Weyerhaeuser Posted Strongest-Ever Quarterly Results

SEATTLE (Scrap Monster): Weyerhaeuser Company announced financial results for second quarter this year.

The company reported net earnings of $1.0 billion, or $1.37 per diluted share, on net sales of $3.1 billion. This compares with net earnings of $72 million, or 10 cents per diluted share, on net sales of $1.6 billion for the same period last year. The adjusted EBITDA surged significantly from $386 million in the prior year quarter to $1.6 billion in Q2 this year. It generated record operating cash flow and cut long-term debt by $225 million, said the company press release.

ALSO READ:

Weyerhaeuser Announced Significant Capital Investment in Holden Sawmill

Weyerhaeuser Completed Acquisition of Southwest Alabama Timberlands

The sales realizations for lumber and OSB surged by 25% and 48% respectively during the quarter. Weyerhaeuser reported moderate increase in sales volume. The OSB production and sales volumes recorded moderate decline. Raw material costs for Wood Products increased, especially for Canadian logs.

Devin W. Stockfish, president and chief executive officer noted that the company delivered its strongest quarterly results on record, surpassing the record during the last quarter by over 40%. The company maintains exceptionally strong financial position and looks forward to favourable outlook, mainly driven by continued strength in residential construction.