Weyerhaeuser Reports Fourth Quarter, Full Year Results

Rhea-AI Summary

Weyerhaeuser Company (NYSE: WY) reported strong fourth quarter 2020 results with net earnings of $292 million, up from a net loss of $14 million a year prior. Excluding special items, earnings totaled $361 million. The company achieved record Adjusted EBITDA of $657 million, significantly higher than $260 million in Q4 2019. For the full year 2020, net earnings were $797 million compared to a net loss of $76 million in 2019. Weyerhaeuser reduced gross debt by over $900 million and launched a new sustainability strategy, indicating a solid financial outlook as it enters 2021.

Positive

• Fourth quarter net earnings of $292 million, compared to a net loss of $14 million year-over-year.
• Excluding special items, fourth quarter net earnings rose to $361 million.
• Record Adjusted EBITDA of $657 million for Q4 2020, up from $260 million in the previous year.
• Full year 2020 net earnings of $797 million versus a net loss of $76 million in 2019.
• Reduction of gross debt by over $900 million in 2020.

Negative

• Fourth quarter Adjusted EBITDA decreased from $745 million in Q3 2020 to $657 million.
• Wood Products segment reported a decline in net sales by $44 million from Q3 2020.

SEATTLE, Jan. 29, 2021 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported fourth quarter net earnings of $292 million, or 39 cents per diluted share, on net sales of $2.1 billion. This compares with a net loss of $14 million, or two cents per diluted share, on net sales of $1.5 billion for the same period last year and net earnings of $283 million for the third quarter of 2020.

View our earnings release and financial statements in a printer-friendly PDF.

Excluding net after-tax charges of $69 million for special items, the company reported fourth quarter net earnings of $361 million, or 48 cents per diluted share. This compares with net earnings before special items of $23 million for the same period last year and $386 million for the third quarter of 2020.

Adjusted EBITDA for the fourth quarter of 2020 was $657 million compared with $260 million for the same period last year and $745 million for the third quarter of 2020.

For the full year 2020, Weyerhaeuser reported net earnings of $797 million, or $1.07 per diluted share, on net sales of $7.5 billion. This compares with a net loss of $76 million on net sales of $6.6 billion for the full year 2019.

Full year 2020 includes net after-tax charges of $165 million for special items. Excluding these items, the company reported net earnings of $962 million, or $1.29 per diluted share. This compares with net earnings before special items of $285 million for the full year 2019.

Adjusted EBITDA for full year 2020 was $2.2 billion compared with $1.3 billion for full year 2019.

"In 2020 each of our businesses delivered remarkable results in the face of unprecedented operating and market challenges," said Devin W. Stockfish, president and chief executive officer. "Our teams delivered the highest Wood Products Adjusted EBITDA on record, achieved record low cost performance in lumber, and captured approximately $100 million of operational excellence improvements across our businesses, all while demonstrating an unwavering commitment to safety. In addition, we reduced gross debt by more than $900 million, implemented a new dividend framework, strategically upgraded our Oregon timberland holdings and launched a new sustainability strategy. As we embark on 2021, we are encouraged by the macroeconomic tailwinds that continue to bolster strong U.S. housing and repair and remodel markets, and we remain focused on creating value for shareholders through our unrivaled portfolio of assets, industry-leading operating performance and disciplined capital allocation."

WEYERHAEUSER FINANCIAL HIGHLIGHTS		2020		2020		2019		2020		2019
(millions, except per share data)		Q3		Q4		Q4		Full Year		Full Year
Net sales		$2,110		$2,063		$1,548		$7,532		$6,554
Net earnings (loss)		$283		$292		($14)		$797		($76)
Net earnings (loss) per diluted share		$0.38		$0.39		($0.02)		$1.07		($0.10)
Weighted average shares outstanding, diluted		748		749		746		748		746
Net earnings before special items(1)(2)		$386		$361		$23		$962		$285
Net earnings per diluted share before special items(1)		$0.52		$0.48		$0.03		$1.29		$0.39
Adjusted EBITDA(1)		$745		$657		$260		$2,201		$1,276

