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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. |
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