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Weyerhaeuser Appoints Paul Hossain as Senior Vice President and Chief Development Officer
Prnewswire· 2024-11-11 12:15
Hossain to replace Russell Hagen, who is retiring at the end of 2024SEATTLE, Nov. 11, 2024 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced the appointment of Paul Hossain as senior vice president and chief development officer, effective January 1, 2025. In this role, he will oversee the company's Real Estate, Energy & Natural Resources segment, including its Natural Climate Solutions business, as well as Business Development and Acquisitions and Divestitures. Hossain currently serves as vice ...
WY: Lumber In The Off Season For Demand
Seeking Alpha· 2024-11-07 19:44
Group 1 - The Hecht Commodity Report is a comprehensive source for commodities analysis, covering over 29 different commodities with various market calls and trading recommendations [1][3] - Lumber is identified as a critical industrial commodity that serves as a barometer for economic health and new housing demand, similar to crude oil and copper [2] Group 2 - The author of the report actively participates in commodities markets, holding positions in futures, options, and commodity equities, which may change frequently [4]
Weyerhaeuser(WY) - 2024 Q3 - Quarterly Report
2024-10-25 20:16
PART I FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents Weyerhaeuser Company's unaudited consolidated financial statements for the third quarter and year-to-date periods, highlighting a significant decrease in net earnings Consolidated Financial Highlights | Indicator | Q3 2024 ($M) | Q3 2023 ($M) | YTD 2024 ($M) | YTD 2023 ($M) | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $1,681 | $2,022 | $5,416 | $5,900 | | **Operating Income** | $78 | $353 | $544 | $908 | | **Net Earnings** | $28 | $239 | $315 | $620 | | **Diluted EPS** | $0.04 | $0.33 | $0.43 | $0.85 | Consolidated Balance Sheet Highlights | Account | Sept 30, 2024 ($M) | Dec 31, 2023 ($M) | | :--- | :--- | :--- | | **Total Current Assets** | $1,994 | $2,313 | | **Total Assets** | $16,668 | $16,983 | | **Total Current Liabilities** | $992 | $788 | | **Total Liabilities** | $6,741 | $6,747 | | **Total Equity** | $9,927 | $10,236 | Consolidated Cash Flow Highlights (Year-to-Date) | Cash Flow Activity (YTD) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | | **Net Cash from Operations** | $790 | $1,145 | | **Net Cash from Investing** | $(381) | $(982) | | **Net Cash from Financing** | $(674) | $(571) | | **Net Change in Cash** | $(265) | $(408) | - The company's business is organized into three segments: Timberlands (logs, timber), Real Estate, Energy and Natural Resources (Real Estate & ENR), and Wood Products (lumber, OSB, engineered wood products)[13](index=13&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=16&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS%20%28MD%26A%29) Management discusses financial results, highlighting a significant decline in net sales and earnings driven by lower sales realizations and volumes, covering economic conditions, segment performance, liquidity, and non-GAAP measures [Economic and Market Conditions](index=17&type=section&id=Economic%20and%20Market%20Conditions) The company's performance is heavily influenced by the U.S. housing and repair/remodel markets, which have moderated due to elevated mortgage rates, impacting lumber production - U.S. housing starts for Q3 2024 averaged **1.3 million units**, a **1.1% decrease** from Q2 2024, with single-family starts decreasing **4.1%** to **1.0 million units**[38](index=38&type=chunk) - The Random Lengths Framing Lumber Composite price averaged **$383/MBF** and the OSB Composite averaged **$346/MSF** in Q3 2024[38](index=38&type=chunk) - The company reduced its operating rates in Q3 2024, resulting in a **10.1% decrease** in lumber production from Q2 2024, which includes the indefinite curtailment of the New Bern, North Carolina lumber mill[38](index=38&type=chunk) [Consolidated Results](index=18&type=section&id=Consolidated%20Results) Consolidated net sales for Q3 2024 decreased 17% to $1.68 billion, and net earnings fell 88% to $28 million, primarily due to lower Wood Products sales and an impairment charge Consolidated Financial Performance | Indicator | Q3 2024 ($M) | Q3 2023 ($M) | Change ($M) | YTD 2024 ($M) | YTD 2023 ($M) | Change ($M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $1,681 | $2,022 | $(341) | $5,416 | $5,900 | $(484) | | **Operating Income** | $78 | $353 | $(275) | $544 | $908 | $(364) | | **Net Earnings** | $28 | $239 | $(211) | $315 | $620 | $(305) | - Q3 2024 net sales decreased by **$341 million (17%)** year-over-year, mainly due to a **$302 million** drop in Wood Products sales from decreased prices and volumes[41](index=41&type=chunk) - Q3 2024 operating income fell by **$275 million (78%)** year-over-year, primarily due to a **$252 million** decrease in consolidated gross margin and a **$10 million** noncash impairment charge for the New Bern lumber mill[31](index=31&type=chunk)[42](index=42&type=chunk) [Segment