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Weyerhaeuser Reports Third Quarter Results

- Achieved net earnings of $482 million, or $0.64 per diluted share

- Generated $746 million of Adjusted EBITDA

Oct 29, 2021

SEATTLE, Oct. 29, 2021 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported third quarter net earnings of $482 million, or 64 cents per diluted share, on net sales of $2.3 billion. This compares with net earnings of $283 million, or 38 cents per diluted share, on net sales of $2.1 billion for the same period last year.

View our earnings release and financial statements in a printer-friendly PDF.

Excluding an after-tax benefit of $32 million for special items related to a gain on the sale of timberlands, the company reported third quarter net earnings of $450 million, or 60 cents per diluted share. This compares with net earnings before special items of $386 million for the same period last year and $1.0 billion for the second quarter of 2021.

Adjusted EBITDA for the third quarter of 2021 was $746 million compared with $745 million for the same period last year and $1.6 billion for the second quarter of 2021.

"In the third quarter, we delivered strong results across each of our businesses despite weather-related operational disruptions, continued supply chain challenges and the ongoing pandemic," said Devin W. Stockfish, president and chief executive officer. "Our teams did an exceptional job navigating these headwinds and I'm extremely proud of their collective focus on operating safely, strong execution and continuing to serve our customers. Year to date, we have generated more than $3.4 billion of Adjusted EBITDA and $2.4 billion of Adjusted Funds Available for Distribution. We expect this record cash flow generation to result in a significant supplemental dividend payment to shareholders in the first quarter of 2022. We are bullish on the underlying demand fundamentals for U.S. housing and growth opportunities for our businesses and remain intently focused on delivering superior shareholder value."

WEYERHAEUSER FINANCIAL HIGHLIGHTS

 

2021

 

2021

 

2020

(millions, except per share data)

 

Q2

 

Q3

 

Q3

Net sales

 

$3,144

 

$2,345

 

$2,110

Net earnings

 

$1,028

 

$482

 

$283

Net earnings per diluted share

 

$1.37

 

$0.64

 

$0.38

Weighted average shares outstanding, diluted

 

752

 

751

 

748

Net earnings before special items(1)(2)

 

$1,028

 

$450

 

$386

Net earnings per diluted share before special items(1)

 

$1.37

 

$0.60

 

$0.52

Adjusted EBITDA(1)

 

$1,573

 

$746

 

$745

Net cash from operations

 

$1,308

 

$659

 

$608

Adjusted FAD(3)

 

$1,236

 

$561

 

$543

   

(1)

Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Additionally, Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Net earnings before special items and Adjusted EBITDA should not be considered in isolation from, and are not intended to represent an alternative to, our GAAP results. Reconciliations of Net earnings before special items and Adjusted EBITDA to GAAP earnings are included within this release.

   

(2)

Third quarter 2021 after-tax special items includes a $32 million gain on the sale of timberlands. Special items for prior periods presented are included in the reconciliation tables within this release.

   

(3)

Adjusted Funds Available for Distribution (Adjusted FAD) is a non-GAAP measure that management uses to evaluate the company's liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant non-recurring items. Adjusted FAD measures cash generated during the period (net of capital expenditures and significant non-recurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. A reconciliation of Adjusted FAD to net cash from operations is included within this release.

TIMBERLANDS

FINANCIAL HIGHLIGHTS

 

2021

 

2021

   

(millions)

 

Q2

 

Q3

 

Change

Net sales

 

$541

 

$552

 

$11

Net contribution to pretax earnings

 

$113

 

$133

 

$20

Pretax benefit for special items

 

$—

 

($32)

 

($32)

Net contribution to pretax earnings before special items

 

$113

 

$101

 

($12)

Adjusted EBITDA

 

$180

 

$165

 

($15)

Q3 2021 Performance – In the West, fee harvest volumes were modestly lower than the second quarter due to continued salvage operations and harvest restrictions resulting from regional wildfire activity. Per unit log and haul costs increased as Western harvest activity shifted to higher elevation units. Export sales realizations were moderately higher, driven by strong demand. In the South, sales realizations for sawlogs and fiber logs improved and fee harvest volumes increased slightly, but harvest activity was affected by persistent wet conditions and weather events. Per unit log and haul costs and forestry and road costs were slightly higher.  

Third quarter special items consist of a $32 million gain on the previously announced sale of 145 thousand acres of timberlands in the North Cascades region of Washington, which was completed in July.

Q4 2021 Outlook – Weyerhaeuser expects fourth quarter earnings and Adjusted EBITDA will be comparable to the third quarter. In the West, the company expects moderately higher fee harvest volumes and lower per unit log and haul costs, as salvage-related harvest will decrease. Domestic sales realizations are expected to be moderately lower compared to the third quarter. In the South, the company expects slightly higher fee harvest volumes due to improving weather conditions as well as slightly higher sales realizations as mills rebuild from lower than normal inventory levels. This is expected to be offset by slightly higher per unit log and haul costs as well as moderately higher forestry and road costs.

REAL ESTATE, ENERGY & NATURAL RESOURCES

FINANCIAL HIGHLIGHTS

 

2021

 

2021

   

(millions)

 

Q2

 

Q3

 

Change

Net sales

 

$110

 

$69

 

($41)

Net contribution to pretax earnings

 

$63

 

$45

 

($18)

Adjusted EBITDA

 

$91

 

$60

 

($31)

Q3 2021 Performance – Earnings and Adjusted EBITDA decreased from the second quarter due to lower real estate sales. The number of real estate acres sold decreased due to the timing of real estate transactions, partially offset by an increase in the average price per acre due to the mix of properties sold.