(1)	Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Additionally, Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Net earnings before special items and Adjusted EBITDA should not be considered in isolation from, and are not intended to represent an alternative to, our GAAP results. Reconciliations of Net earnings before special items and Adjusted EBITDA to GAAP earnings are included within this release.
(2)	Fourth quarter 2020 after-tax special items include a $193 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract, a $182 million gain related to the previously announced sale of certain southern Oregon timberlands and a $58 million charge related to the early extinguishment of debt. Special items for other periods presented are included in the reconciliation tables following this release.

TIMBERLANDS

FINANCIAL HIGHLIGHTS		2020		2020
(millions)		Q3		Q4		Change
Net sales		$452		$502		$50
Net contribution (charge) to pretax earnings		($11)		$286		$297
Pretax charge (benefit) for special items		$80		($182)		($262)
Net contribution to pretax earnings before special items		$69		$104		$35
Adjusted EBITDA		$130		$167		$37

Q4 2020 Performance – In the West, average sales realizations for domestic and Japan export logs increased from the third quarter, and export log sales volumes were significantly higher. Fee harvest volumes increased 9 percent as harvest operations fully resumed following third quarter wildfire activity. In the South, average log sales realizations were comparable to the third quarter, as higher average sawlog realizations were largely offset by lower realizations for fiber logs. Unit logging and hauling costs decreased, and log sales volumes were slightly lower.

Fourth quarter special items include a $182 million gain on the previously announced sale of certain southern Oregon timberlands, which was completed in November.

Q1 2021 Outlook – Weyerhaeuser expects first quarter earnings and Adjusted EBITDA will be slightly higher than the fourth quarter. In the West, the company anticipates higher export log sales volumes, slightly lower average domestic log sales realizations, slightly higher unit logging and hauling costs, and seasonally lower road spending. In the South, the company expects higher fee harvest volumes and comparable average log sales realizations.  

REAL ESTATE, ENERGY & NATURAL RESOURCES

FINANCIAL HIGHLIGHTS		2020		2020
(millions)		Q3		Q4		Change
Net sales		$69		$30		($39)
Net contribution to pretax earnings		$17		$14		($3)
Adjusted EBITDA		$60		$23		($37)

Q4 2020 Performance – Earnings and Adjusted EBITDA decreased due to fewer real estate sales. Average land basis was significantly lower due to the mix of properties sold. The segment reported full year Adjusted EBITDA of $241 million.

Q1 2021 Outlook – Weyerhaeuser anticipates first quarter earnings will be slightly higher than first quarter 2020, and Adjusted EBITDA will be modestly lower than first quarter 2020 due to the timing and mix of real estate transactions. The company expects full year 2021 Adjusted EBITDA for the segment will be approximately $255 million.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS		2020		2020
(millions)		Q3		Q4		Change
Net sales		$1,696		$1,652		($44)
Net contribution to pretax earnings		$566		$481		($85)
Adjusted EBITDA		$615		$530		($85)

Q4 2020 Performance – Sales volumes declined slightly across most product lines from the third quarter. Raw material costs increased significantly, primarily for Western and Canadian logs and oriented strand board webstock. Per unit manufacturing costs increased for oriented strand board due to planned maintenance outages.

Average sales realizations for oriented strand board improved 27 percent compared with the third quarter, as benchmark pricing remained near record levels. This was largely offset by a 10 percent decrease in average lumber sales realizations.

Q1 2021 Outlook – Excluding the effect of changes in average sales realizations for lumber and oriented strand board, the company expects first quarter earnings and Adjusted EBITDA will be significantly higher than the fourth quarter. The company expects improved manufacturing costs across product lines and slightly higher sales volumes, primarily for lumber and engineered wood products. To date, first quarter benchmark pricing for lumber and oriented strand board is significantly higher than the fourth quarter average.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our company is a real estate investment trust. In 2020, we generated $7.5 billion in net sales and employed approximately 9,400 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on January 29, 2021 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on January 29, 2021.

