Weyerhaeuser Company reported 1Q 2022 net earnings of $771 million, or $1.03 per diluted share, on net sales of $3.1 billion. This compares with net earnings of $681 million, or 91 cents per diluted share, on net sales of $2.5 billion for the same period last year and net earnings of $416 million for the 4Q 2021. Excluding an after-tax charge of $207 million for special items, the company reported 1Q 2022 net earnings of $978 million, or $1.31 per diluted share. This compares with net earnings before special items of $367 million for the 4Q 2021.
Adjusted EBITDA for the 1Q 2022 was $1.5 billion compared with $1.1 billion for the same period last year and $674 million for the 4Q 2021.
"I am extremely proud of our 1Q results," said Devin W. Stockfish, President and CEO. "Our teams delivered the company's strongest 1Q Adjusted EBITDA on record notwithstanding ongoing operational and supply chain challenges. In addition, we increased our base dividend by 5.9% and refinanced $900 million of debt in the quarter. We've also made meaningful progress towards our multi-year growth targets with the signing of our first carbon capture and storage agreement. Looking forward, we remain constructive on the demand fundamentals that will drive growth for our businesses and are well positioned to deliver superior long-term value and returns for our shareholders."
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.