Q4 2021 Outlook – Weyerhaeuser anticipates fourth quarter earnings and Adjusted EBITDA will be significantly lower than the third quarter due to the timing of transactions. The company still expects full year 2021 Adjusted EBITDA will be approximately $290 million, although basis as a percentage of real estate sales is now expected to be 25 to 30 percent for the full year.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS

 

2021

 

2021

   

(millions)

 

Q2

 

Q3

 

Change

Net sales

 

$2,629

 

$1,853

 

($776)

Net contribution to pretax earnings

 

$1,338

 

$517

 

($821)

Adjusted EBITDA

 

$1,386

 

$565

 

($821)

Q3 2021 Performance – Sales realizations for lumber and oriented strand board decreased 52 percent and 24 percent, respectively, compared with second quarter averages. Sales volumes for lumber increased moderately due to improvement in home center takeaway, partially offset by weather-related downtime. Oriented strand board production and sales volumes were modestly higher due to less downtime for planned maintenance. Sales realizations improved significantly across most engineered wood products, and the company continued to benefit from previously announced price increases for solid section and I-joist products. Raw material costs for Wood Products increased, primarily for oriented strand board webstock, resin and veneer.

Q4 2021 Outlook – Weyerhaeuser anticipates fourth quarter earnings and Adjusted EBITDA will be higher than the third quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. The company expects higher sales volumes, primarily for oriented strand board, as well as improved manufacturing costs due to lower planned maintenance downtime. Raw material costs are expected to be lower, primarily for oriented strand board webstock.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our company is a real estate investment trust. In 2020, we generated $7.5 billion in net sales and employed approximately 9,400 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on October 29, 2021 to discuss third quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on October 29, 2021.

To join the conference call from within North America, dial 877-407-0792 (access code: 13714049) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13714049). Replays will be available for two weeks at 844-512-2921 (access code: 13714049) from within North America, and at 412-317-6671 (access code: 13714049) from outside North America.

FORWARD-LOOKING STATEMENTS

This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, with respect to our outlook and expectations concerning the following: fourth quarter earnings and Adjusted EBITDA for each of our businesses and full-year Adjusted EBITDA for our Real Estate, Energy & Natural Resources business; log sales realizations; forestry and road costs; log and haul costs; fee harvest volumes, including salvage-related harvest activity; basis as a percentage of real estate sales; raw materials costs for our Wood Products business; the amount of manufacturing downtime due to scheduled maintenance; average sales realizations for our lumber and oriented strand board products; sales volumes for oriented strand board and sales realizations for our lumber and oriented strand board product lines. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often involve use of words such as "anticipate," "expect," "planned," "will," and similar words and expressions. They may use the positive, negative or another variation of those and similar words. These forward-looking statements are based on our current expectations and assumptions and are not guarantees of future events or performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:

  • the effect of general economic conditions, including employment rates, interest rate levels, inflation, housing starts, general availability of financing for home mortgages and the relative strength of the U.S. dollar;
  • the effect of COVID-19 and other viral or disease outbreaks, including but not limited to any related regulatory restrictions or requirements, and their potential effects on our business, results of operations, cash flows, financial condition and future prospects;
  • market demand for the company's products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions;
  • changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan, and the Canadian dollar, and the relative value of the euro to the yen;
  • restrictions on international trade and tariffs imposed on imports or exports;
  • the availability and cost of shipping and transportation;
  • economic activity in Asia, especially Japan and China;
  • performance of our manufacturing operations, including maintenance and capital requirements;
  • potential disruptions in our manufacturing operations;
  • the level of competition from domestic and foreign producers;
  • the successful execution of our internal plans and strategic initiatives, including restructuring and cost reduction initiatives;
  • the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing and required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination of any acquisition or divestiture transaction under the terms of the governing transaction agreements;
  • raw material availability and prices;
  • the effect of weather;
  • changes in global or regional climate conditions and governmental response to such changes;
  • the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;
  • energy prices;
  • transportation and labor availability and costs;
  • federal tax policies;
  • the effect of forestry, land use, environmental and other governmental regulations;
  • legal proceedings;
  • performance of pension fund investments and related derivatives;
  • the effect of timing of employee retirements and changes in the market price of our common stock on charges for share-based compensation;
  • the accuracy of our estimates of costs and expenses related to contingent liabilities and the accuracy of our estimates of charges related to casualty losses;
  • changes in accounting principles; and
  • other risks and uncertainties identified in our 2020 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC.

It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

For more information contact:
Analysts - Andy Taylor  |  206-539-3907
Media - Nancy Thompson  |  919-861-0342

RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS

We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each.

The table below reconciles Adjusted EBITDA for the quarter ended June 30, 2021:

(millions)

 

Timberlands

 

Real Estate

& ENR

 

Wood

Products

 

Unallocated

Items

 

Total

Adjusted EBITDA by Segment:

                   

Net earnings

                 

$1,028

Interest expense, net of capitalized interest

                 

78

Income taxes

                 

324

Net contribution (charge) to earnings

 

$113

 

$63

 

$1,338

 

$(84)

 

$1,430

Non-operating pension and other post-employment benefit costs

 

 

 

 

1

 

1

Interest income and other

 

 

 

 

(2)

 

(2)

Operating income (loss)

 

113

 

63

 

1,338

 

(85)

 

1,429

Depreciation, depletion and amortization

 

67

 

4

 

48

 

1

 

120

Basis of real estate sold

 

 

24

 

 

 

24

Adjusted EBITDA

 

$180

 

