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Weyerhaeuser Reports Fourth Quarter, Full Year Results

Jan 26, 2023

  • Generated full year net earnings of $1.9 billion, or $2.53 per diluted share
  • Achieved full year Adjusted EBITDA of $3.7 billion
  • Returning $1.75 billion in total cash back to shareholders based on 2022 results, including $550 million of share repurchase completed in 2022

SEATTLE, Jan. 26, 2023 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported fourth quarter net earnings of $11 million, or 2 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings of $416 million, or 55 cents per diluted share, on net sales of $2.2 billion for the same period last year and net earnings of $310 million for the third quarter of 2022. Excluding a total after-tax charge of $160 million for special items, the company reported fourth quarter net earnings of $171 million, or 24 cents per diluted share. This compares with net earnings before special items of $367 million for the same period last year. Adjusted EBITDA for the fourth quarter of 2022 was $369 million compared with $674 million for the same period last year and $583 million for the third quarter of 2022.

In the fourth quarter, Weyerhaeuser completed the purchase of a group annuity contract that transfers approximately $420 million of the company's Canadian pension liabilities to an insurance carrier. The contract purchase was funded from Canadian pension plan assets, with no company cash contribution required. As a result of the transaction, fourth quarter special items include a noncash after-tax settlement charge of $152 million. This transaction is the latest in a series of actions taken to reduce the company's pension plan obligations. Since beginning these efforts in 2018, Weyerhaeuser's pension obligations have decreased from $6.8 billion to $2.3 billion as of December 31, 2022.

For the full year 2022, Weyerhaeuser reported net earnings of $1.9 billion, or $2.53 per diluted share, on net sales of $10.2 billion. This compares with net earnings of $2.6 billion on net sales of $10.2 billion for the full year 2021. Full year 2022 includes after-tax charges of $367 million for special items. Excluding these items, the company reported net earnings of $2.2 billion, or $3.02 per diluted share. This compares with net earnings before special items of $2.5 billion for the full year 2021. Adjusted EBITDA for full year 2022 was $3.7 billion compared with $4.1 billion for full year 2021.

This afternoon, the company declared a $0.90 per share supplemental dividend. On a combined basis, including dividends and share repurchase, the company is returning $1.75 billion of cash, or 75 percent of 2022 Adjusted FAD, to shareholders based on 2022 results.

"I am extremely proud of our accomplishments in 2022, and our performance reflects strong execution across all businesses despite macroeconomic headwinds, supply chain disruptions and dynamic market conditions," said Devin W. Stockfish, president and chief executive officer. "Our teams drove continued improvements across each of the value levers of our investment thesis in 2022. Notably, we grew our timberlands holdings through a strategic acquisition in the Carolinas, captured additional operational excellence improvements, announced our first two carbon capture and storage agreements and joined the Climate Pledge. We also increased our base dividend by 5.9 percent, repurchased $550 million of our shares and refinanced $900 million of debt. Entering 2023, our balance sheet is exceptionally strong, and we are well positioned to navigate through a range of market conditions. We remain focused on serving our customers and driving long-term value for shareholders through our unrivaled portfolio, industry-leading performance, strong ESG foundation and disciplined capital allocation."

WEYERHAEUSER FINANCIAL HIGHLIGHTS


2022



2022



2021



2022



2021


(millions, except per share data)


Q3



Q4



Q4



Full Year



Full Year


Net sales


$

2,276



$

1,823



$

2,206



$

10,184



$

10,201


Net earnings


$

310



$

11



$

416



$

1,880



$

2,607


Net earnings per diluted share


$

0.42



$

0.02



$

0.55



$

2.53



$

3.47


Weighted average shares outstanding, diluted



741




737




751




743




751


Net earnings before special items(1)(2)


$

310



$

171



$

367



$

2,247



$

2,526


Net earnings per diluted share before special items(1)


$

0.42



$

0.24



$

0.49



$

3.02



$

3.37


Adjusted EBITDA(1)


$

583



$

369



$

674



$

3,654



$

4,094


Net cash from operations


$

562



$

167



$

494



$

2,832



$

3,159


Adjusted FAD(3)


$

468



$

(56)



$

181



$

2,327



$

2,623




(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)

Fourth quarter 2022 after-tax special items include a $152 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract and a $8 million noncash impairment charge related to the planned divestiture of legacy coal assets. 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


2022



2022





(millions)


Q3



Q4



Change


Net sales


$

574



$

548



$

(26)


Net contribution to pretax earnings


$

107



$

86



$

(21)


Adjusted EBITDA


$

168



$

150



$

(18)


 

Q4 2022 Performance – In the West, fee harvest volumes were slightly higher than the third quarter, as harvest operations returned to normal levels faster than expected following the resolution of the work stoppage. Sales realizations were significantly lower, partially offset by moderately higher sales volumes. Per unit log and haul costs were comparable, and forestry and road costs were seasonally lower. In the South, fee harvest volumes were slightly higher than the third quarter, while sales realizations and per unit log and haul costs were both comparable.

