Weyerhaeuser Company reported 3Q 2020 net earnings of $283 million, or 38 cents per diluted share, on net sales of $2.1 billion. This compares with net earnings of $99 million, or 13 cents per diluted share, on net sales of $1.7 billion for the same period last year.
3Q 2020 results include after-tax charges of $103 million for special items, primarily a non-cash timber casualty loss associated with Oregon fire damage. Excluding special items, the company reported 3Q net earnings of $386 million, or 52 cents per diluted share. This compares with net earnings before special items of $59 million for the same period last year and $77 million for the 2Q 2020.
Adjusted EBITDA for the 3Q 2020 was $745 million compared with $308 million for the same period last year and $386 million for the 2Q 2020.
“In the 3Q, each of our businesses delivered outstanding operational and financial results despite disruptions from severe weather, unprecedented forest fires and the ongoing COVID-19 pandemic,” said Devin W. Stockfish, president and CEO. “We achieved record Wood Products Adjusted EBITDA, surpassing the previous high by nearly 60%. In addition, we redeemed $325 million of debt maturities and announced transactions to strategically upgrade our Oregon timberland holdings.”
Weyerhaeuser Company, one of the world’s largest private owners of timberlands, began operations in 1900. The company owns or controls approximately 11 million acres of timberlands in the U.S. and manages additional timberlands under long-term licenses in Canada.