Income taxes, net of
refunds
|
|
$
|
120
|
|
|
$
|
6
|
|
|
$
|
85
|
|
Weyerhaeuser Company
Timberlands Segment
|
Q1.2023 Analyst
Package
|
Preliminary results
(unaudited)
|
|
Segment Statement of
Operations
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Sales to unaffiliated
customers
|
|
$
|
437
|
|
|
$
|
462
|
|
|
$
|
465
|
|
Intersegment
sales
|
|
|
111
|
|
|
|
142
|
|
|
|
161
|
|
Total net
sales
|
|
|
548
|
|
|
|
604
|
|
|
|
626
|
|
Costs of
sales
|
|
|
436
|
|
|
|
461
|
|
|
|
423
|
|
Gross
margin
|
|
|
112
|
|
|
|
143
|
|
|
|
203
|
|
General and
administrative expenses
|
|
|
25
|
|
|
|
25
|
|
|
|
24
|
|
Other operating costs
(income), net
|
|
|
1
|
|
|
|
(2)
|
|
|
|
(3)
|
|
Operating income and
Net contribution to earnings
|
|
$
|
86
|
|
|
$
|
120
|
|
|
$
|
182
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Operating
income
|
|
$
|
86
|
|
|
$
|
120
|
|
|
$
|
182
|
|
Depreciation, depletion
and amortization
|
|
|
64
|
|
|
|
68
|
|
|
|
65
|
|
Adjusted
EBITDA(1)
|
|
$
|
150
|
|
|
$
|
188
|
|
|
$
|
247
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA (a non-GAAP measure) on page 1.
|
Selected Segment
Items
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Total increase in
working capital(2)
|
|
$
|
(28)
|
|
|
$
|
(24)
|
|
|
$
|
(34)
|
|
Cash spent for capital
expenditures(3)
|
|
$
|
(38)
|
|
|
$
|
(26)
|
|
|
$
|
(30)
|
|
|
|
(2)
|
Represents the change
in prepaid assets, accounts receivable, accounts payable, accrued
liabilities and log inventory for the Timberlands and Real Estate
& ENR segments combined.
|
(3)
|
Does not include cash
spent for the acquisition of timberlands.
|
Segment
Statistics(4)
|
|
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Third Party
|
|
Delivered
logs:
|
|
|
|
|
|
|
|
|
Net Sales
|
|
West
|
$
|
213
|
|
|
$
|
229
|
|
|
$
|
259
|
|
(millions)
|
|
South
|
|
165
|
|
|
|
168
|
|
|
|
154
|
|
|
|
North
|
|
16
|
|
|
|
17
|
|
|
|
15
|
|
|
|
Total delivered
logs
|
|
394
|
|
|
|
414
|
|
|
|
428
|
|
|
|
Stumpage and pay-as-cut
timber
|
|
16
|
|
|
|
16
|
|
|
|
9
|
|
|
|
Recreational and other
lease revenue
|
|
17
|
|
|
|
18
|
|
|
|
17
|
|
|
|
Other
revenue
|
|
10
|
|
|
|
14
|
|
|
|
11
|
|
|
|
Total
|
$
|
437
|
|
|
$
|
462
|
|
|
$
|
465
|
|
Delivered
Logs
|
|
West
|
$
|
141.88
|
|
|
$
|
137.10
|
|
|
$
|
161.29
|
|
Third Party
Sales
|
|
South
|
$
|
38.67
|
|
|
$
|
38.23
|
|
|
$
|
37.15
|
|
Realizations (per
ton)
|
|
North
|
$
|
80.57
|
|
|
$
|
81.71
|
|
|
$
|
72.79
|
|
Delivered
Logs
|
|
West
|
|
1,503
|
|
|
|
1,674
|
|
|
|
1,604
|
|
Third Party
Sales
|
|
South
|
|
4,252
|
|
|
|
4,386
|
|
|
|
4,135
|
|
Volumes (tons,
thousands)
|
|
North
|
|
202
|
|
|
|
204
|
|
|
|
210
|
|
Fee Harvest
Volumes
|
|
West
|
|
1,773
|
|
|
|
2,245
|
|
|
|
2,240
|
|
(tons,
thousands)
|
|
South
|
|
6,216
|
|
|
|
6,432
|
|
|
|
5,842
|
|
|
|
North
|
|
271
|
|
|
|
285
|
|
|
|
278
|
|
|
|
(4)
|
Western logs are
primarily transacted in MBF but are converted to ton equivalents
for external reporting purposes.