$91

 

$1,386

 

$(84)

 

$1,573

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2021:

(millions)

 

Timberlands

 

Real Estate

& ENR

 

Wood

Products

 

Unallocated

Items

 

Total

Adjusted EBITDA by Segment:

                   

Net earnings

                 

$482

Interest expense, net of capitalized interest

                 

79

Income taxes

                 

84

Net contribution (charge) to earnings

 

$133

 

$45

 

$517

 

$(50)

 

$645

Non-operating pension and other post-employment benefit costs

 

 

 

 

5

 

5

Interest income and other

 

 

 

 

(1)

 

(1)

Operating income (loss)

 

133

 

45

 

517

 

(46)

 

649

Depreciation, depletion and amortization

 

64

 

4

 

48

 

2

 

118

Basis of real estate sold

 

 

11

 

 

 

11

Special items included in operating income (loss)(1)

 

(32)

 

 

 

 

(32)

Adjusted EBITDA

 

$165

 

$60

 

$565

 

$(44)

 

$746

   

(1)

Operating income (loss) includes a pretax special item consisting of a $32 million gain on the sale of timberlands.

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2020:

(millions)

 

Timberlands

 

Real Estate

& ENR

 

Wood

Products

 

Unallocated

Items

 

Total

Adjusted EBITDA by Segment:

                   

Net earnings

                 

$283

Interest expense, net of capitalized interest(1)

                 

111

Income taxes

                 

109

Net contribution (charge) to earnings

 

$(11)

 

$17

 

$566

 

$(69)

 

$503

Non-operating pension and other post-employment benefit costs

 

 

 

 

9

 

9

Interest income and other

 

 

 

 

(2)

 

(2)

Operating income (loss)

 

(11)

 

17

 

566

 

(62)

 

510

Depreciation, depletion and amortization

 

61

 

3

 

49

 

2

 

115

Basis of real estate sold

 

 

40

 

 

 

40

Special items included in operating income (loss)(2)

 

80

 

 

 

 

80

Adjusted EBITDA

 

$130

 

$60

 

$615

 

$(60)

 

$745

   

(1)

Interest expense, net of capitalized interest includes a pretax special item consisting of a $23 million charge related to the early extinguishment of $325 million of 3.25 percent notes due March 2023.

(2)

Operating income (loss) includes a pretax special item consisting of an $80 million timber casualty loss.

The table below reconciles Adjusted EBITDA for the year-to-date period ended September 30, 2021:

(millions)

 

Timberlands

 

Real Estate

& ENR

 

Wood

Products

 

Unallocated

Items

 

Total

Adjusted EBITDA by Segment:

                   

Net earnings

                 

$2,191

Interest expense, net of capitalized interest

                 

236

Income taxes

                 

597

Net contribution (charge) to earnings

 

$354

 

$174

 

$2,695

 

$(199)

 

$3,024

Non-operating pension and other post-employment benefit costs

 

 

 

 

14

 

14

Interest income and other

 

 

 

 

(4)

 

(4)

Operating income (loss)

 

354

 

174

 

2,695

 

(189)

 

3,034

Depreciation, depletion and amortization

 

195

 

11

 

145

 

5

 

356

Basis of real estate sold

 

 

62

 

 

 

62

Special items included in operating income (loss)(1)

 

(32)

 

 

 

 

(32)

Adjusted EBITDA

 

$517

 

$247

 

$2,840

 

$(184)

 

$3,420

   

(1)

Operating income (loss) includes a pretax special item consisting of a $32 million gain on the sale of timberlands.           

RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS

We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties.

The table below reconciles net earnings before special items to net earnings:

   

2021

 

2021

 

2020

(millions)

 

Q2

 

Q3

 

Q3

Net earnings

 

$1,028

 

$482

 

$283

Early extinguishment of debt charge

 

 

 

23

Gain on sale of timberlands

 

 

(32)

 

Timber casualty loss

 

 

 

80

Net earnings before special items

 

$1,028

 

$450

 

$386

The table below reconciles net earnings per diluted share before special items to net earnings per diluted share:

   

2021

 

2021

 

2020

   

Q2

 

Q3

 

Q3

Net earnings per diluted share

 

$1.37

 

$0.64

 

$0.38

Early extinguishment of debt charge

 

 

 

0.03

Gain on sale of timberlands

 

 

(0.04)

 

Timber casualty loss

 

 

 

0.11

Net earnings per diluted share before special items

 

$1.37

 

$0.60

 

$0.52

RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM OPERATIONS

We reconcile Adjusted FAD to net cash from operations, as that is the most directly comparable U.S. GAAP measure. We believe the measure provides meaningful supplemental information for investors about our liquidity.

The table below reconciles Adjusted FAD to net cash from operations:

   

2021

 

2021

 

2020

 

2021

(millions)

 

Q2

 

Q3

 

Q3

 

Q3 YTD

Net cash from operations

 

$1,308

 

$659

 

$608

 

$2,665

Capital expenditures

 

(72)

 

(98)

 

(65)

 

(223)

Adjustments to FAD

 

 

 

 

Adjusted FAD

 

$1,236

 

$561

 

$543

 

$2,442

                                                                               

Exhibit 99.2

Weyerhaeuser Company 
Q3.2021 Analyst Package        

Preliminary results (unaudited)  

 

Consolidated Statement of Operations

 
 
   

Q1

   

Q2

   

Q3

   

Year-to-Date

 

in millions

 

March 31,

2021

   

June 30,

2021

   

Sept 30,

2021

   

Sept 30,

2020

   

Sept 30,

2021

   