To join the conference call from within North America, dial 877-407-0792 (access code: 13714046) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13714046). Replays will be available for two weeks at 844-512-2921 (access code: 13714046) from within North America, and at 412-317-6671 (access code: 13714046) from outside North America.

FORWARD-LOOKING STATEMENTS

This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, with respect to our outlook and expectations concerning the following: earnings and Adjusted EBITDA for each of our businesses; log export sales volumes and domestic log sales realizations; forestry road expense and logging costs; fee harvest volumes; manufacturing costs for our wood products business and sales volumes for our lumber and engineered wood products lines. Forward-looking statements are generally identified by words such as "believe," "expect," "anticipate," "estimate," "future," "planned," "may," "will," "maintain," and similar words and expressions. Forward-looking statements are based on our current expectations and assumptions. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:

• the effect of general economic conditions, including employment rates, interest rate levels, housing starts, general availability of financing for home mortgages and the relative strength of the U.S. dollar;
• the effect of COVID-19 and other viral or disease outbreaks and their potential effects on our business, results of operations, cash flows, financial condition and future prospects;
• market demand for the company's products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions;
• changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan, and the Canadian dollar, and the relative value of the euro to the yen;
• restrictions on international trade and tariffs imposed on imports or exports;
• the availability and cost of shipping and transportation;
• economic activity in Asia, especially Japan and China;
• performance of our manufacturing operations, including maintenance and capital requirements;
• potential disruptions in our manufacturing operations;
• the level of competition from domestic and foreign producers;
• our operational excellence initiatives;
• the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing, required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination of any acquisition or divestiture transaction under the terms of the governing transaction agreements;
• raw material availability and prices;
• the effect of weather;
• changes in global or regional climate conditions and governmental response to such changes;
• the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;
• energy prices;
• transportation and labor availability and costs;
• federal tax policies;
• the effect of forestry, land use, environmental and other governmental regulations;
• legal proceedings;
• performance of pension fund investments and related derivatives;
• the effect of timing of employee retirements and changes in the market price of our common stock on charges for share-based compensation;
• the accuracy of our estimates of costs and expenses related to contingent liabilities and charges related to casualty losses;
• changes in accounting principles; and
• other risks and uncertainties identified in our 2019 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC.

It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS

We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each.

The table below reconciles Adjusted EBITDA for the year ended December 31, 2020:

(millions)		Timberlands				Real Estate & ENR				Wood Products				Unallocated Items				Total
Adjusted EBITDA by Segment:
Net earnings																		$	797
Interest expense, net of capitalized interest(1)																			443
Income taxes																			185
Net contribution (charge) to earnings		$	455			$	86			$	1,340			$	(456)			$	1,425
Non-operating pension and other post-employment benefit costs(2)			—				—				—				290				290
Interest income and other			—				—				—				(5)				(5)
Operating income (loss)			455				86				1,340				(171)				1,710
Depreciation, depletion and amortization			257				14				195				6				472
Basis of real estate sold			—				141				—				—				141
Special items included in operating income (loss)(3)(4)(5)			(102)				—				(8)				(12)				(122)
Adjusted EBITDA		$	610			$	241			$	1,527			$	(177)			$	2,201

(1)	Interest expense, net of capitalized interest includes pretax special items consisting of $92 million of charges related to the early extinguishment of debt.
(2)	Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $253 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract.
(3)	Operating income (loss) for Timberlands includes pretax special items consisting of a $182 million gain on sale of certain southern Oregon timberlands and an $80 million timber casualty loss.
(4)	Operating income (loss) for Wood Products includes a pretax special item consisting of an $8 million product remediation insurance recovery.
(5)	Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $12 million noncash legal benefit.