|
Weyerhaeuser Company
Real Estate, Energy & Natural
Resources Segment
|
Q1.2023 Analyst
Package
|
Preliminary results
(unaudited)
|
|
Segment Statement of
Operations
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Net
sales
|
|
$
|
55
|
|
|
$
|
101
|
|
|
$
|
128
|
|
Costs of
sales
|
|
|
13
|
|
|
|
41
|
|
|
|
41
|
|
Gross
margin
|
|
|
42
|
|
|
|
60
|
|
|
|
87
|
|
General and
administrative expenses
|
|
|
8
|
|
|
|
7
|
|
|
|
6
|
|
Other operating costs,
net
|
|
|
10
|
|
|
|
—
|
|
|
|
—
|
|
Operating income and
Net contribution to earnings
|
|
$
|
24
|
|
|
$
|
53
|
|
|
$
|
81
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Operating
income
|
|
$
|
24
|
|
|
$
|
53
|
|
|
$
|
81
|
|
Depreciation, depletion
and amortization
|
|
|
5
|
|
|
|
3
|
|
|
|
4
|
|
Basis of real estate
sold
|
|
|
7
|
|
|
|
33
|
|
|
|
31
|
|
Special
items
|
|
|
10
|
|
|
|
—
|
|
|
|
—
|
|
Adjusted
EBITDA(1)
|
|
$
|
46
|
|
|
$
|
89
|
|
|
$
|
116
|
|
|
(1) See
definition of Adjusted EBITDA (a non-GAAP measure) on page
1.
|
Segment Special
Items Included In Net Contribution to Earnings
(Pretax)
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Restructuring,
impairments and other charges
|
|
$
|
(10)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Segment
Items
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Cash spent for capital
expenditures
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Statistics
|
|
|
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Net Sales
|
Real Estate
|
|
$
|
18
|
|
|
$
|
72
|
|
|
$
|
97
|
|
(millions)
|
Energy and Natural
Resources
|
|
|
37
|
|
|
|
29
|
|
|
|
31
|
|
|
Total
|
|
$
|
55
|
|
|
$
|
101
|
|
|
$
|
128
|
|
Acres Sold
|
Real Estate
|
|
|
2,745
|
|
|
|
20,753
|
|
|
|
24,126
|
|
Price per
Acre
|
Real Estate
|
|
$
|
5,550
|
|
|
$
|
3,241
|
|
|
$
|
3,785
|
|
Basis as a Percent
of
Real Estate Net Sales
|
Real Estate
|
|
|
39
|
%
|
|
|
46
|
%
|
|
|
32
|
%
|
Weyerhaeuser Company
Wood
Products Segment
|
Q1.2023 Analyst
Package
|
Preliminary results
(unaudited)
|
|
Segment Statement of
Operations
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Net
sales
|
|
$
|
1,331
|
|
|
$
|
1,318
|
|
|
$
|
2,519
|
|
Costs of
sales
|
|
|
1,116
|
|
|
|
1,159
|
|
|
|
1,276
|
|
Gross
margin
|
|
|
215
|
|
|
|
159
|
|
|
|
1,243
|
|
Selling
expenses
|
|
|
22
|
|
|
|
22
|
|
|
|
21
|
|
General and
administrative expenses
|
|
|
36
|
|
|
|
36
|
|
|
|
35
|
|
Other operating costs,
net
|
|
|
10
|
|
|
|
6
|
|
|
|
5
|
|
Operating income and
Net contribution to earnings
|
|
$
|
147
|
|
|
$
|
95
|
|
|
$
|
1,182
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Operating
income
|
|
$
|
147
|
|
|
$
|
95
|
|
|
$
|
1,182
|
|
Depreciation, depletion
and amortization
|
|
|
50
|
|
|
|
53
|
|
|
|
51
|
|
Adjusted
EBITDA(1)
|
|
$
|
197
|
|
|
$
|
148
|
|
|
$
|
1,233
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA (a non-GAAP measure) on page 1.
|
Selected Segment
Items
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Total decrease
(increase) in working capital(2)
|
|
$
|
20
|
|
|
$
|
(127)
|
|
|
$
|
(371)
|
|
Cash spent for capital
expenditures
|
|
$
|
(184)
|
|
|
$
|
(43)
|
|
|
$
|
(39)
|
|
|
|
(2)
|
Represents the change
in prepaid assets, accounts receivable, accounts payable, accrued
liabilities and inventory for the Wood Products segment.
