Please wait while we load the requested 8-K report or click the link below:
https://last10k.com/sec-filings/report/106535/000010653518000080/wyq3188kearningsrelease.htm
January 2023
January 2023
December 2022
November 2022
October 2022
September 2022
September 2022
August 2022
July 2022
June 2022
For more information contact: | Analysts - Beth Baum (206) 539-3907 | |
Media - Nancy Thompson (919) 760-3484 |
• | Net earnings of $255 million, or $0.34 per diluted share |
• | Increased quarterly dividend by 6.3 percent to $0.34 per share |
• | Repurchased $290 million of common shares during the third quarter |
WEYERHAEUSER FINANCIAL HIGHLIGHTS | 2018 | 2018 | 2017 | ||
(millions, except per share data) | Q2 | Q3 | Q3 | ||
Net sales | $2,065 | $1,910 | $1,872 | ||
Net earnings | $317 | $255 | $130 | ||
Net earnings per diluted share | $0.42 | $0.34 | $0.17 | ||
Weighted average shares outstanding, diluted | 761 | 757 | 757 | ||
Net earnings before special items(1) | $332 | $214 | $259 | ||
Net earnings per diluted share before special items | $0.44 | $0.28 | $0.34 | ||
Adjusted EBITDA(2) | $637 | $505 | $569 | ||
(1) Second quarter 2018 special items include $15 million of net after-tax charges for product remediation. Third quarter 2018 after-tax special items include a $41 million tax benefit related to the previously announced $300 million contribution to our U.S. qualified pension plan. Third quarter 2017 after-tax special items include a $118 million charge for product remediation, $4 million for countervailing and antidumping duties on Canadian softwood lumber the company sold into the United States, $4 million for restructuring, impairments, and other charges, and $3 million for Plum Creek merger-related costs. Beginning first quarter 2018, countervailing and antidumping duties are no longer reported as a special item. | |||||
(2) 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, unallocated pension service costs and special items. Adjusted EBITDA excludes results from joint ventures. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results. A reconciliation of Adjusted EBITDA to GAAP earnings is included within this release. |
FINANCIAL HIGHLIGHTS | 2018 | 2018 | |||
(millions) | Q2 | Q3 | Change | ||
Net sales | $667 | $653 | ($14) | ||
Contribution to pre-tax earnings | $161 | $126 | ($35) | ||
Adjusted EBITDA | $240 | $206 | ($34) |
FINANCIAL HIGHLIGHTS | 2018 | 2018 | |||
(millions) | Q2 | Q3 | Change | ||
Net sales | $58 | $96 | $38 | ||
Contribution to pre-tax earnings | $22 | $36 | $14 | ||
Adjusted EBITDA | $47 | $86 | $39 |
FINANCIAL HIGHLIGHTS | 2018 | 2018 | ||||
(millions) | Q2 | Q3 | Change | |||
Net sales | $1,525 | $1,346 | ($179) | |||
Contribution to pre-tax earnings | $329 | $213 | ($116) | |||
Pre-tax charge (benefit) for special items | $20 | — | ($20) | |||
Contribution to pre-tax earnings before special items | $349 | $213 | ($136) | |||
Adjusted EBITDA | $385 | $250 | ($135) |
• | the effect of general economic conditions, including employment rates, interest rate levels, housing starts, general availability of financing for home mortgages and the relative strength of the U.S. dollar; |
• | 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 yen and the Canadian dollar, and the relative value of the euro to the yen; |
• | restrictions on international trade, tariffs imposed on imports of our products and 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, and cost reduction initiatives; |
• | raw material availability and prices; |
• | the effect of weather; |
• | 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 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; |
• | changes in accounting principles; and |
• | other risks and uncertainties identified in our 2017 Annual Report on Form 10-K, which are incorporated herein by reference, as well as those set forth from time to time in our other public statements and other reports and filings with the SEC. |
DOLLAR AMOUNTS IN MILLIONS | Timberlands | Real Estate & ENR | Wood Products | Unallocated Items | Total | ||||||||||||||