 

The table below reconciles Adjusted EBITDA for the year ended December 31, 2019:

(millions)		Timberlands				Real Estate & ENR				Wood Products				Unallocated Items				Total
Adjusted EBITDA by Segment:
Net loss																		$	(76)
Interest expense, net of capitalized interest(1)																			378
Income taxes																			(137)
Net contribution (charge) to earnings		$	347			$	144			$	353			$	(679)			$	165
Non-operating pension and other post-employment benefit costs(2)			—				—				—				516				516
Interest income and other			—				—				—				(30)				(30)
Operating income (loss)			347				144				353				(193)				651
Depreciation, depletion and amortization			301				14				191				4				510
Basis of real estate sold			—				116				—				—				116
Special items included in operating income (loss)(3)(4)(5)			32				—				(68)				35				(1)
Adjusted EBITDA		$	680			$	274			$	476			$	(154)			$	1,276

(1)	Interest expense, net of capitalized interest includes a pretax special item consisting of a $12 million charge related to the early extinguishment of debt.
(2)	Non-operating pension and other post-employment benefit costs includes pretax special items consisting of $455 million of noncash settlement charges related to transfers of pension plan assets and liabilities to an insurance company through the purchase of group annuity contracts.
(3)	Operating income (loss) for Timberlands includes pretax special items consisting of an $80 million noncash impairment charge related to the sale of our Montana timberlands and a $48 million gain on sale of our Michigan timberlands.
(4)	Operating income (loss) for Wood Products includes a pretax special item consisting of a $68 million product remediation insurance recovery.
(5)	Operating income (loss) for Unallocated Items includes pretax special items consisting of $35 million of legal charges.

 

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2020:

(millions)		Timberlands				Real Estate & ENR				Wood Products				Unallocated Items				Total
Adjusted EBITDA by Segment:
Net earnings																		$	292
Interest expense, net of capitalized interest(1)																			144
Income taxes																			19
Net contribution (charge) to earnings		$	286			$	14			$	481			$	(326)			$	455
Non-operating pension and other post-employment benefit costs(2)			—				—				—				262				262
Interest income and other			—				—				—				—				—
Operating income (loss)			286				14				481				(64)				717
Depreciation, depletion and amortization			63				4				49				1				117
Basis of real estate sold			—				5				—				—				5
Special items included in operating income (loss)(3)			(182)				—				—				—				(182)
Adjusted EBITDA		$	167			$	23			$	530			$	(63)			$	657

(1)	Interest expense, net of capitalized interest includes a pretax special item consisting of a $58 million charge related to the early extinguishment of $500 million of 4.625 percent notes due September 2023.
(2)	Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $253 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract.
(3)	Operating income (loss) includes a pretax special item consisting of a $182 million gain on sale of certain southern Oregon timberlands.

 

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2020:

(millions)		Timberlands				Real Estate & ENR				Wood Products				Unallocated Items				Total
Adjusted EBITDA by Segment:
Net earnings																		$	283
Interest expense, net of capitalized interest(1)																			111
Income taxes																			109
Net contribution (charge) to earnings		$	(11)			$	17			$	566			$	(69)			$	503
Non-operating pension and other post-employment benefit costs			—				—				—				9				9
Interest income and other			—				—				—				(2)				(2)
Operating income (loss)			(11)				17				566				(62)				510
Depreciation, depletion and amortization			61				3				49				2				115
Basis of real estate sold			—				40				—				—				40
Special items included in operating income (loss)(2)			80				—				—				—				80
Adjusted EBITDA		$	130			$	60			$	615			$	(60)			$	745

(1)	Interest expense, net of capitalized interest includes a pretax special item consisting of a $23 million charge related to the early extinguishment of $325 million of 3.25 percent notes due March 2023.
(2)	Operating income (loss) includes a pretax special item consisting of an $80 million timber casualty loss.