Sept 30,

2020

 

Net sales

 

$

2,506

   

$

3,144

   

$

2,345

   

$

2,110

   

$

7,995

   

$

5,469

 

Costs of sales

   

1,430

     

1,583

     

1,589

     

1,390

     

4,602

     

4,055

 

Gross margin

   

1,076

     

1,561

     

756

     

720

     

3,393

     

1,414

 

Selling expenses

   

20

     

24

     

24

     

22

     

68

     

62

 

General and administrative expenses

   

90

     

95

     

98

     

96

     

283

     

254

 

Other operating costs (income), net

   

10

     

13

     

(15)

     

92

     

8

     

105

 

Operating income

   

956

     

1,429

     

649

     

510

     

3,034

     

993

 

Non-operating pension and other post-employment benefit costs

   

(8)

     

(1)

     

(5)

     

(9)

     

(14)

     

(28)

 

Interest income and other

   

1

     

2

     

1

     

2

     

4

     

5

 

Interest expense, net of capitalized interest

   

(79)

     

(78)

     

(79)

     

(111)

     

(236)

     

(299)

 

Earnings before income taxes

   

870

     

1,352

     

566

     

392

     

2,788

     

671

 

Income taxes

   

(189)

     

(324)

     

(84)

     

(109)

     

(597)

     

(166)

 

Net earnings

 

$

681

   

$

1,028

   

$

482

   

$

283

   

$

2,191

   

$

505

 
 
 
 

Per Share Information

 
 
   

Q1

   

Q2

   

Q3

   

Year-to-Date

 
   

March 31,

2021

   

June 30,

2021

   

Sept 30,

2021

   

Sept 30,

2020

   

Sept 30,

2021

   

Sept 30,

2020

 

Earnings per share, basic and diluted

 

$

0.91

   

$

1.37

   

$

0.64

   

$

0.38

   

$

2.92

   

$

0.68

 

Dividends paid per common share

 

$

0.17

   

$

0.17

   

$

0.17

   

$

   

$

0.51

   

$

0.34

 

Weighted average shares outstanding (in thousands):

                                               

Basic

   

748,718

     

750,127

     

750,105

     

746,996

     

749,657

     

746,809

 

Diluted

   

750,024

     

751,508

     

751,443

     

748,450

     

750,999

     

747,530

 

Common shares outstanding at end of period (in thousands)

   

748,751

     

749,782

     

749,037

     

746,398

     

749,037

     

746,398

 
 
 
 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)

 
 
   

Q1

   

Q2

   

Q3

   

Year-to-Date

 

in millions

 

March 31,

2021

   

June 30,

2021

   

Sept 30,

2021

   

Sept 30,

2020

   

Sept 30,

2021

   

Sept 30,

2020

 

Net earnings

 

$

681

   

$

1,028

   

$

482

   

$

283

   

$

2,191

   

$

505

 

Non-operating pension and other post-employment benefit costs

   

8

     

1

     

5

     

9

     

14

     

28

 

Interest income and other

   

(1)

     

(2)

     

(1)

     

(2)

     

(4)

     

(5)

 

Interest expense, net of capitalized interest

   

79

     

78

     

79

     

111

     

236

     

299

 

Income taxes

   

189

     

324

     

84

     

109

     

597

     

166

 

Operating income

   

956

     

1,429

     

649

     

510

     

3,034

     

993

 

Depreciation, depletion and amortization

   

118

     

120

     

118

     

115

     

356

     

355

 

Basis of real estate sold

   

27

     

24

     

11

     

40

     

62

     

136

 

Special items included in operating income

   

     

     

(32)

     

80

     

(32)

     

60

 

Adjusted EBITDA(1)

 

$

1,101

   

$

1,573

   

$

746

   

$

745

   

$

3,420

   

$

1,544

 
   

(1)  

Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

 

Total Company Statistics

Weyerhaeuser Company 
Q3.2021 Analyst Package
Preliminary results (unaudited)

 

Special Items Included in Net Earnings (Income Tax Affected)

 
 
   

Q1

   

Q2

   

Q3

   

Year-to-Date

 

in millions

 

March 31,

2021

   

June 30,

2021

   

Sept 30,

2021

   

Sept 30,

2020

   

Sept 30,

2021

   

Sept 30,

2020

 

Net earnings

 

$

681

   

$

1,028

   

$

482

   

$

283

   

$

2,191

   

$

505

 

Early extinguishment of debt charges(1)

   

     

     

     

23

     

     

34

 

Gain on sale of timberlands

   

     

     

(32)

     

     

(32)

     

 

Legal benefit

   

     

     

     

     

     

(12)

 

Product remediation recovery

   

     

     

     

     

     

(6)

 

Timber casualty loss

   

     

     

     

80

     

     

80

 

Net earnings before special items(2)

 

$

681

   

$

1,028

   

$

450

   

$

386

   

$

2,159

   

$

601

 
 
 
   

Q1

   

Q2

   

Q3

   

Year-to-Date

 
   

March 31,

2021

   

June 30,

2021

   

Sept 30,

2021

   

Sept 30,

2020

   

Sept 30,

2021

   

Sept 30,

2020

 

Net earnings per diluted share

 

$

0.91

   

$

1.37

   

$

0.64

   

$

0.38

   

$

2.92

   

$

0.68

 

Early extinguishment of debt charges(1)

   

     

     

     

0.03

     

     

0.05

 

Gain on sale of timberlands

   

     

     

(0.04)

     

     

(0.04)

     

 

Legal benefit

   

     

     

     

     

     

(0.02)

 

Product remediation recovery

   

     

     

     

     

     

(0.01)

 

Timber casualty loss

   

     

     

     

0.11

     

     

0.11

 

Net earnings per diluted share before special items(2)

 

$

0.91

   

$

1.37

   

$

0.60

   

$

0.52

   

$

2.88

   

$

0.81

 
   

(1)  

We recorded pretax charges of $11 million ($11 million after-tax) and $23 million ($23 million after-tax) related to the early extinguishment of debt in second quarter 2020 and third quarter 2020, respectively. These charges were included in Interest expense, net of capitalized interest in the Consolidated Statement of Operations.

