Weyerhaeuser Co (WY) Reports Q3 2023 Earnings: A Comprehensive Summary
Weyerhaeuser Co (NYSE:WY) reported Q3 2023 net earnings of $239 million, a slight increase from Q2 2023's $230 million.
The company generated an Adjusted EBITDA of $509 million, marking a 9% increase compared to Q2 2023.
Weyerhaeuser Co (NYSE:WY) received approval for the companys first forest carbon credits.
The company anticipates Q4 2023 earnings and Adjusted EBITDA to be comparable to Q3 2023.
On October 26, 2023, Weyerhaeuser Co (NYSE:WY) released its third-quarter earnings report. The company reported net earnings of $239 million, or $0.33 per diluted share, on net sales of $2.0 billion. This is a slight increase from the second quarter's net earnings of $230 million. The company also reported an Adjusted EBITDA of $509 million, a 9 percent increase compared to the second quarter of 2023.
Financial Highlights
The company's financial highlights for the third quarter of 2023 include net sales of $2.022 billion, net earnings of $239 million, and net earnings per diluted share of $0.33. The company's Adjusted EBITDA for the third quarter was $509 million, compared to $469 million for the second quarter of 2023. The company also reported net cash from operations of $523 million.
Company Performance and Outlook
Weyerhaeuser Co (NYSE:WY) CEO, Devin W. Stockfish, commented on the company's performance, stating,
In the third quarter, we delivered solid results across our businesses. In addition, we achieved an important milestone in our Natural Climate Solutions growth program with the approval of our first forest carbon credits in Maine."
He also mentioned that despite near-term market conditions having moderated, the company remains constructive on the longer-term demand fundamentals that support their businesses.
Financial Tables Summary
The company's financial tables highlight the performance of its different segments. The Timberlands segment reported net sales of $521 million and an Adjusted EBITDA of $143 million. The Real Estate, Energy & Natural Resources segment reported net sales of $105 million and an Adjusted EBITDA of $94 million. The Wood Products segment reported net sales of $1.537 billion and an Adjusted EBITDA of $328 million.
Future Expectations
Looking ahead, Weyerhaeuser Co (NYSE:WY) anticipates fourth-quarter earnings and Adjusted EBITDA to be comparable to the third quarter. The company also expects full-year 2023 Adjusted EBITDA to be approximately $310 million, a $10 million increase from the prior outlook.
Explore the complete 8-K earnings release (here) from Weyerhaeuser Co for further details.
This article first appeared on GuruFocus.
