Weyerhaeuser Company reported Q1 2023 net earnings of $151 million, or 21 cents per diluted share, on net sales of $1.9 billion. This compares with net earnings of $771 million, or $1.03 per diluted share, on net sales of $3.1 billion for the same period last year and net earnings of $11 million for the Q4 2022.
There were no special items in Q1 2023. Net earnings before special items were $978 million for the same period last year and $171 million for the Q4 2022. Adjusted EBITDA for the Q1 2023 was $395 million compared with $1.5 billion for the same period last year and $369 million for the Q4 2022.
"I am pleased with the solid operational and financial results delivered by our teams in the Q1," said Devin W. Stockfish, president and CEO. "In addition, during the quarter we increased our base dividend by 5.6% and returned more than $830 million to shareholders through base and supplemental dividend payments and share repurchase activity. Looking forward, we remain constructive on the longer-term demand fundamentals that will drive growth for our businesses, notwithstanding the current macroeconomic headwinds. Our financial position is exceptionally strong, and we remain focused on driving 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.