(2)  

Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Net earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

 

Selected Total Company Items

 
 
   

Q1

   

Q2

   

Q3

   

Year-to-Date

 

in millions

 

March 31,

2021

   

June 30,

2021

   

Sept 30,

2021

   

Sept 30,

2020

   

Sept 30,

2021

   

Sept 30,

2020

 

Pension and post-employment costs:

                                               

Pension and post-employment service costs

 

$

11

   

$

10

   

$

11

   

$

9

   

$

32

   

$

27

 

Non-operating pension and other post-employment benefit costs

   

8

     

1

     

5

     

9

     

14

     

28

 

Total company pension and post-employment costs

 

$

19

   

$

11

   

$

16

   

$

18

   

$

46

   

$

55

 

 

 

Weyerhaeuser Company
Q3.2021 Analyst Package
Preliminary results (unaudited)

 

Consolidated Balance Sheet

 

in millions

 

March 31,

2021

   

June 30,

2021

   

September 30,

2021

   

December 31,

2020

 

ASSETS

                               

Current assets:

                               

Cash and cash equivalents

 

$

1,016

   

$

1,777

   

$

2,326

   

$

495

 

Receivables, net

   

589

     

702

     

497

     

450

 

Receivables for taxes

   

7

     

7

     

72

     

82

 

Inventories

   

505

     

499

     

499

     

443

 

Assets held for sale

   

     

229

     

     

 

Prepaid expenses and other current assets

   

141

     

141

     

146

     

139

 

Total current assets

   

2,258

     

3,355

     

3,540

     

1,609

 

Property and equipment, net

   

1,971

     

1,965

     

1,924

     

2,013

 

Construction in progress

   

91

     

102

     

169

     

73

 

Timber and timberlands at cost, less depletion

   

11,776

     

11,643

     

11,606

     

11,827

 

Minerals and mineral rights, less depletion

   

265

     

262

     

258

     

268

 

Deferred tax assets

   

106

     

71

     

52

     

120

 

Other assets

   

407

     

432

     

543

     

401

 

Total assets

 

$

16,874

   

$

17,830

   

$

18,092

   

$

16,311

 
                                 

LIABILITIES AND EQUITY

                               

Current liabilities:

                               

Current maturities of long-term debt

 

$

150

   

$

150

   

$

150

   

$

150

 

Accounts payable

   

236

     

253

     

264

     

204

 

Accrued liabilities

   

549

     

775

     

1,110

     

596

 

Total current liabilities

   

935

     

1,178

     

1,524

     

950

 

Long-term debt, net

   

5,325

     

5,100

     

5,100

     

5,325

 

Deferred tax liabilities

   

26

     

42

     

28

     

24

 

Deferred pension and other post-employment benefits

   

893

     

747

     

711

     

911

 

Other liabilities

   

367

     

363

     

360

     

370

 

Total liabilities

   

7,546

     

7,430

     

7,723

     

7,580

 

Total equity

   

9,328

     

10,400

     

10,369

     

8,731

 

Total liabilities and equity

 

$

16,874

   

$

17,830

   

$

18,092

   

$

16,311

 

 

Weyerhaeuser Company
Q3.2021 Analyst Package
Preliminary results (unaudited)

 

Consolidated Statement of Cash Flows

 
   

Q1

   

Q2

   

Q3

   

Year-to-Date

 

in millions

 

March 31,

2021

   

June 30,

2021

   

Sept 30,

2021

   

Sept 30,

2020

   

Sept 30,

2021

   

Sept 30,

2020

 

Cash flows from operations:

                                               

Net earnings

 

$

681

   

$

1,028

   

$

482

   

$

283

   

$

2,191

   

$

505

 

Noncash charges (credits) to earnings:

                                               

Depreciation, depletion and amortization

   

118

     

120

     

118

     

115

     

356

     

355

 

Basis of real estate sold

   

27

     

24

     

11

     

40

     

62

     

136

 

Deferred income taxes, net

   

8

     

11

     

(3)

     

22

     

16

     

20

 

Pension and other post-employment benefits

   

19

     

11

     

16

     

18

     

46

     

55

 

Share-based compensation expense

   

7

     

8

     

8

     

7

     

23

     

22

 

Timber casualty loss

   

     

     

     

80

     

     

80

 

Gain on sale of timberlands

   

     

     

(32)

     

     

(32)

     

 

Change in:

                                               

Receivables, net

   

(139)

     

(113)

     

205

     

(80)

     

(47)

     

(192)

 

Receivables and payables for taxes

   

120

     

116

     

(143)

     

42

     

93

     

103

 

Inventories

   

(60)

     

9

     

(4)

     

     

(55)

     

2

 

Prepaid expenses and other current assets

   

(2)

     

1

     

(20)

     

     

(21)

     

5

 

Accounts payable and accrued liabilities

   

(60)

     

125

     

51

     

64

     

116

     

3

 

Pension and post-employment benefit contributions and payments

   

(8)

     

(25)

     

(23)

     

(5)

     

