Weyerhaeuser Company reported 4Q 2021 net earnings of $416 million, or 55 cents per diluted share, on net sales of $2.2 billion. This compares with net earnings of $292 million, or 39 cents per diluted share, on net sales of $2.1 billion for the same period last year and net earnings of $482 million for the 3Q 2021.
Excluding a total after-tax benefit of $49 million for special items, the company reported 4Q 2021 net earnings of $367 million, or 49 cents per diluted share. This compares with net earnings before special items of $361 million for the same period last year and $450 million for the 3Q 2021.
Adjusted EBITDA for the 4Q 2021 was $674 million compared with $657 million for the same period last year and $746 million for 3Q 2021.
For the full year 2021, Weyerhaeuser reported record net earnings of $2.6 billion, or $3.47 per diluted share, on net sales of $10.2 billion. This compares with net earnings of $797 million on net sales of $7.5 billion for the full year 2020. Full year 2021 includes a total after-tax benefit of $81 million for special items.
Adjusted EBITDA for full year 2021 was a record $4.1 billion compared with $2.2 billion for full year 2020.
The company declared a $1.45 per share supplemental dividend. On a combined basis, including dividends and share repurchase, the company is returning more than $2 billion of cash, or 79% of 2021 Adjusted FAD, to shareholders based on its 2021 results.
"Our 2021 financial performance was the strongest on record and each of our businesses delivered exceptional results despite persistent operational and market challenges," said Devin W. Stockfish, President and CEO. "Our teams delivered the highest Wood Products Adjusted EBITDA on record, captured over $70 million of operational excellence improvements, optimized our timberlands holdings through strategic transactions in Alabama and Washington, and launched our new Natural Climate Solutions business. As we enter 2022, we continue to be encouraged by strong demand fundamentals that will drive growth for our businesses and remain focused on creating superior value for shareholders through our unmatched portfolio of assets, industry-leading operating performance, strong ESG foundation and disciplined capital allocation."
Weyerhaeuser Company is one of the world's largest private owners of timberlands, began operations in 1900.
