Weyerhaeuser Q3 Profits Hurt by Dip in Wood Products Sales

SEATTLE (Scrap Monster): Weyerhaeuser Company reported third quarter net earnings of $239 million, or 33 cents per diluted share. This compares with net earnings of $310 million, or 42 cents per diluted share in the corresponding quarter a year before and net earnings of $230 million during the sequential second quarter of the year.

The net sales recorded a decline from $2.3 billion a year before to $2 billion in Q3 2023. The adjusted EBITDA for Q3 2023 was $509 million, upon comparison with $583 million in Q3 2022 and $469 million in Q2 2023.

The Wood Products segment sales volume for lumber were slightly lower on account of reduced production at several mills due to temporary operational disruptions. The oriented strand board (OSB) sales volume were moderately lower. The company expects the segment fourth quarter earnings and Adjusted EBITDA will be moderately lower than the third quarter. Also, it anticipates moderately higher sales volumes for lumber and OSB, said the company press release.

Devin W. Stockfish, president and chief executive officer stated that the company delivered solid results across its businesses in the third quarter. The company remains constructive on the longer-term demand fundamentals, though it sees moderation in near-term market conditions.