(56)

     

(21)

 

Other

   

(13)

     

(7)

     

(7)

     

22

     

(27)

     

12

 

Net cash from operations

 

$

698

   

$

1,308

   

$

659

   

$

608

   

$

2,665

   

$

1,085

 

Cash flows from investing activities:

                                               

Capital expenditures for property and equipment

 

$

(31)

   

$

(62)

   

$

(91)

   

$

(56)

   

$

(184)

   

$

(158)

 

Capital expenditures for timberlands reforestation

   

(22)

     

(10)

     

(7)

     

(9)

     

(39)

     

(41)

 

Acquisition of Alabama timberlands

   

     

(149)

     

     

     

(149)

     

 

Proceeds from note receivable held by variable interest entities

   

     

     

     

     

     

362

 

Proceeds from sale of timberlands

   

     

     

261

     

     

261

     

145

 

Other

   

     

1

     

2

     

     

3

     

3

 

Net cash from investing activities

 

$

(53)

   

$

(220)

   

$

165

   

$

(65)

   

$

(108)

   

$

311

 

Cash flows from financing activities:

                                               

Cash dividends on common shares

 

$

(127)

   

$

(128)

   

$

(127)

   

$

   

$

(382)

   

$

(254)

 

Net proceeds from issuance of long-term debt

   

     

     

     

     

     

732

 

Payments on long-term debt

   

     

(225)

     

     

(348)

     

(225)

     

(936)

 

Proceeds from borrowings on line of credit

   

     

     

     

     

     

550

 

Payments on line of credit

   

     

     

     

     

     

(780)

 

Proceeds from exercise of stock options

   

17

     

28

     

1

     

3

     

46

     

9

 

Repurchases of common shares

   

     

     

(26)

     

     

(26)

     

 

Other

   

(14)

     

(2)

     

(3)

     

(1)

     

(19)

     

(16)

 

Net cash from financing activities

 

$

(124)

   

$

(327)

   

$

(155)

   

$

(346)

   

$

(606)

   

$

(695)

 
                                                 

Net change in cash, cash equivalents and restricted cash

 

$

521

   

$

761

   

$

669

   

$

197

   

$

1,951

   

$

701

 

Cash, cash equivalents and restricted cash at beginning of period

   

495

     

1,016

     

1,777

     

643

     

495

     

139

 

Cash, cash equivalents and restricted cash at end of period

 

$

1,016

   

$

1,777

   

$

2,446

   

$

840

   

$

2,446

   

$

840

 
                                                 

Cash paid (received) during the period for:

                                               

Interest, net of amounts capitalized

 

$

75

   

$

79

   

$

83

   

$

100

   

$

237

   

$

278

 

Income taxes, net of refunds

 

$

66

   

$

197

   

$

231

   

$

45

   

$

494

   

$

46

 

 

Timberlands Segment

Weyerhaeuser Company  
Q3.2021 Analyst Package
Preliminary results (unaudited)

 

Segment Statement of Operations

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Sales to unaffiliated customers

 

$

379

   

$

405

   

$

423

   

$

345

   

$

1,207

   

$

1,085

 

Intersegment sales

   

134

     

136

     

129

     

107

     

399

     

350

 

Total net sales

   

513

     

541

     

552

     

452

     

1,606

     

1,435

 

Costs of sales

   

383

     

407

     

428

     

358

     

1,218

     

1,116

 

Gross margin

   

130

     

134

     

124

     

94

     

388

     

319

 

Selling expenses

   

     

     

1

     

     

1

     

1

 

General and administrative expenses

   

23

     

23

     

23

     

24

     

69

     

70

 

Other operating costs (income), net

   

(1)

     

(2)

     

(33)

     

81

     

(36)

     

79

 

Operating income (loss) and Net contribution (charge) to earnings

 

$

108

   

$

113

   

$

133

   

$

(11)

   

$

354

   

$

169

 
 
 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Operating income (loss)

 

$

108

   

$

113

   

$

133

   

$

(11)

   

$

354

   

$

169

 

Depreciation, depletion and amortization

   

64

     

67

     

64

     

61

     

195

     

194

 

Special items

   

     

     

(32)

     

80

     

(32)

     

80

 

Adjusted EBITDA(1)

 

$

172

   

$

180

   

$

165

   

$

130

   

$

517

   

$

443

 
 

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 
 

Segment Special Items Included in Net Contribution (Charge) to Earnings (Pretax)

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Gain on sale of timberlands

 

$

   

$

   

$

32

   

$

   

$

32

   

$

 

Timber casualty loss

 

$

   

$

   

$

   

$

(80)

   

$

   

$

(80)

 
 
 

Selected Segment Items

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Total decrease (increase) in working capital(2)

 

$

(13)

   

$

2

   

$

1

   

$

43

   

$

(10)

   

$

38

 

Cash spent for capital expenditures(3)

 

$

(28)

   

$

(21)

   

$

(27)

   

$

(24)

   

$

(76)

   

$

(75)

 
 

(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.

(3) Does not include cash spent for the acquisition of timberlands.

