Financial Data and Key Metrics Changes - Weyerhaeuser reported second quarter GAAP earnings of $87 million or $0.12 per diluted share on net sales of $1.9 billion, with adjusted EBITDA totaling $336 million, a slight increase over the first quarter of 2025 [4][23] - Cash from operations was $396 million, ending the quarter with approximately $600 million in cash and total debt of just under $5.2 billion [23] Business Line Data and Key Metrics Changes - Timberlands contributed $88 million to second quarter earnings, with adjusted EBITDA of $152 million, a $15 million decrease compared to the first quarter, primarily due to higher costs in Western operations [8][12] - Southern Timberlands adjusted EBITDA was $69 million, slightly down from the prior quarter, with muted sawlog demand due to wet weather conditions [11][12] - Real Estate, Energy, and Natural Resources contributed $106 million to second quarter earnings and $143 million to adjusted EBITDA, with a $61 million increase from the prior quarter driven by real estate sales [13] - Wood Products contributed $46 million to second quarter earnings and $101 million to adjusted EBITDA, with a $29 million decrease compared to the first quarter due to lower product pricing [15][20] Market Data and Key Metrics Changes - Log demand in the Western domestic market was healthy at the start of the quarter but weakened as the quarter progressed, leading to lower log prices [9][10] - In Japan, log markets remained stable, with average sales realizations for export logs increasing moderately compared to the first quarter [10] - The housing market showed signs of softening, with total housing starts averaging 1.3 million units in the second quarter, and single-family starts below 1 million units [37] Company Strategy and Development Direction - The company is acquiring 117,000 acres of timberlands in North Carolina and Virginia for $375 million, expected to enhance its footprint in a growing market [5][6] - Weyerhaeuser aims to grow its timberlands portfolio through $1 billion of investments by the end of 2025, while also focusing on active portfolio management [6][7] - The company plans to balance capital allocation activities to drive long-term value for shareholders, including share repurchases and strategic acquisitions [7][24] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market conditions are challenging, with weaker consumer confidence and elevated mortgage rates impacting housing activity [37][38] - There is optimism for potential catalysts for improvement in the second half of the year, including clarity on tax bills and possible Fed support on interest rates [38] - The long-term fundamentals for a strong housing market remain intact, supported by favorable demographic trends and an underbuilt housing stock [39] Other Important Information - The company returned over $5.7 billion in cash to shareholders since the beginning of 2021 through dividends and share repurchases [24] - Capital expenditures in the second quarter were $107 million, with a total investment for the new engineered wood products facility in Arkansas expected to be approximately $500 million through 2027 [25] Q&A Session Summary Question: Outlook for Wood Products segment and balancing capacity - Management emphasized the importance of operational excellence and flexibility to navigate softer demand environments while maintaining cost efficiency [47][48] Question: Timberland acquisition environment and divestitures - The timberland market is solid, with expectations for continued strong demand for timberland packages, and divestitures are expected to deliver strong value [52][54] Question: EWP pricing trends and catalysts for reversal - The slowdown in single-family construction has pressured EWP pricing, but management expects a recovery as housing activity picks up [61][63] Question: Real estate prices per acre and future expectations - Prices per acre have been appreciating due to timing and mix, with expectations for continued interest in timberland assets over time [65][67] Question: Impact of the "big beautiful bill" on natural climate solutions - The bill is seen as a net positive, with ongoing projects expected to align with new incentives, although there are some near-term challenges [69][71] Question: Current market conditions for lumber - Lumber prices have stabilized recently, with expectations for pricing to increase in the fall due to upcoming duties and market dynamics [76][78] Question: Divestiture funding for acquisitions and timeline - The acquisition will be funded primarily through divestitures of non-core timberlands, with a focus on completing transactions within a 180-day timeline [92][94]