Q1 2023 Outlook – Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be slightly higher than the fourth quarter. In the West, the company expects significantly higher fee harvest volumes, partially offset by significantly lower domestic sales realizations. Per unit log and haul costs are expected to be moderately lower and forestry and road costs are expected to be seasonally lower. In the South, the company expects fee harvest volumes and sales realizations to be slightly lower. Per unit log and haul costs and forestry and road costs are expected to be comparable.

REAL ESTATE, ENERGY & NATURAL RESOURCES

FINANCIAL HIGHLIGHTS


2022



2022





(millions)


Q3



Q4



Change


Net sales


$

68



$

55



$

(13)


Net contribution to pretax earnings


$

48



$

24



$

(24)


Pretax charge for special items


$



$

10



$

10


Net contribution to pretax earnings before special items


$

48



$

34



$

(14)


Adjusted EBITDA


$

60



$

46



$

(14)


 

Q4 2022 Performance – Earnings and Adjusted EBITDA decreased from the third quarter due to lower real estate sales. The number of acres sold decreased due to the timing of transactions, partially offset by an increase in the average price per acre due to the mix of properties sold. The segment reported full year Adjusted EBITDA of $329 million.

Fourth quarter pretax special items include a $10 million noncash impairment charge related to the planned divestiture of legacy coal assets.

Q1 2023 Outlook – Weyerhaeuser anticipates first quarter earnings before special items will be approximately $10 million higher than the fourth quarter and Adjusted EBITDA will be approximately $35 million higher than the fourth quarter due to the timing and mix of real estate sales. The company expects full year 2023 Adjusted EBITDA for the segment will be approximately $300 million.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS


2022



2022





(millions)


Q3



Q4



Change


Net sales


$

1,767



$

1,331



$

(436)


Net contribution to pretax earnings


$

344



$

147



$

(197)


Adjusted EBITDA


$

395



$

197



$

(198)


 

Q4 2022 Performance – Sales realizations for lumber and oriented strand board decreased 11 percent and 16 percent, respectively, compared with third quarter averages. Sales and production volumes for lumber were significantly lower due to the work stoppage, labor constraints and adverse weather conditions. Unit manufacturing costs were significantly higher and log costs were moderately lower, primarily for western logs. For oriented strand board, sales volumes were slightly lower and production volumes were comparable. Unit manufacturing costs were moderately lower, and fiber costs were slightly lower. Sales realizations were lower for most engineered wood products, while sales volumes were significantly lower for all products due to softening demand. Raw material costs were moderately lower, primarily for oriented strand board webstock. Distribution sales volumes were lower, primarily for engineered wood products.

Q1 2023 Outlook – Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be moderately higher than the fourth quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. For lumber, the company expects higher sales volumes, moderately lower log costs and significantly lower unit manufacturing costs. For oriented strand board, the company anticipates moderately higher sales volumes, moderately lower fiber costs and slightly lower unit manufacturing costs. Sales realizations for engineered wood products are expected to be significantly lower, partially offset by significantly lower raw material costs, primarily for oriented strand board webstock. For distribution, the company anticipates lower margins for all products.

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 2022, we generated $10.2 billion in net sales and employed approximately 9,200 people who serve customers worldwide. 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 January 27, 2023 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on January 27, 2023.

To join the conference call from within North America, dial 1-877-407-0792 (access code: 13734906) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13734906). Replays will be available for two weeks at 1-844-512-2921 (access code: 13734906) from within North America, and at 1-412-317-6671 (access code: 13734906) 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: earnings and Adjusted EBITDA for the company and for each of our businesses; fee harvest volumes and sales realizations for our Timberlands business; log and haul, forestry and road costs and expenses; sales volumes and log and manufacturing costs for our lumber business; sales volumes, fiber costs and unit manufacturing costs for our oriented strand board business; sales realizations and raw material costs for our engineered wood products business; margins for all products in our distribution business; and our future performance through a range of market conditions. 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 and expressions such as "anticipate," "expect," "looking ahead," "planned," "will," and similar words and expressions. They may use the positive, negative or another variation of those and similar words and expressions. 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 and cost 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 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;
  • our ability to hire and retain capable employees;
  • 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 as it relates to the cost of pension benefits 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 2021 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.

