Weyerhaeuser Company reported Q2 2023 net earnings of $230 million, or 31 cents per diluted share, on net sales of $2.0 billion. This compares with net earnings of $788 million, or $1.06 per diluted share, on net sales of $3.0 billion for the same period last year and net earnings of $151 million for Q12023. Excluding an after-tax charge of $8 million for special items, the company reported Q2 2023 net earnings of $238 million, or 32 cents per diluted share. There were no special items in Q2 2022 or Q1 2023. Adjusted EBITDA for Q2 2023 was $469 million compared with $1.2 billion for the same period last year and $395 million for Q1 2023.
In July, Weyerhaeuser acquired 22 thousand acres of timberlands in Mississippi for approximately $60 million. These highly productive timberlands are strategically located to deliver immediate synergies with existing Weyerhaeuser operations and offer incremental real estate and natural climate solutions opportunities.
"In the Q2, our teams delivered solid results across each of our businesses," said Devin W. Stockfish, President and CEO. "In addition, we continue to make meaningful progress towards our multi-year growth targets with the recent acquisition of high-quality timberlands in Mississippi. Looking forward, we are encouraged by recent improvements in the housing market, and maintain a favorable longer-term outlook for the demand fundamentals that will drive growth for our businesses. Our financial position is exceptionally strong, and we remain focused on delivering operational excellence across our unmatched portfolio of assets and enhancing shareholder value through disciplined capital allocation."
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. The Company owns or controls approximately 11 million acres of timberlands in the U.S. and manages additional timberlands under long-term licenses in Canada.