Financial Performance - The company's total Adjusted EBITDA for Q2 2025 was $336 million, compared to $328 million in Q1 2025, representing an increase of $8 million[6] - Net earnings for Q2 2025 were $87 million, with a diluted EPS of $0.12, compared to net earnings of $83 million and a diluted EPS of $0.11 in Q1 2025[8] - Adjusted Funds Available for Distribution (Adjusted FAD) for Q2 2025 was $311 million, and year-to-date Adjusted FAD was $304 million[43] Segment Performance - Real Estate, Energy & Natural Resources Adjusted EBITDA increased from $82 million in Q1 2025 to $143 million in Q2 2025, an increase of $61 million[6] - Wood Products Adjusted EBITDA decreased from $161 million in Q1 2025 to $101 million in Q2 2025, a decrease of $60 million[6] - Timberlands Adjusted EBITDA decreased from $167 million in Q1 2025 to $152 million in Q2 2025, a decrease of $15 million[6] Timberlands Key Drivers - In the West, fee harvest volumes and sales volumes were comparable between Q1 and Q2 2025, while sales realizations were comparable overall with moderately higher realizations for Japan[16] - In the South, fee harvest volumes and sales realizations were slightly higher in Q2 2025 compared to Q1 2025[16] - In the North, fee harvest volumes were significantly lower in Q2 2025 due to spring break-up conditions, while sales realizations were slightly higher[16] Real Estate, Energy & Natural Resources - Real Estate Adjusted EBITDA increased from $59 million in Q1 2025 to $113 million in Q2 2025, while Energy & Natural Resources Adjusted EBITDA increased from $23 million to $30 million[26] Wood Products Key Drivers - Lumber sales realizations decreased by 2% in Q2 2025 compared to Q1 2025[36] - Oriented Strand Board (OSB) sales realizations decreased by 12% in Q2 2025 compared to Q1 2025[36] - Engineered Wood Products (EWP) sales volumes were higher for all products, but sales realizations were lower for most products[36] Outlook - The company expects Timberlands earnings to be approximately $10 million lower in Q3 2025 compared to Q2 2025[51] - Real Estate, Energy & Natural Resources earnings are expected to be approximately $60 million lower in Q3 2025 than in Q2 2025, with Adjusted EBITDA approximately $80 million lower[51] - Wood Products earnings are expected to be comparable to Q2 2025, excluding the effect of changes in average sales realizations for lumber and oriented strand board[51]

Core Insights - Weyerhaeuser reported revenue of $1.88 billion for the quarter ended June 2025, a decrease of 2.8% year-over-year, with EPS at $0.12 compared to $0.21 in the same quarter last year, exceeding the Zacks Consensus Estimate for revenue by 2.72% and EPS by 20% [1][2] Financial Performance - Revenue of $1.88 billion represents a 2.8% decline from the previous year [1] - EPS decreased from $0.21 to $0.12 year-over-year [1] - The company’s revenue surpassed the Zacks Consensus Estimate of $1.83 billion [1] - EPS exceeded the consensus estimate of $0.10 [1] Key Metrics - Weyerhaeuser's stock returned -0.4% over the past month, underperforming the Zacks S&P 500 composite's +5.7% [3] - The company holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3] Sales Realizations - Delivered Logs Third Party Sales Realizations (per ton) - West: $117.69, slightly above the $117.54 estimate [4] - Wood Products - Medium Density Fiberboard (3/4') sales realizations: $1,195.00, exceeding the $1,152.11 estimate [4] - Delivered Logs Third Party Sales Realizations (per ton) - North: $74.30, above the $73.91 estimate [4] - Net Sales- Wood Products: $1.36 billion, compared to the $1.31 billion estimate, reflecting a -4.5% change year-over-year [4] - Net Sales- Real Estate & ENR: $154 million, surpassing