 

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2019:

(millions)		Timberlands				Real Estate & ENR				Wood Products				Unallocated Items				Total
Adjusted EBITDA by Segment:
Net loss																		$	(14)
Interest expense, net of capitalized interest																			89
Income taxes																			1
Net contribution (charge) to earnings		$	53			$	22			$	60			$	(59)			$	76
Non-operating pension and other post-employment benefit costs(1)			—				—				—				21				21
Interest income and other			—				—				—				(8)				(8)
Operating income (loss)			53				22				60				(46)				89
Depreciation, depletion and amortization			73				4				50				1				128
Basis of real estate sold			—				11				—				—				11
Special items included in operating income (loss)(2)			32				—				—				—				32
Adjusted EBITDA		$	158			$	37			$	110			$	(45)			$	260

(1)	Non-operating pension and other post-employment benefit costs include a pretax special item consisting of a $6 million noncash settlement charge related to the transfer of Canadian pension assets and liabilities through purchases of group annuity contracts.
(2)	Operating income (loss) includes pretax special items consisting of an $80 million noncash impairment charge related to the sale of our Montana timberlands and a $48 million gain on sale of our Michigan timberlands.

RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS (LOSS)

We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties.

The table below reconciles net earnings before special items to net earnings (loss):

		2020		2020		2019		2020		2019
(millions)		Q3		Q4		Q4		Full Year		Full Year
Net earnings (loss)		$283		$292		($14)		$797		($76)
Early extinguishment of debt charges		23		58		—		92		9
Gain on sale of timberlands		—		(182)		(48)		(182)		(48)
Legal charges (benefits)		—		—		—		(12)		26
Pension settlement charges		—		193		5		193		345
Product remediation recoveries		—		—		—		(6)		(51)
Restructuring, impairments and other charges		—		—		80		—		80
Timber casualty loss		80		—		—		80		—
Net earnings before special items		$386		$361		$23		$962		$285

The table below reconciles net earnings per diluted share before special items to net earnings (loss) per diluted share:

		2020		2020		2019		2020		2019
		Q3		Q4		Q4		Full Year		Full Year
Net earnings (loss) per diluted share		$0.38		$0.39		($0.02)		$1.07		($0.10)
Early extinguishment of debt charges		0.03		0.07		—		0.12		0.01
Gain on sale of timberlands		—		(0.24)		(0.07)		(0.24)		(0.07)
Legal charges (benefits)		—		—		—		(0.02)		0.04
Pension settlement charges		—		0.26		0.01		0.26		0.47
Product remediation recoveries		—		—		—		(0.01)		(0.07)
Restructuring, impairments and other charges		—		—		0.11		—		0.11
Timber casualty loss		0.11		—		—		0.11		—
Net earnings per diluted share before special items		$0.52		$0.48		$0.03		$1.29		$0.39

 

 

Exhibit 99.2
Weyerhaeuser Company Q4.2020 Analyst Package Preliminary results (unaudited)
Consolidated Statement of Operations
		Q1				Q2				Q3				Q4								Year-to-Date
in millions		Mar 31, 2020				June 30, 2020				Sept 30, 2020				Dec 31, 2020				Dec 31, 2019				Dec 31, 2020				Dec 31, 2019
Net sales		$	1,728			$	1,631			$	2,110			$	2,063			$	1,548			$	7,532			$	6,554
Costs of sales			1,382				1,283				1,390				1,392				1,301				5,447				5,412
Gross margin			346				348				720				671				247				2,085				1,142
Selling expenses			22				18				22				21				22				83				84
General and administrative expenses			74				84				96				93				94				347				348
Gain on sale of timberlands			—				—				—				(182)				(48)				(182)				(48)
Charges for integration and restructuring, closures and asset impairments			1				—				—				—				80				1				80
Product remediation recoveries			—				(8)				—				—				—				(8)				(68)
Other operating costs, net			9				11				92				22				10				134				95
Operating income			240				243				510				717				89				1,710				651
Non-operating pension and other post-employment benefit costs			(9)				(10)				(9)				(262)				(21)				(290)				(516)
Interest income and other			1				2				2				—				8				5				30
Interest expense, net of capitalized interest			(85)				(103)				(111)				(144)				(89)				(443)				(378)
Earnings (loss) before income taxes			147				132				392				311				(13)				982				(213)
Income taxes			3				(60)				(109)				(19)				(1)				(185)				137
Net earnings (loss)		$	150			$	72			$	283			$	292			$	(14)			$	797			$	(76)