Results](index=19&type=section&id=Segment%20Results) In Q3 2024, all segments saw declines in operating income, with Timberlands, Real Estate & ENR, and especially Wood Products experiencing significant drops due to lower volumes and sales realizations Segment Net Contribution to Earnings | Segment | Q3 2024 Net Contribution to Earnings ($M) | Q3 2023 Net Contribution to Earnings ($M) | Change ($M) | | :--- | :--- | :--- | :--- | | **Timberlands** | $57 | $78 | $(21) | | **Real Estate & ENR** | $51 | $56 | $(5) | | **Wood Products** | $27 | $277 | $(250) | - Timberlands Q3 2024 net sales to unaffiliated customers decreased by **$23 million (6%)** year-over-year, driven by lower sales volumes and realizations in Western and Southern logs[50](index=50&type=chunk) - Real Estate & ENR Q3 2024 net sales decreased by **$16 million (15%)** year-over-year, as acres sold fell from **25,721 to 17,441** and the average price per acre dropped from **$3,033 to $2,808**[56](index=56&type=chunk)[57](index=57&type=chunk) - Wood Products Q3 2024 net sales decreased by **$302 million (20%)** year-over-year, led by a **$119 million** drop in structural lumber sales and a **$78 million** drop in oriented strand board sales due to lower prices[58](index=58&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2024, Weyerhaeuser maintained a strong liquidity position with $877 million in cash and full availability on its $1.5 billion credit facility, despite decreased cash from operations - The company has **$877 million** in cash and cash equivalents and **$1.5 billion** available on its line of credit as of September 30, 2024[69](index=69&type=chunk) - Year-to-date 2024 net cash from operations decreased by **$355 million** to **$790 million** compared to the prior year, mainly due to lower cash flows from business operations[70](index=70&type=chunk) - The company repurchased **3,962,220 common shares** for approximately **$125 million** year-to-date 2024, with **$127 million** remaining authorized for future repurchases as of September 30, 2024[19](index=19&type=chunk)[77](index=77&type=chunk) - Anticipated capital expenditures for the full year 2024 are approximately **$420 million**[71](index=71&type=chunk) [Performance and Liquidity Measures](index=27&type=section&id=PERFORMANCE%20AND%20LIQUIDITY%20MEASURES) This section details non-GAAP measures, with Adjusted EBITDA for Q3 2024 significantly decreasing to $236 million, primarily driven by the Wood Products segment, and Adjusted FAD also declining Adjusted EBITDA by Segment | Adjusted EBITDA by Segment | Q3 2024 ($M) | Q3 2023 ($M) | YTD 2024 ($M) | YTD 2023 ($M) | | :--- | :--- | :--- | :--- | :--- | | **Timberlands** | $122 | $143 | $413 | $503 | | **Real Estate & ENR** | $77 | $94 | $273 | $253 | | **Wood Products** | $91 | $328 | $500 | $746 | | **Total Adjusted EBITDA** | **$236** | **$509** | **$998** | **$1,373** | Adjusted Funds Available for Distribution (YTD) | Measure | YTD 2024 ($M) | YTD 2023 ($M) | | :--- | :--- | :--- | | **Net Cash from Operations** | $790 | $1,145 | | **Capital Expenditures** | $(267) | $(251) | | **Adjusted FAD** | $498 | $894 | - Net earnings per diluted share before special items was **$0.05** for Q3 2024, compared to reported diluted EPS of **$0.04**, with the adjustment relating to restructuring and impairment charges[86](index=86&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company discloses its exposure to market risk, primarily from changes in interest rates affecting its long-term debt, which had a carrying value of $5.116 billion as of September 30, 2024 Long-Term Debt Maturity | Debt Maturity | Principal Amount ($M) | | :--- | :--- | | **2025** | $210 | | **2026** | $1,022 | | **2027** | $300 | | **2028** | $250 | | **Thereafter** | $3,333 | | **Total** | $5,115 | - The total carrying value of long-term debt obligations as of September 30, 2024, was approximately **$5.1 billion**, with a fair value of approximately **$5.15 billion**[24](index=24&type=chunk)[87](index=87&type=chunk) [Controls and Procedures](index=31&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2024, following the implementation of a new ERP system - The company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of September 30, 2024[89](index=89&type=chunk) - A new enterprise resource planning (ERP) system was implemented in Q3 2024, leading to modifications in internal controls over financial reporting[90](index=90&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=31&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is not currently a party to any legal proceeding that management believes could have a material adverse effect on its financial condition or results of operations - There are no legal proceedings that are expected to have a material adverse effect on the company's financial statements[26](index=26&type=chunk) [Risk Factors](index=32&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K - No material changes to risk factors were reported since the 2023 Annual Report on Form 10-K[92](index=92&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During Q3 2024, the company repurchased 820,706 shares of common stock for approximately $26 million, with $127 million remaining authorized for future repurchases Common Stock Repurchases (Q3 2024) | Period | Total Shares Purchased | Average Price Paid ($) | | :--- | :--- | :--- | | **July 2024** | 293,051 | $29.33 | | **August 2024** | 279,733 | $30.72 | | **September 2024** | 247,922 | $32.12 | | **Q3 2024 Total** | **820,706** | **$30.64** | - As of September 30, 2024, the company had a remaining authorization of **$127 million** for future stock repurchases[92](index=92&type=chunk) [Other Information](index=32&type=section&id=ITEM%205.