Q2 2024 Weyerhaeuser Co Earnings Call Transcript
Key Points
- Weyerhaeuser Co (WY) reported second-quarter GAAP earnings of $173 million, or $0.24 per diluted share, on net sales of $1.9 billion.
- Adjusted EBITDA totaled $410 million, a 16% increase over the first quarter.
- The company is acquiring approximately 84,000 acres of high-quality timberlands in Alabama for $244 million, expected to generate portfolio-leading cash flow.
- Real estate and ENR contributed $59 million to second-quarter earnings, with adjusted EBITDA increasing by $8 million compared to the first quarter.
- Strong demand for large-scale solar development, with over 70 agreements covering more than 130,000 acres across the US South.
- Lumber market remains challenging, with soft pricing leading to an $8 million loss in adjusted EBITDA for the lumber segment.
- The decision to indefinitely curtail operations at the New Bern, North Carolina sawmill due to its cost structure and limited integration with fee timberlands.
- Southern sawlog markets moderated in the second quarter due to elevated mill inventories and reduced consumption.
- Western domestic log prices faced downward pressure due to elevated log inventories and a softening lumber market.
- Third-quarter earnings and adjusted EBITDA for Timberlands are expected to be $20 million to $30 million lower than the second quarter due to lower sales volumes and realizations in the West.
Greetings, and welcome to the Weyerhaeuser second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Andy Taylor, Vice President of Investor Relations. Thank you, Mr. Taylor, you may begin.
Thank you, Rob. Good morning, everyone. Thank you for joining us today to discuss Weyerhaeuser's second-quarter 2024 earnings. This call is being webcast at www.weyerhaeuser.com. Our earnings release and presentation materials can also be found on our website. Please review the warning statements in our earnings release and on the presentation slides concerning the risks associated with forward-looking statements as forward-looking statements will be made during this conference call.
We will discuss non-GAAP financial measures, and a reconciliation of GAAP can be found in the earnings materials on our website. On the call this
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