By: The Working Forest Staff
SEATTLE, PRNewswire — Weyerhaeuser Company has reported fourth-quarter net earnings of $292 million, or 39 cents per diluted share, on net sales of $2.1 billion. This compares with a net loss of $14 million, or two cents per diluted share, on net sales of $1.5 billion for the same period last year and net earnings of $283 million for the third quarter of 2020.
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Excluding net after-tax charges of $69 million for special items, the company reported fourth-quarter net earnings of $361 million, or 48 cents per diluted share. This compares with net earnings before special items of $23 million for the same period last year and $386 million for the third quarter of 2020.
Adjusted EBITDA for the fourth quarter of 2020 was $657 million compared with $260 million for the same period last year and $745 million for the third quarter of 2020.
For the full year 2020, Weyerhaeuser reported net earnings of $797 million, or $1.07 per diluted share, on net sales of $7.5 billion. This compares with a net loss of $76 million on net sales of $6.6 billion for the full year of 2019.
Full-year 2020 includes net after-tax charges of $165 million for special items. Excluding these items, the company reported net earnings of $962 million, or $1.29 per diluted share. This compares with net earnings before special items of $285 million for the full year 2019.
Adjusted EBITDA for full-year 2020 was $2.2 billion compared with $1.3 billion for full-year 2019.
“In 2020 each of our businesses delivered remarkable results in the face of unprecedented operating and market challenges,” said Devin W. Stockfish, president and chief executive officer. “Our teams delivered the highest Wood Products Adjusted EBITDA on record, achieved record low-cost performance in lumber, and captured approximately $100 million of operational excellence improvements across our businesses, all while demonstrating an unwavering commitment to safety.
In addition, we reduced gross debt by more than $900 million, implemented a new dividend framework, strategically upgraded our Oregon timberland holdings, and launched a new sustainability strategy. As we embark on 2021, we are encouraged by the macroeconomic tailwinds that continue to bolster strong U.S. housing and repair and remodel markets, and we remain focused on creating value for shareholders through our unrivaled portfolio of assets, industry-leading operating performance, and disciplined capital allocation.”