Adjusted EBITDA by Segment: | |||||||||||||||||||
Net earnings | $ | 317 | |||||||||||||||||
Interest expense, net of capitalized interest | 92 | ||||||||||||||||||
Income taxes | 65 | ||||||||||||||||||
Net contribution to earnings | $ | 161 | $ | 22 | $ | 329 | $ | (38 | ) | $ | 474 | ||||||||
Non-operating pension and other postretirement benefit costs | — | — | — | 13 | 13 | ||||||||||||||
Interest income and other | — | — | — | (11 | ) | (11 | ) | ||||||||||||
Operating income (loss) | 161 | 22 | 329 | (36 | ) | 476 | |||||||||||||
Depreciation, depletion and amortization | 79 | 3 | 36 | 1 | 119 | ||||||||||||||
Basis of real estate sold | — | 22 | — | — | 22 | ||||||||||||||
Special items(1) | — | — | 20 | — | 20 | ||||||||||||||
Adjusted EBITDA | $ | 240 | $ | 47 | $ | 385 | $ | (35 | ) | $ | 637 |
(1) | Pre-tax special items included in Wood Products consist of net charges of $20 million for finalization of product remediation costs. |
DOLLAR AMOUNTS IN MILLIONS | Timberlands | Real Estate & ENR | Wood Products | Unallocated Items | Total | ||||||||||||||
Adjusted EBITDA by Segment: | |||||||||||||||||||
Net earnings | $ | 255 | |||||||||||||||||
Interest expense, net of capitalized interest | 93 | ||||||||||||||||||
Income taxes(1) | (15 | ) | |||||||||||||||||
Net contribution to earnings | $ | 126 | $ | 36 | $ | 213 | $ | (42 | ) | $ | 333 | ||||||||
Non-operating pension and other postretirement benefit costs | — | — | — | 17 | 17 | ||||||||||||||
Interest income and other | — | — | — | (13 | ) | (13 | ) | ||||||||||||
Operating income (loss) | 126 | 36 | 213 | (38 | ) | 337 | |||||||||||||
Depreciation, depletion and amortization | 80 | 4 | 37 | 1 | 122 | ||||||||||||||
Basis of real estate sold | — | 46 | — | — | 46 | ||||||||||||||
Adjusted EBITDA | $ | 206 | $ | 86 | $ | 250 | $ | (37 | ) | $ | 505 |
(1) | After tax special items included a $41 million tax benefit related to our $300 million pension contribution. There were no pre-tax special items in third quarter 2018. |
DOLLAR AMOUNTS IN MILLIONS | Timberlands | Real Estate & ENR | Wood Products | Unallocated Items | Total | ||||||||||||||
Adjusted EBITDA by Segment: | |||||||||||||||||||
Net earnings | $ | 130 | |||||||||||||||||
Interest expense, net of capitalized interest | 98 | ||||||||||||||||||
Income taxes | (27 | ) | |||||||||||||||||
Net contribution to earnings | $ | 131 | $ | 47 | $ | 40 | $ | (17 | ) | $ | 201 | ||||||||
Non-operating pension and other postretirement benefit costs | — | — | — | 16 | 16 | ||||||||||||||
Interest income and other | — | (1 | ) | — | (11 | ) | (12 | ) | |||||||||||
Operating income (loss) | 131 | 46 | 40 | (12 | ) | 205 | |||||||||||||
Depreciation, depletion and amortization | 89 | 4 | 37 | 2 | 132 | ||||||||||||||
Basis of real estate sold | — | 24 | — | — | 24 | ||||||||||||||
Unallocated pension service costs | — | — | — | 1 | 1 | ||||||||||||||
Special items(1) | — | — | 201 | 6 | 207 | ||||||||||||||
Adjusted EBITDA | $ | 220 | $ | 74 | $ | 278 | $ | (3 | ) | $ | 569 |
(1) | Special items attributable to Wood Products includes: $190 million of product remediation charges, $6 million of restructuring, impairments and other charges and $5 million of retroactive and prospective countervailing and antidumping duties. Special items attributable to Unallocated Items include $6 million of Plum Creek merger-related costs. |
Please wait while we load the requested 8-K report or click the link below:
https://last10k.com/sec-filings/report/106535/000010653518000080/wyq3188kearningsrelease.htm
Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Weyerhaeuser Co.
Weyerhaeuser Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
Material Contracts, Statements, Certifications & more
Weyerhaeuser Co provided additional information to their SEC Filing as exhibits
Ticker: WYEvents:
CIK: 106535
Form Type: 8-K Corporate News
Accession Number: 0000106535-18-000080
Submitted to the SEC: Thu Oct 25 2018 9:28:32 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Friday, October 26, 2018
Industry: Real Estate Investment Trusts