 

Per Share Information
		Q1				Q2				Q3				Q4								Year-to-Date
		Mar 31, 2020				June 30, 2020				Sept 30, 2020				Dec 31, 2020				Dec 31, 2019				Dec 31, 2020				Dec 31, 2019
Earnings (loss) per share, basic and diluted		$	0.20			$	0.10			$	0.38			$	0.39			$	(0.02)			$	1.07			$	(0.10)
Dividends paid per common share		$	0.34			$	—			$	—			$	0.17			$	0.34			$	0.51			$	1.36
Weighted average shares outstanding (in thousands):
Basic			746,534				746,896				746,996				747,294				745,886				746,931				745,897
Diluted			747,155				746,984				748,450				749,004				745,886				747,899				745,897
Common shares outstanding at end of period (in thousands)			746,206				746,251				746,398				747,385				745,300				747,385				745,300

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)
		Q1				Q2				Q3				Q4								Year-to-Date
in millions		Mar 31, 2020				June 30, 2020				Sept 30, 2020				Dec 31, 2020				Dec 31, 2019				Dec 31, 2020				Dec 31, 2019
Net earnings (loss)		$	150			$	72			$	283			$	292			$	(14)			$	797			$	(76)
Non-operating pension and other post-employment benefit costs			9				10				9				262				21				290				516
Interest income and other			(1)				(2)				(2)				—				(8)				(5)				(30)
Interest expense, net of capitalized interest			85				103				111				144				89				443				378
Income taxes			(3)				60				109				19				1				185				(137)
Operating income			240				243				510				717				89				1,710				651
Depreciation, depletion and amortization			123				117				115				117				128				472				510
Basis of real estate sold			62				34				40				5				11				141				116
Special items included in operating income			(12)				(8)				80				(182)				32				(122)				(1)
Adjusted EBITDA(1)		$	413			$	386			$	745			$	657			$	260			$	2,201			$	1,276

(1)

Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

 

 

Total Company Statistics
Weyerhaeuser Company Q4.2020 Analyst Package Preliminary results (unaudited)
Special Items Included in Net Earnings (Income Tax Affected)
		Q1				Q2				Q3				Q4								Year-to-Date
in millions		Mar 31, 2020				June 30, 2020				Sept 30, 2020				Dec 31, 2020				Dec 31, 2019				Dec 31, 2020				Dec 31, 2019
Net earnings (loss)		$	150			$	72			$	283			$	292			$	(14)			$	797			$	(76)
Early extinguishment of debt charges(1)			—				11				23				58				—				92				9
Gain on sale of timberlands			—				—				—				(182)				(48)				(182)				(48)
Legal charges (benefits)			(12)				—				—				—				—				(12)				26
Pension settlement charges			—				—				—				193				5				193				345
Product remediation recoveries			—				(6)				—				—				—				(6)				(51)
Restructuring, impairments and other charges			—				—				—				—				80				—				80
Timber casualty loss			—				—				80				—				—				80				—
Net earnings before special items(2)		$	138			$	77			$	386			$	361			$	23			$	962			$	285

 

		Q1				Q2				Q3				Q4								Year-to-Date
		Mar 31, 2020				June 30, 2020				Sept 30, 2020				Dec 31, 2020				Dec 31, 2019				Dec 31, 2020				Dec 31, 2019
Net earnings (loss) per diluted share		$	0.20			$	0.10			$	0.38			$	0.39			$	(0.02)			$	1.07			$	(0.10)
Early extinguishment of debt charges(1)			—				0.02				0.03				0.07				—				0.12				0.01
Gain on sale of timberlands			—				—				—				(0.24)				(0.07)				(0.24)				(0.07)
Legal charges (benefits)			(0.02)				—				—				—				—				(0.02)				0.04
Pension settlement charges			—				—				—				0.26				0.01				0.26				0.47
Product remediation recoveries			—				(0.01)				—				—				—				(0.01)				(0.07)
Restructuring, impairments and other charges			—				—				—				—				0.11				—				0.11
Timber casualty loss			—				—				0.11				—				—				0.11				—
Net earnings per diluted share before special items(2)		$	0.18			$	0.11			$	0.52			$	0.48			$	0.03			$	1.29			$	0.39