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 year ended December 31, 2022:

(millions)


Timberlands



Real Estate 
& ENR



Wood 
Products



Unallocated 
Items



Total


Adjusted EBITDA by Segment:
















Net earnings














$

1,880


Interest expense, net of capitalized interest















270


Loss on debt extinguishment(1)















276


Income taxes















425


Net contribution (charge) to earnings


$

528



$

218



$

2,536



$

(431)



$

2,851


Non-operating pension and other post-employment benefit costs(2)












254




254


Interest income and other












(25)




(25)


Operating income (loss)



528




218




2,536




(202)




3,080


Depreciation, depletion and amortization



256




17




201




6




480


Basis of real estate sold






84










84


Special items included in operating income (loss)(3)






10










10


Adjusted EBITDA


$

784



$

329



$

2,737



$

(196)



$

3,654




(1)

Loss on debt extinguishment is a pretax special item related to the early extinguishment of $931 million of debt.

(2)

Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $205 million noncash settlement charge related to the transfer of pension plan assets and liabilities to an insurance company through the purchase of a group annuity contract.

(3)

Operating income (loss) for Real Estate & ENR includes a pretax special item consisting of a $10 million noncash impairment charge related to the planned divestiture of legacy coal assets.

 

The table below reconciles Adjusted EBITDA for the year ended December 31, 2021:

(millions)


Timberlands



Real Estate 
& ENR



Wood 
Products



Unallocated 
Items



Total


Adjusted EBITDA by Segment:
















Net earnings














$

2,607


Interest expense, net of capitalized interest















313


Income taxes















709


Net contribution (charge) to earnings


$

464



$

210



$

3,211



$

(256)



$

3,629


Non-operating pension and other post-employment benefit costs












19




19


Interest income and other












(5)




(5)


Operating income (loss)



464




210




3,211




(242)




3,643


Depreciation, depletion and amortization



261




15




196




5




477


Basis of real estate sold






71










71


Special items included in operating income (loss)(1)(2)(3)



(32)







(50)




(15)




(97)


Adjusted EBITDA


$

693



$

296



$

3,357



$

(252)



$

4,094




(1)

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

(2)

Operating income (loss) for Wood Products includes pretax special items consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.

(3)

Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $15 million noncash legal benefit.  

 

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2022:

(millions)


Timberlands



Real Estate 
& ENR



Wood 
Products



Unallocated 
Items



Total


Adjusted EBITDA by Segment:
















Net earnings














$

11


Interest expense, net of capitalized interest















66


Income taxes















(45)


Net contribution (charge) to earnings


$

86



$

24



$

147



$

(225)



$

32


Non-operating pension and other post-employment benefit costs(1)












216




216


Interest income and other












(16)




(16)


Operating income (loss)



86




24




147




(25)




232


Depreciation, depletion and amortization



64




5




50




1




120


Basis of real estate sold






7










7


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






10










10


Adjusted EBITDA


$

150



$

46



$

197



$

(24)



$

369




(1)

Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $205 million noncash settlement charge related to the transfer of pension plan assets and liabilities to an insurance company through the purchase of a group annuity contract.

(2)

Operating income (loss) for Real Estate & ENR includes a pretax special item consisting of a $10 million noncash impairment charge related to the planned divestiture of legacy coal assets.

 

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2022:

(millions)


Timberlands



Real Estate 
& ENR



Wood 
Products



Unallocated 
Items



Total


Adjusted EBITDA by Segment:
















Net earnings














$

310


Interest expense, net of capitalized interest















67


Income taxes















77


Net contribution (charge) to earnings


$

107



$

48



$

344



$

(45)



$

454


Non-operating pension and other post-employment benefit costs












12




12


Interest income and other












(9)




(9)


Operating income (loss)



107




48




344




(42)




457


Depreciation, depletion and amortization



61




5




51




2




119


Basis of real estate sold






7










7


Adjusted EBITDA


$

168



$

60



$

395



$

(40)



$

583


 

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2021:

(millions)


Timberlands



Real Estate 
& ENR



Wood 
Products



Unallocated 
Items



Total


Adjusted EBITDA by Segment:
















Net earnings














$

416


Interest expense, net of capitalized interest















77


Income taxes















112


Net contribution (charge) to earnings


$

110



$

36



$

516



$

(57)



$

605


Non-operating pension and other post-employment benefit costs












5




5


Interest income and other












(1)




(1)


Operating income (loss)



110




36




516




(53)




609


Depreciation, depletion and amortization



66




4




51







121


Basis of real estate sold






9










9


Special items included in operating income (loss)(1)(2)









(50)




(15)




(65)


Adjusted EBITDA


$

176



$

49



$

517



$

(68)



$

674




(1)

Operating income (loss) for Wood Products includes pretax special items consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.

(2)

Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $15 million noncash legal benefit.  