 

Segment Statistics(4)

 
 
     

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Third Party

 

Delivered logs:

                                             

Net Sales

 

West

$

201

   

$

222

   

$

226

   

$

163

   

$

649

   

$

519

 

(millions)

 

South

 

131

     

145

     

153

     

141

     

429

     

436

 
   

North

 

16

     

9

     

13

     

13

     

38

     

37

 
   

Total delivered logs

 

348

     

376

     

392

     

317

     

1,116

     

992

 
   

Stumpage and pay-as-cut timber

 

6

     

7

     

9

     

5

     

22

     

15

 
   

Recreational and other lease revenue

 

16

     

16

     

16

     

16

     

48

     

47

 
   

Other revenue

 

9

     

6

     

6

     

7

     

21

     

31

 
   

Total

$

379

   

$

405

   

$

423

   

$

345

   

$

1,207

   

$

1,085

 

Delivered Logs

 

West

$

130.69

   

$

137.80

   

$

145.64

   

$

109.01

   

$

138.06

   

$

106.16

 

Third Party Sales

 

South

$

34.50

   

$

35.11

   

$

35.56

   

$

33.68

   

$

35.08

   

$

33.88

 

Realizations (per ton)

 

North

$

62.83

   

$

74.88

   

$

64.93

   

$

57.19

   

$

65.97

   

$

59.15

 

Delivered Logs

 

West

 

1,539

     

1,608

     

1,555

     

1,489

     

4,702

     

4,887

 

Third Party Sales

 

South

 

3,782

     

4,150

     

4,304

     

4,185

     

12,236

     

12,857

 

Volumes (tons, thousands)

 

North

 

261

     

115

     

195

     

234

     

571

     

631

 

Fee Harvest Volumes

 

West

 

2,101

     

2,099

     

1,930

     

1,911

     

6,130

     

6,457

 

(tons, thousands)

 

South

 

5,376

     

5,856

     

5,912

     

5,596

     

17,144

     

17,640

 
   

North

 

337

     

199

     

264

     

321

     

800

     

901

 
   

(4)

Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

 

Real Estate, Energy & Natural Resources Segment

Weyerhaeuser Company 
Q3.2021 Analyst Package
Preliminary results (unaudited)

 

Segment Statement of Operations

 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Net sales

 

$

106

   

$

110

   

$

69

   

$

69

   

$

285

   

$

246

 

Costs of sales

   

34

     

41

     

18

     

46

     

93

     

156

 

Gross margin

   

72

     

69

     

51

     

23

     

192

     

90

 

General and administrative expenses

   

6

     

6

     

6

     

6

     

18

     

18

 

Operating income and Net contribution to earnings

 

$

66

   

$

63

   

$

45

   

$

17

   

$

174

   

$

72

 
 
 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Operating income

 

$

66

   

$

63

   

$

45

   

$

17

   

$

174

   

$

72

 

Depreciation, depletion and amortization

   

3

     

4

     

4

     

3

     

11

     

10

 

Basis of real estate sold

   

27

     

24

     

11

     

40

     

62

     

136

 

Adjusted EBITDA(1)

 

$

96

   

$

91

   

$

60

   

$

60

   

$

247

   

$

218

 
 

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 
 

Selected Segment Items

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Cash spent for capital expenditures

 

$

   

$

   

$

   

$

   

$

   

$

 
                                                 

 

Segment Statistics

 
     

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Net Sales

Real Estate

 

$

84

   

$

83

   

$

45

   

$

49

   

$

212

   

$

192

 

(millions)

Energy and Natural Resources

   

22

     

27

     

24

     

20

     

73

     

54

 
 

Total

 

$

106

   

$

110

   

$

69

   

$

69

   

$

285

   

$

246

 

Acres Sold

Real Estate

   

19,455

     

18,415

     

11,037

     

34,917

     

48,907

     

111,228

 

Price per Acre

Real Estate

 

$

3,803

   

$

3,227

   

$

4,005

   

$

1,381

   

$

3,632

   

$

1,662

 

Basis as a Percent of

Real Estate Net Sales

Real Estate

   

32

%

   

29

%

   

24

%

   

82

%

   

29

%

   

71

%

 

Wood Products Segment

Weyerhaeuser Company 
Q3.2021 Analyst Package
Preliminary results (unaudited)

 

Segment Statement of Operations

 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Net sales

 

$

2,021

   

$

2,629

   

$

1,853

   

$

1,696

   

$

6,503

   

$

4,138

 

Costs of sales

   

1,124

     

1,229

     

1,270

     

1,075

     

3,623

     

3,112

 

Gross margin

   

897

     

1,400

     

583

     

621

     

2,880

     

1,026

 

Selling expenses

   

19

     

21

     

21

     

18

     

61

     

57

 

General and administrative expenses

   

35

     

35

     

34

     

33

     

104

     

102

 

Other operating costs, net

   

3

     

6

     

11

     

4

     

20

     

8

 

Operating income and Net contribution to earnings

 

$

840

   

$

1,338

   

$

517

   

$

566

   

$

2,695

   

$

859

 
 
 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Operating income

 

$

840

   

$

1,338

   

$

517

   

$

566

   

$

2,695

   

$

859

 

Depreciation, depletion and amortization

   

49

     

48

     

48

     

49

     

145

     

146

 

Special items

   

     

     

     

     

     

(8)

 

Adjusted EBITDA(1)

 

$

889

   

$

1,386

   

$

565

   

$

615

   

$

2,840

   

$

997

 
 

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 
 

Segment Special Items Included in Net Contribution to Earnings (Pretax)

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Product remediation recovery

 

$

   

$

   

$

   

$

   

$

   

$

8

 
                                                 
 

Selected Segment Items

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Total decrease (increase) in working capital(2)

 

$

(212)

   

$

(49)

   

$

249

   

$

(68)

   

$

(12)

   

$

(198)

 

Cash spent for capital expenditures

 

$

(25)

   

$

(51)

   

$

(70)

   

$

(41)

   

$

(146)

   

$

(124)

 
 

(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.

