Weyerhaeuser Company Declared Q3 2022 Results

SEATTLE (Scrap Monster): Weyerhaeuser Company announced results for third quarter 2022.

The company reported third quarter net earnings of $310 million, or 42 cents per diluted share. This compares with net earnings of $482 million, or 64 cents per diluted share in Q3 last year. The net sales remained more or less unchanged at $2.3 billion year-on-year. The adjusted EBITDA for the third quarter of 2022 was $583 million compared with $746 million for the same period last year.

The sales realizations for lumber and OSB declined significantly during the quarter. The work stoppages at its Washington and Oregon mills led to moderately lower sales and production volumes for lumber. The wood products segment is likely to report lower earnings and adjusted EBITDA in Q4 this year. However, Weyerhaeuser expects significantly lower log costs during the upcoming quarter.

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Commenting on the results, Devin W. Stockfish, president and chief executive officer noted that the company delivered solid results across its business segments, despite increasing macroeconomic headwinds. The company continues to maintain a constructive longer-term outlook for the demand fundamentals. Also, the exceptionally strong balance sheet of the company will help it navigate through challenging market conditions in future, Stockfish added.