 

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:



2022



2022



2021



2022



2021


(millions)


Q3



Q4



Q4



Full Year



Full Year


Net earnings


$

310



$

11



$

416



$

1,880



$

2,607


Gain on sale of timberlands















(32)


Insurance recovery









(9)







(9)


Legal benefit









(12)







(12)


Loss on debt extinguishment












207





Pension settlement charge






152







152





Product remediation recovery









(28)







(28)


Restructuring, impairments and other charges






8







8





Net earnings before special items


$

310



$

171



$

367



$

2,247



$

2,526


 

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



2022



2022



2021



2022



2021




Q3



Q4



Q4



Full Year



Full Year


Net earnings per diluted share


$

0.42



$

0.02



$

0.55



$

2.53



$

3.47


Gain on sale of timberlands















(0.04)


Insurance recovery









(0.01)







(0.01)


Legal benefit









(0.01)







(0.01)


Loss on debt extinguishment












0.28





Pension settlement charge






0.21







0.20





Product remediation recovery









(0.04)







(0.04)


Restructuring, impairments and other charges






0.01







0.01





Net earnings per diluted share before special items


$

0.42



$

0.24



$

0.49



$

3.02



$

3.37


 

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:



2022



2022



2021



2022



2021


(millions)


Q3



Q4



Q4



Full Year



Full Year


Net cash from operations


$

562



$

167



$

494



$

2,832



$

3,159


Capital expenditures



(94)




(223)




(218)




(468)




(441)


Adjustments to FAD(1)









(95)




(37)




(95)


Adjusted FAD


$

468



$

(56)



$

181



$

2,327



$

2,623




(1)

Adjustments to FAD include a $37 million product remediation insurance recovery received in first quarter 2022 and a $95 million tax refund received in fourth quarter 2021 associated with our $300 million voluntary contribution to our U.S. qualified pension plan in 2018.  

 

Weyerhaeuser Company

Exhibit 99.2


Q4.2022 Analyst Package   



Preliminary results (unaudited)       





Consolidated Statement of Operations







Q1



Q2



Q3



Q4



Year-to-Date


in millions


March 31,
2022



June 30,
2022



Sept 30,
2022



Dec 31,
2022



Dec 31,
2021



Dec 31,
2022



Dec 31,
2021


Net sales


$

3,112



$

2,973



$

2,276



$

1,823



$

2,206



$

10,184



$

10,201


Costs of sales



1,647




1,789




1,694




1,434




1,501




6,564




6,103


Gross margin



1,465




1,184




582




389




705




3,620




4,098


Selling expenses



23




23




24




23




27




93




95


General and administrative expenses



92




102




100




104




113




398




396


Other operating costs (income), net



6




12




1




30




(44)




49




(36)


Operating income



1,344




1,047




457




232




609




3,080




3,643


Non-operating pension and other post-employment benefit costs



(15)




(11)




(12)




(216)




(5)




(254)




(19)


Interest income and other



(1)




1




9




16




1




25




5


Interest expense, net of capitalized interest



(72)




(65)




(67)




(66)




(77)




(270)




(313)


Loss on debt extinguishment



(276)
















(276)





Earnings (loss) before income taxes



980




972




387




(34)




528




2,305




3,316


Income taxes



(209)




(184)




(77)




45




(112)




(425)




(709)


Net earnings


$

771



$

788



$

310



$

11



$

416



$

1,880



$

2,607


 

Per Share Information




Q1



Q2



Q3



Q4



Year-to-Date




March 31,
2022



June 30,
2022



Sept 30,
2022



Dec 31,
2022



Dec 31,
2021



Dec 31,
2022



Dec 31,
2021


Earnings per share






















Basic


$

1.03



$

1.06



$

0.42



$

0.02



$

0.56



$

2.53



$

3.48


Diluted


$

1.03



$

1.06



$

0.42



$

0.02



$

0.55



$

2.53



$

3.47


Dividends paid per common share


$

1.63



$

0.18



$

0.18



$

0.18



$

0.67



$

2.17



$

1.18


Weighted average shares outstanding (in thousands):






















Basic



747,507




744,542




740,058




735,715




749,020




741,904




749,496


Diluted



748,823




745,582




740,975




736,640




750,942




742,953




750,983


Common shares outstanding at end of period (in thousands)



745,442




741,738




737,547




732,794




747,301




732,794




747,301


 

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




Q1



Q2



Q3



Q4



Year-to-Date


in millions


March 31,
2022



June 30,
2022



Sept 30,
2022



Dec 31,
2022



Dec 31,
2021



Dec 31,
2022



Dec 31,
2021


Net earnings


$

771



$

788



$

310



$

11



$

416



$

1,880



$

2,607


Non-operating pension and other post-employment benefit costs



15




11




12




216




5




254




19


Interest income and other



1




(1)




(9)




(16)




(1)




(25)




(5)


Interest expense, net of capitalized interest



72




65




67




66




77




270




313


Loss on debt extinguishment



276
















276





Income taxes



209




184




77




(45)




112




425




709


Operating income



1,344




1,047




457




232




609




3,080




3,643


Depreciation, depletion and amortization



122




119




119




120




121




480




477


Basis of real estate sold



31




39




7




7




9




84




71


Special items included in operating income












10




(65)




10




(97)


Adjusted EBITDA(1)


$

1,497



$

1,205



$

583



$

369



$

674



$

3,654



$

4,094




(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.

