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Weyerhaeuser Reports Third Quarter Results

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

SEATTLE (October 26, 2018) - Weyerhaeuser Company (NYSE: WY) today reported third quarter net earnings of $255 million, or 34 cents per diluted share, on net sales of $1.9 billion. This compares with earnings of $130 million, or 17 cents per diluted share, on net sales of $1.9 billion for the same period last year.

Excluding a special tax benefit of $41 million, the company reported net earnings of $214 million, or 28 cents per diluted share for the third quarter. This compares with net earnings before special items of $259 million for the same period last year and $332 million for the second quarter of 2018. Adjusted EBITDA for the third quarter was $505 million compared with $569 million for the third quarter of last year and $637 million for the second quarter of 2018.

“In the third quarter, our business delivered solid operating performance despite significant headwinds from severe weather, trade policy and unusually volatile wood products markets,” said Doyle R. Simons, president and chief executive officer. “During the quarter we demonstrated our ongoing commitment to disciplined capital allocation by increasing our quarterly dividend six percent, repurchasing $290 million of common shares, and announcing actions to reduce our pension liabilities. Going forward, we remain relentlessly focused on driving value for shareholders through industry-leading performance and disciplined capital allocation.”
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.
 

1

The following information was filed by Weyerhaeuser Co (WY) on Friday, October 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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