the $143.97 million estimate, with a year-over-year increase of +41.3% [4] - Wood Products Segment- Structural Lumber: $581 million, exceeding the $542.21 million estimate, with a +16.4% year-over-year change [4] - Wood Products Segment- Oriented Strand Board: $205 million, slightly below the $207.92 million estimate, with a -28.8% year-over-year change [4] - Timberlands Segment- Third Party Net Sales- Recreational and other lease revenue: $19 million, matching the $19.78 million estimate [4] - Wood Products Segment- Engineered Solid Section: $169 million, below the $176.32 million estimate, with a -11.5% year-over-year change [4] - Wood Products Segment- Engineered I-joists: $95 million, below the $101.64 million estimate, with a -11.2% year-over-year change [4]

Company Performance - Weyerhaeuser reported quarterly earnings of $0.12 per share, exceeding the Zacks Consensus Estimate of $0.10 per share, but down from $0.21 per share a year ago, representing an earnings surprise of +20.00% [1] - The company posted revenues of $1.88 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.72%, although this is a decrease from year-ago revenues of $1.94 billion [2] - Over the last four quarters, Weyerhaeuser has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Outlook - Weyerhaeuser shares have declined approximately 7.8% since the beginning of the year, contrasting with the S&P 500's gain of 8.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.08 on revenues of $1.75 billion, and for the current fiscal year, it is $0.42 on revenues of $7.06 billion [7] - The estimate revisions trend for Weyerhaeuser was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Building Products - Wood industry, to which Weyerhaeuser belongs, is currently in the bottom 13% of over 250 Zacks industries, suggesting a challenging environment [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Weyerhaeuser's stock performance [5]

Core Viewpoint - Weyerhaeuser Company reported its second quarter 2025 financial results, with details available on its website and through the U.S. Securities and Exchange Commission [1] Financial Results - The company will hold a live conference call on July 25, 2025, at 7 a.m. Pacific (10 a.m. Eastern) to discuss the second quarter results [2] - Access to the live webcast and presentation will be available on the company's Investors section on the same date [2] Conference Call Information - For North American participants, the conference call can be joined by dialing 877-407-0792 with access code 13748397 [3] - International participants can join by dialing 201-689-8263 with the same access code [3] - Replays of the call will be available for two weeks through specific numbers for both North America and international callers [3] Company Overview - Weyerhaeuser is one of the largest private owners of timberlands, controlling approximately 10.4 million acres in the U.S. and additional public timberlands in Canada [4] - The company has been a leader in sustainability, managing all its timberlands on a fully sustainable basis [4] - In 2024, Weyerhaeuser generated $7.1 billion in net sales and employed around 9,400 people [4] - The company operates as a real estate investment trust and trades on the New York Stock Exchange under the symbol WY [4]

[Consolidated Financial Results](index=1&type=section&id=Consolidated%20Financial%20Results) [Consolidated Statement of Operations](index=1&type=section&id=Consolidated%20Statement%20of%20Operations) Q2 2025 net sales were $1,884 million and net earnings $87 million, both declining from Q2 2024, reflecting profitability pressure Consolidated Statement of Operations Summary (Millions) | | Q2 2025 (Millions) | Q2 2024 (Millions) | YTD 2025 (Millions) | YTD 2024 (Millions) | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $1,884 | $1,939 | $3,647 | $3,735 | | **Gross margin** | $325 | $404 | $660 | $759 | | **Operating income** | $178 | $270 | $357 | $466 | | **Net earnings** | $87 | $173 | $170 | $287 | - Both quarterly and year-to-date net sales experienced a slight decline compared to the previous year, while net earnings decreased substantially by approximately **49.7%** for the quarter and **40.8%** for