Weyerhaeuser's Business Segments Posted Outstanding Q3 Results

SEATTLE (Scrap Monster): Weyerhaeuser Company reported financial and operating results for third quarter 2020.

The company posted third quarter net earnings of $283 million, or 38 cents per diluted share. This compares with net earnings of $99 million, or 13 cents per diluted share for the same period last year. The net sales surged higher over the previous year quarter from $1.7 billion to $2.1 billion. The adjusted EBITDA for the quarter was $745 million compared with $308 million during the prior year quarter.

In Timberlands segment, the domestic log sales volume recorded modest decline, whereas the export log sales volume plunged significantly. The average log sales realizations were flat upon comparison with the prior quarter. The wood products segment posted record benchmark prices for lumber and oriented strand board. The sales volume for engineered wood products also witnessed significant improvement.

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The company declared a dividend of $0.17 per share on the common stock of the company, payable in cash on December 18, 2020.

Devin W. Stockfish, president and chief executive officer noted that each of its businesses delivered outstanding operational and financial results despite disruptions from severe weather, unprecedented forest fires and the ongoing COVID-19 pandemic. The company remains confident that the recent strength in U.S. housing will continue, he added.