 

Weyerhaeuser Company


Total Company Statistics


Q4.2022 Analyst Package




Preliminary results (unaudited)








Special Items Included in Net Earnings (Income Tax Affected)










Q1



Q2



Q3



Q4



Year-to-Date


in millions


March 31,
2022



June 30,
2022



Sept 30,
2022



Dec 31,
2022



Dec 31,
2021



Dec 31,
2022



Dec 31,
2021


Net earnings


$

771



$

788



$

310



$

11



$

416



$

1,880



$

2,607


Gain on sale of timberlands





















(32)


Insurance recovery















(9)







(9)


Legal benefit















(12)







(12)


Loss on debt extinguishment(1)



207
















207





Pension settlement charge












152







152





Product remediation recovery















(28)







(28)


Restructuring, impairments and other charges












8







8





Net earnings before special items(2)


$

978



$

788



$

310



$

171



$

367



$

2,247



$

2,526


 



Q1



Q2



Q3



Q4



Year-to-Date




March 31,
2022



June 30,
2022



Sept 30,
2022



Dec 31,
2022



Dec 31,
2021



Dec 31,
2022



Dec 31,
2021


Net earnings per diluted share


$

1.03



$

1.06



$

0.42



$

0.02



$

0.55



$

2.53



$

3.47


Gain on sale of timberlands





















(0.04)


Insurance recovery















(0.01)







(0.01)


Legal benefit















(0.01)







(0.01)


Loss on debt extinguishment(1)



0.28
















0.28





Pension settlement charge












0.21







0.20





Product remediation recovery















(0.04)







(0.04)


Restructuring, impairments and other charges












0.01







0.01





Net earnings per diluted share before special items(2)


$

1.31



$

1.06



$

0.42



$

0.24



$

0.49



$

3.02



$

3.37




(1)

We recorded a total pretax loss on debt extinguishment of $276 million ($207 million after-tax) in first quarter 2022.

(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



Q4



Year-to-Date


in millions


March 31,
2022



June 30,
2022



Sept 30,
2022



Dec 31,
2022



Dec 31,
2021



Dec 31,
2022



Dec 31,
2021


Pension and post-employment costs:






















Pension and post-employment service costs


$

10



$

8



$

9



$

9



$

10



$

36



$

42


Non-operating pension and other post-employment benefit costs



15




11




12




216




5




254




19


Total company pension and post-employment costs


$

25



$

19



$

21



$

225



$

15



$

290



$

61


 

Weyerhaeuser Company

Q4.2022 Analyst Package

Preliminary results (unaudited)


Condensed Consolidated Balance Sheet

in millions


March 31,
 2022



June 30,
 2022



September 30,
 2022



December 31,
 2022



December 31,
 2021


ASSETS
















Current assets:
















Cash and cash equivalents


$

1,205



$

1,723



$

1,920



$

1,581



$

1,879


Receivables, net



745




547




425




357




507


Receivables for taxes



8




6




15




42




24


Inventories



611




571




542




550




520


Prepaid expenses and other current assets



206




165




146




216




205


Total current assets



2,775




3,012




3,048




2,746




3,135


Property and equipment, net



2,026




2,000




1,997




2,171




2,057


Construction in progress



203




233




245




222




175


Timber and timberlands at cost, less depletion



11,469




11,706




11,681




11,604




11,510


Minerals and mineral rights, less depletion



252




248




245




214




255


Deferred tax assets



15




11




10




8




17


Other assets



376




370




364




375




503


Total assets


$

17,116



$

17,580



$

17,590



$

17,340



$

17,652


















LIABILITIES AND EQUITY
















Current liabilities:
















Current maturities of long-term debt


$



$



$

118



$

982



$


Accounts payable



310




283




272




247




281


Accrued liabilities



674




658




664




511




673


Total current liabilities



984




941




1,054




1,740




954


Long-term debt, net



5,053




5,053




4,935




4,071




5,099


Deferred tax liabilities



66




83




89




96




46


Deferred pension and other post-employment benefits



432




347




335




344




440


Other liabilities



344




340




339




340




346


Total liabilities



6,879




6,764




6,752




6,591




6,885


Total equity



10,237




10,816




10,838




10,749




10,767


Total liabilities and equity


$

17,116



$

17,580



$

17,590



$

17,340



$

17,652


 

Weyerhaeuser Company

Q4.2022 Analyst Package

Preliminary results (unaudited)


