Weyerhaeuser Posted Dip in 2023 Net Earnings

SEATTLE (Scrap Monster): Weyerhaeuser Company announced results for fourth quarter and full year 2023.

The company reported fourth quarter net earnings of $219 million, or 30 cents per diluted share. This compares with net earnings of $11 million, or 2 cents per diluted share for the same period last year. The net sales remained more or less flat at $1.8 billion during the quarter. The Q4 2023 adjusted EBITDA was $321 million, modestly down from $369 million a year before.

For the full year, it reported net earnings of $839 million, or $1.15 per diluted share, compared with net earnings of $1.9 billion in 2022. The net sales recorded year-on-year decline from $10.2 billion to $7.7 billion. The adjusted EBITDA too was down from $3.7 billion to $1.7 billion over the previous year.

Commenting on the outlook for Q1 2024, the earnings before special items and Adjusted EBITDA to remain comparable to the fourth quarter, said the company. Weyerhaeuser Company expects moderately lower fee harvest volumes in the South and moderately higher fee harvest volumes in the West.

Devin W. Stockfish, president and chief executive officer said that the 2023 performance, amidst challenging market conditions, reflects solid execution across all businesses. The resilient housing market is expected to drive business growth in 2024, he added.