the year-to-date period, indicating pressure on profitability[1](index=1&type=chunk) [Per Share Information](index=1&type=section&id=Per%20Share%20Information) Q2 2025 diluted EPS decreased 50% to $0.12, while dividends per share slightly increased, reflecting share repurchase activity Per Share Information Summary | | Q2 2025 ($) | Q2 2024 ($) | YTD 2025 ($) | YTD 2024 ($) | | :--- | :--- | :--- | :--- | :--- | | **Earnings per share, diluted** | $0.12 | $0.24 | $0.23 | $0.39 | | **Dividends paid per common share** | $0.21 | $0.20 | $0.42 | $0.54 | - The number of common shares outstanding decreased from **727.5 million** at the end of Q2 2024 to **721.8 million** at the end of Q2 2025, indicating the company has been returning capital to shareholders via buybacks[2](index=2&type=chunk) [Adjusted EBITDA (Non-GAAP)](index=1&type=section&id=Adjusted%20EBITDA%20(Non-GAAP)) Company-wide Adjusted EBITDA declined to $336 million in Q2 2025 from $410 million in Q2 2024, reflecting lower operating income Adjusted EBITDA Summary (Millions) | | Q2 2025 (Millions) | Q2 2024 (Millions) | YTD 2025 (Millions) | YTD 2024 (Millions) | | :--- | :--- | :--- | :--- | :--- | | **Net earnings** | $87 | $173 | $170 | $287 | | **Operating income** | $178 | $270 | $357 | $466 | | **Adjusted EBITDA** | $328 | $410 | $664 | $762 | - Adjusted EBITDA is a non-GAAP measure defined by the company as operating income adjusted for depreciation, depletion, amortization, basis of real estate sold, and special items[3](index=3&type=chunk) [Condensed Consolidated Balance Sheet](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets were $16,478 million, slightly down from year-end 2024, while total liabilities increased and total equity decreased Condensed Consolidated Balance Sheet (Millions) | | June 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :--- | :--- | :--- | | **Total current assets** | $1,758 | $1,748 | | **Total assets** | $16,478 | $16,536 | | **Total current liabilities** | $1,694 | $977 | | **Long-term debt, net** | $4,268 | $4,866 | | **Total liabilities** | $6,954 | $6,815 | | **Total equity** | $9,524 | $9,721 | [Consolidated Statement of Cash Flows](index=4&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operations for the six months ended June 30, 2025, decreased to $466 million, with significant cash usage in investing and financing activities Consolidated Statement of Cash Flows (Millions) | in millions (Year-to-Date) | June 30, 2025 (Millions) | June 30, 2024 (Millions) | | :--- | :--- | :--- | | **Net cash from operations** | $466 | $556 | | **Net cash from investing activities** | $(208) | $(220) | | **Net cash from financing activities** | $(350) | $(503) | | **Net change in cash** | $(92) | $(167) | - Year-to-date capital return to shareholders included **$304 million** in cash dividends and **$125 million** in common share repurchases[8](index=8&type=chunk) [Segment Analysis](index=5&type=section&id=Segment%20Analysis) [Timberlands Segment](index=5&type=section&id=Timberlands%20Segment) Timberlands segment Q2 2025 operating income increased to $88 million and Adjusted EBITDA to $152 million, despite lower net sales, reflecting improved cost management Timberlands Segment Performance (Millions) | | Q2 2025 (Millions) | Q2 2024 (Millions) | YTD 2025 (Millions) | YTD 2024 (Millions) | | :--- | :--- | :--- | :--- | :--- | | **Total net sales** | $529 | $555 | $1,063 | $1,076 | | **Operating income** | $88 | $80 | $190 | $160 | | **Adjusted EBITDA** | $152 | $147 | $319 | $291 | - Third-party sales of delivered logs in the West decreased to **$169 million** in Q2 2025 from **$205 million** in Q2 2024, driving the overall decline in segment sales[13](index=13&type=chunk) [Real Estate, Energy & Natural Resources Segment](index=6&type=section&id=Real%20Estate%2C%20Energy%20%26%20Natural%20Resources%20Segment) Real Estate, Energy & Natural Resources segment Q2 2025 operating income nearly doubled to $106 million, driven by higher average real estate prices per acre Real Estate, Energy & Natural Resources Segment Performance (Millions) | | Q2 2025 (Millions) | Q2 2024 (Millions) | YTD 2025 (Millions) | YTD 2024 (Millions) | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $154 | $109 | $248 | $216 | | **Operating income** | $106 | $59 | $162 | $119 | | **Adjusted EBITDA** | $143 | $102 | $225 | $196 | - The average price per acre for real estate sold surged to **$4,757** in Q2 2025 from **$2,062** in Q2 2024, while acres sold decreased from **37,665** to **24,103**[17](index=17&type=chunk) [Wood Products Segment](index=7&type=section&id=Wood%20Products%20Segment) Wood Products segment Q2 2025 operating income plummeted to $46 million and Adjusted EBITDA to $101 million, driven by lower sales realizations Wood Products Segment Performance (Millions) | | Q2 2025 (Millions) | Q2 2024 (Millions) | YTD 2025 (Millions) | YTD 2024 (Millions) | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $1,357 | $1,421 | $2,644 | $2,723 | | **Operating income** | $46 | $196 | $152 | $324 | | **Adjusted EBITDA** | $101 | $225 | $262 | $409 | - Sales realizations for Oriented Strand Board (OSB) dropped to **$280** per thousand square feet in Q2 2025 from **$407** in Q2 2024, contributing significantly to the segment's lower profitability[22](index=22&type=chunk) - Capital expenditures for the segment YTD 2025 were **$155 million**, a notable increase from **$105 million** in YTD 2024, including **$38 million** for the Monticello engineered wood products facility[20](index=20&type=chunk)[21](index=21&type=chunk) [Unallocated Items](index=8&type=section&id=Unallocated%20Items) Unallocated items resulted in a net charge to earnings of $75 million in Q2 2025, higher than the prior year, with an operating loss of $62 million for the quarter - Unallocated items are gains or charges not related to, or allocated to, an individual operating segment, such as corporate overhead, share-based compensation, and intersegment profit elimination[24](index=24&type=chunk) Unallocated Items Summary (Millions) | | Q2 2025 (Millions) | Q2 2024 (Millions) | YTD 2025 (Millions) | YTD 2024 (Millions) | | :--- | :--- | :--- | :--- | :--- | | **Operating loss** | $(62) | $(65) | $(147) | $(137) | | **Net charge to earnings** | $(75) | $(63) | $(174) | $(130) |

Core Viewpoint - Weyerhaeuser Company (WY) is expected to report second-quarter 2025 results on July 24, with anticipated declines in earnings and net sales compared to the previous year [1][3][10]. Earnings Performance - In the last reported quarter, Weyerhaeuser's adjusted earnings were 11 cents per share, meeting the Zacks Consensus Estimate, while net sales exceeded expectations by 0.7% [1]. - The company has beaten consensus estimates in two of the last four quarters, with an average surprise of 50.7% [2]. Earnings Estimates - The Zacks Consensus Estimate for the upcoming quarter's EPS has decreased to 12 cents from 15 cents, indicating a 42.9% decline year-over-year [3]. - The consensus for net sales is projected at $1.88 billion, reflecting a 3% year-over-year decline [3]. Segment Performance - The Wood Products segment, which contributed approximately 73% of first-quarter 2025 net sales, is expected to see a decline in earnings and adjusted EBITDA due to soft demand and increased costs [4][6]. - The Timberlands segment is projected to maintain its outlook, with expected lower earnings and adjusted EBITDA quarter-over-quarter, influenced by higher costs and unfavorable sales realizations [8]. - The Real Estate, Energy, and Natural Resources segment is anticipated to show significant growth, with adjusted EBITDA expected to increase by 61.6% sequentially due to favorable sales timing [10][11]. Financial Projections - The Wood Products segment's net sales are expected to decline 4.4% year-over-year but grow 5.6% sequentially to $1.36 billion, with adjusted EBITDA forecasted to drop 37.3% year-over-year [7][10]. - The Timberlands segment's net sales are expected to decline 2% year-over-year but increase 1.9% sequentially to $544 million [9]. - The Real Estate, Energy, and Natural Resources segment's net sales are projected to be $136.4 million, up 25.1% year-over-year and 45.1% sequentially [11]. Earnings Prediction Model - The model indicates that Weyerhaeuser is unlikely to achieve an earnings beat this quarter, with an Earnings ESP of -18.10% and a Zacks Rank of 4 (Sell) [12].