Consolidated Statement of Cash Flows




Q1



Q2



Q3



Q4



Year-to-Date


in millions


March 31,
2022



June 30,
2022



Sept 30,
2022



Dec 31,
2022



Dec 31,
2021



Dec 31,
2022



Dec 31,
2021


Cash flows from operations:






















Net earnings


$

771



$

788



$

310



$

11



$

416



$

1,880



$

2,607


Noncash charges (credits) to earnings:






















Depreciation, depletion and amortization



122




119




119




120




121




480




477


Basis of real estate sold



31




39




7




7




9




84




71


Deferred income taxes, net



14







3




(47)




(2)




(30)




14


Pension and other post-employment benefits



25




19




21




225




15




290




61


Share-based compensation expense



8




9




8




8




7




33




30


Gain on sale of timberlands





















(32)


Loss on debt extinguishment



276
















276





Change in:






















Receivables, net



(238)




198




121




68




(10)




149




(57)


Receivables and payables for taxes



110




(83)




(12)




(116)




6




(101)




99


Inventories



(87)




29




28




(7)




(22)




(37)




(77)


Prepaid expenses and other current assets



(1)




(2)




(4)




(5)




(4)




(12)




(25)


Accounts payable and accrued liabilities



(62)




47




(8)




(88)




(3)




(111)




113


Pension and post-employment benefit contributions and payments



(4)




(10)




(5)




(5)




(3)




(24)




(59)


Other



(8)




(7)




(26)




(4)




(36)




(45)




(63)


Net cash from operations


$

957



$

1,146



$

562



$

167



$

494



$

2,832



$

3,159


Cash flows from investing activities:






















Capital expenditures for property and equipment


$

(50)



$

(71)



$

(86)



$

(208)



$

(202)



$

(415)



$

(386)


Capital expenditures for timberlands reforestation



(20)




(10)




(8)




(15)




(16)




(53)




(55)


Acquisition of timberlands



(18)




(265)




(3)




(9)







(295)




(149)


Proceeds from sale of timberlands





















261


Other



1










3




1




4




4


Net cash from investing activities


$

(87)



$

(346)



$

(97)



$

(229)



$

(217)



$

(759)



$

(325)


Cash flows from financing activities:






















Cash dividends on common shares


$

(1,218)



$

(134)



$

(133)



$

(132)



$

(502)



$

(1,617)



$

(884)


Net proceeds from issuance of long-term debt



881
















881





Payments on long-term debt



(1,203)













(150)




(1,203)




(375)


Proceeds from exercise of stock options



12




2




1




1




5




16




51


Repurchases of common shares



(118)




(141)




(143)




(141)




(74)




(543)




(100)


Other



(18)




(1)




(1)




(5)




(3)




(25)




(22)


Net cash from financing activities


$

(1,664)



$

(274)



$

(276)



$

(277)



$

(724)



$

(2,491)



$

(1,330)
























Net change in cash, cash equivalents and restricted cash


$

(794)



$

526



$

189



$

(339)



$

(447)



$

(418)



$

1,504


Cash, cash equivalents and restricted cash at beginning of period



1,999




1,205




1,731




1,920




2,446




1,999




495


Cash, cash equivalents and restricted cash at end of period


$

1,205



$

1,731



$

1,920



$

1,581



$

1,999



$

1,581



$

1,999
























Cash paid during the period for:






















Interest, net of amounts capitalized


$

78



$

71



$

62



$

72



$

78



$

283



$

315


Income taxes, net of refunds


$

85



$

269



$

92



$

120



$

115



$

566



$

609


 

Weyerhaeuser Company

Timberlands Segment


Q4.2022 Analyst Package



Preliminary results (unaudited)






Segment Statement of Operations






in millions


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Sales to unaffiliated customers


$

465



$

515



$

441



$

437



$

429



$

1,858



$

1,636


Intersegment sales



161




156




133




111




136




561




535


Total net sales



626




671




574




548




565




2,419




2,171


Costs of sales



423




495




442




436




432




1,796




1,650


Gross margin



203




176




132




112




133




623




521


Selling expenses









1







1




1




2


General and administrative expenses



24




24




25




25




23




98




92


Other operating (income) loss, net



(3)




(1)




(1)




1




(1)




(4)




(37)


Operating income and Net contribution to earnings


$

182



$

153



$

107



$

86



$

110



$

528



$

464


 

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


in millions


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Operating income


$

182



$

153



$

107



$

86



$

110



$

528



$

464


Depreciation, depletion and amortization



65




66




61




64




66




256




261


Special items





















(32)


Adjusted EBITDA(1)


$

247



$

219



$

168



$

150



$

176



$

784



$

693



(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


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Gain on sale of timberlands


$



$



$



$



$



$



$

32































 

Selected Segment Items




in millions


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Total decrease (increase) in working capital(2)


$

(34)



$

57



$

14



$

(28)



$

(21)



$

9



$

(31)