%20OTHER%20INFORMATION) During the third quarter of 2024, no director or officer adopted, modified, or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements - No directors or officers adopted, modified, or terminated Rule 10b5-1 trading plans during Q3 2024[92](index=92&type=chunk) [Exhibits](index=33&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files
Weyerhaeuser(WY) - 2024 Q3 - Earnings Call Transcript
2024-10-25 17:30
Weyerhaeuser Company (NYSE:WY) Q3 2024 Earnings Conference Call October 25, 2024 10:00 AM ET Company Participants Andy Taylor - Vice President of Investor Relations Devin W. Stockfish - President and Chief Executive Officer David M. Wold - Senior Vice President and Chief Financial Officer Conference Call Participants Susan Maklari - Goldman Sachs George Staphos - Bank of America Kurt Yinger - D.A. Davidson Anthony Pettinari - Citi Mark Weintraub - Seaport Research Partners Matthew McKellar - RBC Capital Mar ...
Weyerhaeuser Q3 Earnings Beat Estimates, Revenues Lag, Stock Down
ZACKS· 2024-10-25 15:11
Weyerhaeuser Company's (WY) shares dropped 0.4% in yesterday's after-hours trading session after it reported mixed results for third-quarter 2024. Its earnings beat the Zacks Consensus Estimate, while net sales missed the same. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. On a year-over-year basis, both metrics declined due to lower fee harvest volumes in the West, a decrease in domestic sales volumes as well as sales realizations accompanied by increased lumber manufacturing an ...
Weyerhaeuser (WY) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
ZACKS· 2024-10-25 00:00
Weyerhaeuser (WY) reported $1.68 billion in revenue for the quarter ended September 2024, representing a year-over-year decline of 16.9%. EPS of $0.05 for the same period compares to $0.33 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.73 billion, representing a surprise of -2.98%. The company delivered an EPS surprise of +150.00%, with the consensus EPS estimate being $0.02.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- an ...
Weyerhaeuser (WY) Q3 Earnings Top Estimates
ZACKS· 2024-10-24 22:50
Weyerhaeuser (WY) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of $0.02 per share. This compares to earnings of $0.33 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 150%. A quarter ago, it was expected that this timber and paper products company would post earnings of $0.22 per share when it actually produced earnings of $0.21, delivering a surprise of -4.55%.Over the last four qua ...
Weyerhaeuser Reports Third Quarter 2024 Results
Prnewswire· 2024-10-24 20:27
Core Insights - Weyerhaeuser Company reported its third quarter 2024 financial results, with details available on its website and through the U.S. Securities and Exchange Commission [1][2] Company Overview - Weyerhaeuser is one of the largest private owners of timberlands, controlling approximately 10.5 million acres in the U.S. and 14 million acres in Canada under long-term licenses [3] - The company has been a leader in sustainability for over a century, managing all its timberlands sustainably according to recognized standards [3] - In 2023, Weyerhaeuser generated $7.7 billion in net sales and employed around 9,300 people [3] - The company operates as a real estate investment trust and its common stock is traded on the New York Stock Exchange under the symbol WY [3]
Weyerhaeuser(WY) - 2024 Q3 - Quarterly Results
2024-10-24 20:10
Weyerhaeuser Company Exhibit 99.2 Q3.2024 Analyst Package Preliminary results (unaudited) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------|---------------------|---------|-------|------------------------|-------|---------------|-------------------|--------------------------------|-------------------| | Consolidated Statement of Operations \nin millions | Q1 March \n2024 | 31, | | Q2 June 30, \n2024 | Sept | Q3 30, \n20 ...
Weyerhaeuser to Report Q3 Earnings: What's in Store for the Stock?
ZACKS· 2024-10-23 17:27
Weyerhaeuser Company (WY) is slated to report third-quarter 2024 results on Oct. 24, after the closing bell.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, the company’s earnings and net sales missed the Zacks Consensus Estimate by 4.6% and 3.5%, respectively. Quarterly adjusted earnings and net sales for the quarter decreased 34.3% and 2.9%, respectively.Weyerhaeuser’s earnings beat the consensus mark in two of the last four quarters, met on one and mi ...