Weyerhaeuser Company Announced Solid Q1 2024 Results

SEATTLE (Scrap Monster): Weyerhaeuser Company posted solid results across its businesses during the first quarter of 2024.

The company reported Q1 2024 net earnings of $114 million, or 16 cents per diluted share. This compares with net earnings of $151 million, or 21 cents per diluted share in the year-ago quarter and $219 million for the prior quarter. The net sales dropped from $1.9 billion a year before to $1.8 billion. The adjusted EBITDA for the quarter stood at $352 million, marginally lower from $395 million during the corresponding quarter a year before.

In the Wood Products segment, the sales realizations for both lumber and oriented strand board (OSB) surged higher by 4%, upon comparison with the prior quarter averages. The lumber sales volumes were down marginally, partly driven by winter weather disruptions. For OSB, the sales volumes and fiber costs edged higher slightly. The company anticipates the Q2 earnings and adjusted EBITDA from the segment to be slightly higher than the first quarter.

Commenting on the results, Devin W. Stockfish, president and chief executive officer, Weyerhaeuser Company noted that the company continues to remain focused on driving peer-leading performance across its businesses, thereby delivering long-term returns to its shareholders.

YOU MAY ALSO BE INTERESTED IN:

North American Sawmill Capacity Dipped in 2023

Weyerhaeuser Company Scraps Plans for Coastal Georgia Plant