Cash spent for capital expenditures(3)


$

(30)



$

(23)



$

(22)



$

(38)



$

(38)



$

(113)



$

(114)




(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)





Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Third Party


Delivered logs:





















Net Sales


West

$

259



$

308



$

224



$

213



$

220



$

1,004



$

869


(millions)


South


154




160




166




165




160




645




589




North


15




10




15




16




14




56




52




Total delivered logs


428




478




405




394




394




1,705




1,510




Stumpage and pay-as-cut timber


9




11




10




16




9




46




31




Recreational and other lease revenue


17




16




18




17




17




68




65




Other revenue


11




10




8




10




9




39




30




Total

$

465



$

515



$

441



$

437



$

429



$

1,858



$

1,636


Delivered Logs


West

$

161.29



$

173.35



$

158.59



$

141.88



$

146.39



$

159.46



$

140.08


Third Party Sales


South

$

37.15



$

38.47



$

38.59



$

38.67



$

36.55



$

38.23



$

35.47


Realizations (per ton)


North

$

72.79



$

83.93



$

83.84



$

80.57



$

66.74



$

79.64



$

66.18


Delivered Logs


West


1,604




1,778




1,411




1,503




1,501




6,296




6,203


Third Party Sales


South


4,135




4,167




4,310




4,252




4,358




16,864




16,594


Volumes (tons, thousands)


North


210




118




177




202




217




707




788


Fee Harvest Volumes


West


2,240




2,085




1,760




1,773




1,954




7,858




8,084


(tons, thousands)


South


5,842




6,159




6,112




6,216




6,160




24,329




23,304




North


278




180




245




271




285




974




1,085




(4)

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

 

Weyerhaeuser Company                                                                                                                                                Real Estate, Energy & Natural Resources Segment


Q4.2022 Analyst Package




Preliminary results (unaudited)








Segment Statement of Operations








in millions


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Net sales


$

128



$

117



$

68



$

55



$

59



$

368



$

344


Costs of sales



41




45




14




13




16




113




109


Gross margin



87




72




54




42




43




255




235


General and administrative expenses



6




7




6




8




7




27




25


Other operating loss, net












10







10





Operating income and Net contribution to earnings


$

81



$

65



$

48



$

24



$

36



$

218



$

210


 

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


in millions


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Operating income


$

81



$

65



$

48



$

24



$

36



$

218



$

210


Depreciation, depletion and amortization



4




3




5




5




4




17




15


Basis of real estate sold



31




39




7




7




9




84




71


Special items












10







10





Adjusted EBITDA(1)


$

116



$

107



$

60



$

46



$

49



$

329



$

296




(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


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Restructuring, impairments and other charges


$



$



$



$

(10)



$



$

(10)



$































 

Selected Segment Items


in millions


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Cash spent for capital expenditures


$



$



$



$



$



$



$































 

Segment Statistics





Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Net Sales

Real Estate


$

97



$

90



$

30



$

18



$

34



$

235



$

246


(millions)

Energy and Natural Resources



31




27




38




37




25




133




98



Total


$

128



$

117



$

68



$

55



$

59



$

368



$

344


Acres Sold

Real Estate



24,126




26,906




5,014




2,745




6,920




58,791




55,827


Price per Acre

Real Estate


$

3,785



$

3,215



$

5,046



$

5,550



$

4,385



$

3,714



$

3,725


Basis as a Percent of
Real Estate Net Sales

Real Estate



32

%



43

%



23

%



39

%



26

%



36

%



29

%

 

Weyerhaeuser Company                                                                                                                                                                                                     Wood Products Segment

Q4.2022 Analyst Package

Preliminary results (unaudited)


Segment Statement of Operations


in millions


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Net sales


$

2,519



$

2,341



$

1,767



$

1,331



$

1,718



$

7,958



$

8,221


Costs of sales



1,276




1,414




1,360




1,116




1,185




5,166




4,808


Gross margin



1,243




927




407




215




533




2,792




3,413


Selling expenses



21




21




22




22




23




86




84


General and administrative expenses



35




35




36




36




34




142




138


Other operating costs (income), net



5




8




5




10




(40)




28




(20)


Operating income and Net contribution to earnings


$

1,182



$

863



$

344



$

147



$

516



$

2,536



$

3,211


 

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


in millions


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Operating income


$

1,182



$

863



$

344



$

147



$

516



$

2,536



$

3,211


Depreciation, depletion and amortization



51




49




51




50




51




201




196


Special items















(50)







(50)


Adjusted EBITDA(1)


$

1,233



$

912



$

395



$

197



$

517



$

2,737



$

3,357




(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


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Insurance recovery


$



$



$



$



$

13



$



$

13


Product remediation recovery


$



$



$



$



$

37



$



$

37


 

Selected Segment Items


in millions


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Total decrease (increase) in working capital(2)