|
Segment
Statistics
|
|
in millions, except for
third party sales realizations
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Structural Lumber
|
Third party net
sales
|
|
$
|
494
|
|
|
$
|
515
|
|
|
$
|
1,206
|
|
(volumes
presented
|
Third party sales
realizations
|
|
$
|
495
|
|
|
$
|
450
|
|
|
$
|
1,041
|
|
in board
feet)
|
Third party sales
volumes(3)
|
|
|
996
|
|
|
|
1,144
|
|
|
|
1,157
|
|
|
Production
volumes
|
|
|
938
|
|
|
|
1,143
|
|
|
|
1,203
|
|
Oriented
Strand
|
Third party net
sales
|
|
$
|
230
|
|
|
$
|
208
|
|
|
$
|
564
|
|
Board
|
Third party sales
realizations
|
|
$
|
335
|
|
|
$
|
269
|
|
|
$
|
787
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
686
|
|
|
|
773
|
|
|
|
717
|
|
in square feet
3/8")
|
Production
volumes
|
|
|
729
|
|
|
|
761
|
|
|
|
739
|
|
Engineered
Solid
|
Third party net
sales
|
|
$
|
186
|
|
|
$
|
169
|
|
|
$
|
196
|
|
Section
|
Third party sales
realizations
|
|
$
|
3,743
|
|
|
$
|
3,643
|
|
|
$
|
3,433
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
5.0
|
|
|
|
4.7
|
|
|
|
5.7
|
|
in cubic
feet)
|
Production
volumes
|
|
|
5.5
|
|
|
|
4.6
|
|
|
|
5.7
|
|
Engineered
|
Third party net
sales
|
|
$
|
102
|
|
|
$
|
87
|
|
|
$
|
137
|
|
I-joists
|
Third party sales
realizations
|
|
$
|
3,537
|
|
|
$
|
3,171
|
|
|
$
|
2,969
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
29
|
|
|
|
27
|
|
|
|
46
|
|
in lineal
feet)
|
Production
volumes
|
|
|
31
|
|
|
|
25
|
|
|
|
44
|
|
Softwood Plywood
|
Third party net
sales
|
|
$
|
35
|
|
|
$
|
41
|
|
|
$
|
58
|
|
(volumes
presented
|
Third party sales
realizations
|
|
$
|
543
|
|
|
$
|
490
|
|
|
$
|
783
|
|
in square feet
3/8")
|
Third party sales
volumes(3)
|
|
|
66
|
|
|
|
83
|
|
|
|
75
|
|
|
Production
volumes
|
|
|
62
|
|
|
|
74
|
|
|
|
66
|
|
Medium
Density
|
Third party net
sales
|
|
$
|
41
|
|
|
$
|
38
|
|
|
$
|
48
|
|
Fiberboard
|
Third party sales
realizations
|
|
$
|
1,310
|
|
|
$
|
1,314
|
|
|
$
|
1,082
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
31
|
|
|
|
29
|
|
|
|
44
|
|
in square feet
3/4")
|
Production
volumes
|
|
|
31
|
|
|
|
34
|
|
|
|
44
|
|
|
|
(3)
|
Volumes include sales
of internally produced products and products purchased for resale
primarily through our distribution business.
|
Weyerhaeuser Company
Unallocated Items
|
Q1.2023 Analyst
Package
|
Preliminary results
(unaudited)
|
|
Unallocated items are
gains or charges not related to, or allocated to, an individual
operating segment. They include all or a portion of items such
as
share-based compensation, pension and post-employment costs,
elimination of intersegment profit in inventory and LIFO, foreign
exchange
transaction gains and losses and interest income and
other.
|
Net Charge to
Earnings
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Unallocated corporate
function and variable compensation expense
|
|
$
|
(36)
|
|
|
$
|
(27)
|
|
|
$
|
(31)
|
|
Liability classified
share-based compensation
|
|
|
(1)
|
|
|
|
—
|
|
|
|
1
|
|
Foreign exchange
loss
|
|
|
(2)
|
|
|
|
(1)
|
|
|
|
—
|
|
Elimination of
intersegment profit in inventory and LIFO
|
|
|
18
|
|
|
|
9
|
|
|
|
(59)
|
|
Other, net
|
|
|
(4)
|
|
|
|
(13)
|
|
|
|
(12)
|
|
Operating
loss
|
|
|
(25)
|
|
|
|
(32)
|
|
|
|
(101)
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
(216)
|
|
|
|
(9)
|
|
|
|
(15)
|
|
Interest income and
other
|
|
|
16
|
|
|
|
12
|
|
|
|
(1)
|
|
Net charge to
earnings
|
|
$
|
(225)
|
|
|
$
|
(29)
|
|
|
$
|
(117)
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Operating
loss
|
|
$
|
(25)
|
|
|
$
|
(32)
|
|
|
$
|
(101)
|
|
Depreciation, depletion
and amortization
|
|
|
1
|
|
|
|
2
|
|
|
|
2
|
|
Adjusted
EBITDA(1)
|
|
$
|
(24)
|
|
|
$
|
(30)
|
|
|
$
|
(99)
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA (a non-GAAP measure) on page 1.
|
Unallocated Special
Items Included in Net Charge to Earnings
(Pretax)
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Pension settlement
charge
|
|
$
|
(205)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Special items
included in net charge to earnings
|
|
$
|
(205)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Unallocated Selected
Items
|
|
in millions
|
|
Q4.2022
|
|
|
Q1.2023
|
|
|
Q1.2022
|
|
Cash spent for capital
expenditures
|
|
$
|
(1)
|
|
|
$
|
(2)
|
|
|
$
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information contact:
Analysts – Andy
Taylor (206) 539-3907
Media – Nancy
Thompson (919) 861-0342
View original content to download
multimedia:https://www.prnewswire.com/news-releases/weyerhaeuser-reports-first-quarter-results-301810176.html
SOURCE Weyerhaeuser Company