Core Insights - Weyerhaeuser (WY) is expected to report quarterly earnings of $0.13 per share, reflecting a 38.1% decline year over year, with revenues forecasted at $1.88 billion, a decrease of 3% compared to the previous year [1] - Over the past month, the consensus EPS estimate has been revised downward by 26.7%, indicating a significant reassessment by analysts [1][2] Earnings Estimates - Analysts predict 'Net Sales - Wood Products' to reach $1.32 billion, indicating a year-over-year decline of 7.1% [3] - The 'Net Sales - Real Estate & ENR' is expected to be $143.97 million, showing a year-over-year increase of 32.1% [4] - The consensus estimate for 'Wood Products Segment - Structural Lumber - Third party net sales' is $549.93 million, reflecting a year-over-year increase of 10.2% [4] Sales Realizations - 'Wood Products Segment - Oriented Strand Board (square feet 3/8) - Third party net sales' is projected at $214.20 million, indicating a year-over-year decline of 25.6% [5] - 'Delivered Logs Third Party Sales Realizations (per ton) - West' is estimated at $117.54, down from $123.15 year-over-year [5] - 'Wood Products - Medium Density Fiberboard (square feet 3/4) - Third party sales realizations' is expected to be $1152.11, compared to $1186.00 last year [6] Sales Volumes - 'Delivered Logs Third Party Sales Volumes (tons) - West' is projected at 1463 thousand tons, down from 1668 thousand tons in the same quarter last year [7] - 'Delivered Logs Third Party Sales Volumes (tons) - South' is expected to reach 4270 thousand tons, compared to 4154 thousand tons in the same quarter of the previous year [7] - 'Delivered Logs Third Party Sales Volumes (tons) - North' is estimated at 143 thousand tons, up from 118 thousand tons year-over-year [8] Additional Metrics - 'Wood Products - Structural Lumber (board feet) - Third party sales volumes' is expected to be 1.18 billion, slightly down from 1.19 billion in the same quarter last year [8] - 'Wood Products - Engineered Solid Section (cubic feet) - Third party sales volumes' is projected at 5.46 million, compared to 6.00 million year-over-year [9] Market Performance - Over the past month, Weyerhaeuser shares have declined by 3.3%, while the Zacks S&P 500 composite has increased by 5.4% [10] - Weyerhaeuser holds a Zacks Rank 4 (Sell), indicating a likely underperformance compared to the overall market in the upcoming period [10]

Core Viewpoint - The market anticipates a year-over-year decline in Weyerhaeuser's earnings due to lower revenues, with a focus on how actual results will compare to estimates [1][2]. Earnings Expectations - Weyerhaeuser is expected to report quarterly earnings of $0.15 per share, reflecting a year-over-year decrease of 28.6%. Revenues are projected to be $1.88 billion, down 3% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 26.67% over the last 30 days, indicating a bearish sentiment among analysts regarding the company's earnings prospects [4][12]. Earnings Surprise Prediction - The Most Accurate Estimate for Weyerhaeuser is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -36.67%. The stock currently holds a Zacks Rank of 4, complicating predictions of an earnings beat [12]. Historical Performance - In the last reported quarter, Weyerhaeuser met the expected earnings of $0.11 per share, resulting in no surprise. Over the past four quarters, the company has beaten consensus EPS estimates twice [13][14]. Conclusion - Weyerhaeuser does not appear to be a strong candidate for an earnings beat, and investors should consider additional factors when evaluating the stock ahead of its earnings release [17].

Financial Targets and Performance - The company aims to make disciplined investments of $1 billion from 2022 to 2025 in Timberlands growth[11] - The company targets to grow annual EBITDA to $100 million from Natural Climate Solutions[11], with $47 million achieved in 2023[60] - The company is committed to returning 75-80% of Adjusted Funds Available for Distribution (FAD) annually to shareholders[11] - The company increased its base dividend by >5% annually from 2022-2024[14] - The company targets to grow lumber production by 5% annually[11] Timberlands Portfolio - The company holds 10.5 million acres of timberlands in the U S and licenses 14 million acres in Canada[19] - The company invested approximately $775 million including acquisitions in Washington, Carolinas, Mississippi & Alabama[14] - The company's Western Timberlands Adjusted EBITDA accounts for 56% of the total, while the South accounts for 43%[31] Wood Products - The company is the 2nd largest lumber producer in North America with 19 lumber mills (5.5 BBF)[69] - The company is expanding Engineered Wood Products (EWP) capacity with a new TimberStrand facility, expecting $100+ million of annual Adjusted EBITDA at full capacity[73] - The company's wood residuals utilization rate is 98% to create other products or generate energy[92] Sustainability and Carbon - The company's forests store 10.2 million metric tons of CO2e in 2023[121] - The company removed 38 million metric tons of CO2e in 2023[121]