Weyerhaeuser(US:WY)2024-04-25 20:30Financial Performance - Net sales for Q1 2024 were $1,796 million, a 1.2% increase from Q4 2023 and a 4.8% decrease from Q1 2023[1] - Gross margin for Q1 2024 was $355 million, representing a 3.8% increase from Q4 2023 but a 4.5% decrease from Q1 2023[1] - Operating income for Q1 2024 was $196 million, down 29.5% from Q4 2023 and down 16.9% from Q1 2023[1] - Net earnings for Q1 2024 were $114 million, a 47.9% decrease from Q4 2023 and a 24.5% decrease from Q1 2023[1] - Adjusted EBITDA for Q1 2024 was $352 million, a 9.7% increase from Q4 2023 but a 10.9% decrease from Q1 2023[3] - Earnings per share (diluted) for Q1 2024 was $0.16, down from $0.30 in Q4 2023 and $0.21 in Q1 2023[2] Assets and Liabilities - Total current assets decreased to $2,111 million in Q1 2024 from $2,313 million in Q4 2023[8] - Total liabilities decreased to $6,702 million in Q1 2024 from $6,747 million in Q4 2023[8] Cash Flow - Cash flows from operations for Q1 2024 were $124 million, down from $288 million in Q4 2023[9] Segment Performance - Total net sales in the Timberlands segment for Q1 2024 were $521 million, a decrease of 2.4% from Q4 2023 and a decrease of 13.8% from Q1 2023[10] - Net sales in the Real Estate segment for Q1 2024 increased to $83 million, up 113% from Q4 2023's $39 million[19] - Operating income in the Wood Products segment for Q1 2024 was $128 million, representing a 7.6% increase from Q4 2023's $119 million[21] - The gross margin for the Energy and Natural Resources segment in Q1 2024 was $66 million, an increase of 10% from Q1 2023's $60 million[16] Capital Expenditures - Cash spent for capital expenditures in the Wood Products segment was $155 million in Q4 2023, compared to $42 million in Q1 2024[24] Pricing and Sales Metrics - The price per acre in the Real Estate segment increased to $4,202 in Q1 2024, up 15.8% from $3,629 in Q4 2023[19] - Total net sales for the company in Q1 2024 were $1,302 million, unchanged from Q4 2023[21] Special Items and Working Capital - Special items included in net contribution to earnings for Q4 2023 totaled $(109) million, primarily due to a gain on the sale of timberlands[12] - The total decrease in working capital for Q4 2023 was $(45) million, compared to an increase of $8 million in Q1 2024[13]