 

Segment Statistics

 

in millions, except for third party sales realizations

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Structural Lumber

Third party net sales

 

$

990

   

$

1,349

   

$

681

   

$

819

   

$

3,020

   

$

1,865

 

(volumes presented

Third party sales realizations

 

$

864

   

$

1,077

   

$

516

   

$

674

   

$

812

   

$

509

 

in board feet)

Third party sales volumes(3)

   

1,145

     

1,252

     

1,320

     

1,216

     

3,717

     

3,663

 
 

Production volumes

   

1,211

     

1,234

     

1,222

     

1,170

     

3,667

     

3,487

 

Oriented Strand

Third party net sales

 

$

438

   

$

605

   

$

470

   

$

290

   

$

1,513

   

$

659

 

Board

Third party sales realizations

 

$

614

   

$

911

   

$

691

   

$

395

   

$

735

   

$

293

 

(volumes presented

Third party sales volumes(3)

   

714

     

663

     

681

     

736

     

2,058

     

2,253

 

in square feet 3/8")

Production volumes

   

742

     

683

     

715

     

759

     

2,140

     

2,278

 

Engineered Solid

Third party net sales

 

$

142

   

$

166

   

$

183

   

$

135

   

$

491

   

$

373

 

Section

Third party sales realizations

 

$

2,285

   

$

2,533

   

$

3,092

   

$

2,128

   

$

2,628

   

$

2,142

 

(volumes presented

Third party sales volumes(3)

   

6.2

     

6.6

     

5.9

     

6.3

     

18.7

     

17.4

 

in cubic feet)

Production volumes

   

6.0

     

6.2

     

5.8

     

5.4

     

18.0

     

16.8

 

Engineered

Third party net sales

 

$

83

   

$

104

   

$

128

   

$

83

   

$

315

   

$

231

 

I-joists

Third party sales realizations

 

$

1,773

   

$

1,980

   

$

2,600

   

$

1,638

   

$

2,119

   

$

1,650

 

(volumes presented

Third party sales volumes(3)

   

47

     

53

     

49

     

51

     

149

     

140

 

in lineal feet)

Production volumes

   

44

     

51

     

49

     

43

     

144

     

128

 

Softwood Plywood

Third party net sales

 

$

56

   

$

69

   

$

45

   

$

55

   

$

170

   

$

128

 

(volumes presented

Third party sales realizations

 

$

594

   

$

902

   

$

653

   

$

507

   

$

710

   

$

405

 

in square feet 3/8")

Third party sales volumes(3)

   

94

     

77

     

69

     

107

     

240

     

315

 
 

Production volumes

   

80

     

62

     

61

     

94

     

203

     

267

 

Medium Density

Third party net sales

 

$

48

   

$

43

   

$

52

   

$

47

   

$

143

   

$

124

 

Fiberboard

Third party sales realizations

 

$

842

   

$

869

   

$

943

   

$

864

   

$

885

   

$

845

 

(volumes presented

Third party sales volumes(3)

   

57

     

50

     

55

     

55

     

162

     

147

 

in square feet 3/4")

Production volumes

   

56

     

52

     

55

     

57

     

163

     

148

 
   

(3) 

Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

 

 

 

Unallocated Items

Weyerhaeuser Company 
Q3.2021 Analyst Package
Preliminary results (unaudited)

 

Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.

 

Net Charge to Earnings

 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Unallocated corporate function and variable compensation expense

 

$

(25)

   

$

(36)

   

$

(33)

   

$

(36)

   

$

(94)

   

$

(78)

 

Liability classified share-based compensation

   

(1)

     

     

(1)

     

(5)

     

(2)

     

1

 

Foreign exchange gain (loss)

   

(2)

     

(1)

     

5

     

2

     

2

     

(3)

 

Elimination of intersegment profit in inventory and LIFO

   

(17)

     

(28)

     

12

     

(9)

     

(33)

     

(4)

 

Other, net

   

(13)

     

(20)

     

(29)

     

(14)

     

(62)

     

(23)

 

Operating loss

   

(58)

     

(85)

     

(46)

     

(62)

     

(189)

     

(107)

 

Non-operating pension and other post-employment benefit costs

   

(8)

     

(1)

     

(5)

     

(9)

     

(14)

     

(28)

 

Interest income and other

   

1

     

2

     

1

     

2

     

4

     

5

 

Net charge to earnings

 

$

(65)

   

$

(84)

   

$

(50)

   

$

(69)

   

$

(199)

   

$

(130)

 
 
 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Operating loss

 

$

(58)

   

$

(85)

   

$

(46)

   

$

(62)

   

$

(189)

   

$

(107)

 

Depreciation, depletion and amortization

   

2

     

1

     

2

     

2

     

5

     

5

 

Special items

   

     

     

     

     

     

(12)

 

Adjusted EBITDA(1)

 

$

(56)

   

$

(84)

   

$

(44)

   

$

(60)

   

$

(184)

   

$

(114)

 
 

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 
 

Unallocated Special Items Included in Net Charge to Earnings (Pretax)

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Legal benefit

 

$

   

$

   

$

   

$

   

$

   

$

12

 

Special items included in operating loss and net charge to earnings

 

$

   

$

   

$

   

$

   

$

   

$

12

 
 
 

Unallocated Selected Items

 
 

in millions

 

Q1.2021

   

Q2.2021

   

Q3.2021

   

Q3.2020

   

YTD.2021

   

YTD.2020

 

Cash spent for capital expenditures

 

$

   

$

   

$

(1)

   

$

   

$

(1)

   

$

 
                                                 

 

 

 

 

SOURCE Weyerhaeuser Company

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