$

(371)



$

205



$

136



$

20



$

(11)



$

(10)



$

(23)


Cash spent for capital expenditures


$

(39)



$

(56)



$

(68)



$

(184)



$

(174)



$

(347)



$

(320)




(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


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Structural Lumber

Third party net sales


$

1,206



$

998



$

676



$

494



$

701



$

3,374



$

3,721


(volumes presented

Third party sales realizations


$

1,041



$

776



$

556



$

495



$

592



$

724



$

759


in board feet)

Third party sales volumes(3)



1,157




1,289




1,216




996




1,185




4,658




4,902



Production volumes



1,203




1,232




1,140




938




1,148




4,513




4,815


Oriented Strand

Third party net sales


$

564



$

497



$

287



$

230



$

327



$

1,578



$

1,840


Board

Third party sales realizations


$

787



$

676



$

401



$

335



$

490



$

553



$

675


(volumes presented

Third party sales volumes(3)



717




735




715




686




668




2,853




2,726


in square feet 3/8")

Production volumes



739




758




735




729




725




2,961




2,865


Engineered Solid

Third party net sales


$

196



$

247



$

233



$

186



$

188



$

862



$

679


Section

Third party sales realizations


$

3,433



$

3,863



$

3,946



$

3,743



$

3,319



$

3,751



$

2,789


(volumes presented

Third party sales volumes(3)



5.7




6.4




5.9




5.0




5.7




23.0




24.4


in cubic feet)

Production volumes



5.7




6.4




6.0




5.5




6.0




23.6




24.0


Engineered

Third party net sales


$

137



$

168



$

166



$

102



$

132



$

573



$

447


I-joists

Third party sales realizations


$

2,969



$

3,432



$

3,525



$

3,537



$

2,888



$

3,350



$

2,300


(volumes presented

Third party sales volumes(3)



46




49




47




29




45




171




194


in lineal feet)

Production volumes



44




50




47




31




46




172




190


Softwood Plywood

Third party net sales


$

58



$

53



$

47



$

35



$

40



$

193



$

210


(volumes presented

Third party sales realizations


$

783



$

746



$

632



$

543



$

581



$

679



$

681


in square feet 3/8")

Third party sales volumes(3)



75




70




74




66




68




285




308



Production volumes



66




67




64




62




60




259




263


Medium Density

Third party net sales


$

48



$

53



$

50



$

41



$

43



$

192



$

186


Fiberboard

Third party sales realizations


$

1,082



$

1,174



$

1,274



$

1,310



$

995



$

1,200



$

908


(volumes presented

Third party sales volumes(3)



44




45




40




31




43




160




205


in square feet 3/4")

Production volumes



44




48




38




31




43




161




206




(3)

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

 

Weyerhaeuser Company

Unallocated Items

Q4.2022 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


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Unallocated corporate function and variable compensation expense


$

(31)



$

(36)



$

(36)



$

(36)



$

(35)



$

(139)



$

(129)


Liability classified share-based compensation



1




2




2




(1)




(4)




4




(6)


Foreign exchange gain (loss)






3




9




(2)




3




10




5


Elimination of intersegment profit in inventory and LIFO



(59)




18




2




18




10




(21)




(23)


Other, net



(12)




(21)




(19)




(4)




(27)




(56)




(89)


Operating loss



(101)




(34)




(42)




(25)




(53)




(202)




(242)


Non-operating pension and other post-employment benefit costs



(15)




(11)




(12)




(216)




(5)




(254)




(19)


Interest income and other



(1)




1




9




16




1




25




5


Net charge to earnings


$

(117)



$

(44)



$

(45)



$

(225)



$

(57)



$

(431)



$

(256)


 

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


in millions


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Operating loss


$

(101)



$

(34)



$

(42)



$

(25)



$

(53)



$

(202)



$

(242)


Depreciation, depletion and amortization



2




1




2




1







6




5


Special items















(15)







(15)


Adjusted EBITDA(1)


$

(99)



$

(33)



$

(40)



$

(24)



$

(68)



$

(196)



$

(252)




(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


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Legal benefit


$



$



$



$



$

15



$



$

15


Special items included in operating loss















15







15


Pension settlement charge












(205)







(205)





Special items included in net charge to earnings


$



$



$



$

(205)



$

15



$

(205)



$

15


 

Unallocated Selected Items


in millions


Q1.2022



Q2.2022



Q3.2022



Q4.2022



Q4.2021



YTD.2022



YTD.2021


Cash spent for capital expenditures


$

(1)



$

(2)



$

(4)



$

(1)



$

(6)



$

(8)



$

(7)































 

For more information contact:

Analysts – Andy Taylor (206) 539-3907
Media Nancy Thompson (919) 861-0342

SOURCE Weyerhaeuser Company

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