Weyerhaeuser Company reported 3Q 2019 net earnings of $99 million, or 13 cents per diluted share, on net sales of $1.7 billion. This compares with net earnings of $255 million, or 34 cents per diluted share, on net sales of $1.9 billion for the same period last year, as the company says in the press release received by Lesprom Network.
Excluding a net after-tax benefit of $40 million for special items, primarily relating to a product remediation insurance recovery, the company reported 3Q net earnings of $59 million, or eight cents per diluted share. This compares with net earnings before special items of $214 million for the same period last year and $123 million for the 2Q 2019.
Adjusted EBITDA for the 3Q 2019 was $308 million compared with $505 million for the same period last year and $343 million for the 2Q 2019.
"In the 3Q, we again delivered strong operating performance despite challenging market conditions," said Devin W. Stockfish, president and CEO. "We also announced the pending sale of 555,000 acres in Michigan, which will further optimize our timberlands portfolio. Looking forward, we continue to expect that U.S. housing activity will follow a modest growth trajectory. We remain intently focused on achieving operational excellence in every aspect of our business and fully capitalizing on every available market opportunity to drive value for our shareholders."
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. The company controls approximately 12 million acres of timberlands in the U.S., and manages additional timberlands under long-term licenses in Canada.