(1)	We recorded pretax charges of $12 million ($9 million after-tax), $11 million ($11 million after-tax), $23 million ($23 million after-tax) and $58 million ($58 million after-tax) related to the early extinguishment of debt in first quarter 2019, second quarter 2020, third quarter 2020 and fourth quarter 2020, respectively. These charges were included in Interest expense, net of capitalized interest in the Consolidated Statement of Operations.
(2)	Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Net earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

 

Selected Total Company Items
		Q1				Q2				Q3				Q4								Year-to-Date
in millions		Mar 31, 2020				June 30, 2020				Sept 30, 2020				Dec 31, 2020				Dec 31, 2019				Dec 31, 2020				Dec 31, 2019
Pension and post-employment costs:
Pension and post-employment service costs		$	10			$	8			$	9			$	9			$	8			$	36			$	32
Non-operating pension and other post-employment benefit costs			9				10				9				262				21				290				516
Total company pension and post-employment costs		$	19			$	18			$	18			$	271			$	29			$	326			$	548

 

 

Weyerhaeuser Company Q4.2020 Analyst Package Preliminary results (unaudited)
Consolidated Balance Sheet
in millions		March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020				December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents		$	1,458			$	643			$	787			$	495			$	139
Receivables, net			390				420				500				450				309
Receivables for taxes			24				48				48				82				98
Inventories			480				409				411				443				416
Assets held for sale			—				—				199				—				140
Prepaid expenses and other current assets			141				131				101				139				147
Current restricted financial investments held by variable interest entities			—				—				—				—				362
Total current assets			2,493				1,651				2,046				1,609				1,611
Property and equipment, net			1,911				1,958				1,945				2,013				1,969
Construction in progress			153				110				119				73				130
Timber and timberlands at cost, less depletion			11,847				11,780				11,465				11,827				11,929
Minerals and mineral rights, less depletion			278				275				271				268				281
Deferred tax assets			147				65				44				120				72
Other assets			399				415				466				401				414
Total assets		$	17,228			$	16,254			$	16,356			$	16,311			$	16,406
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt		$	577			$	—			$	—			$	150			$	—
Borrowings on line of credit			550				—				—				—				230
Accounts payable			241				199				215				204				246
Accrued liabilities			448				525				617				596				530
Total current liabilities			1,816				724				832				950				1,006
Long-term debt, net			6,299				6,299				5,974				5,325				6,147
Deferred tax liabilities			10				18				27				24				6
Deferred pension and other post-employment benefits			669				652				638				911				693
Other liabilities			352				359				358				370				377
Total liabilities			9,146				8,052				7,829				7,580				8,229
Total equity			8,082				8,202				8,527				8,731				8,177
Total liabilities and equity		$	17,228			$	16,254			$	16,356			$	16,311			$	16,406

 

 

Weyerhaeuser Company Q4.2020 Analyst Package Preliminary results (unaudited)
Consolidated Statement of Cash Flows
		Q1				Q2				Q3				Q4								Year-to-Date
in millions		Mar 31, 2020				June 30, 2020				Sept 30, 2020				Dec 31, 2020				Dec 31, 2019				Dec 31, 2020				Dec 31, 2019
Cash flows from operations:
Net earnings (loss)		$	150			$	72			$	283			$	292			$	(14)			$	797			$	(76)
Noncash charges (credits) to earnings (loss):
Depreciation, depletion and amortization			123				117				115				117				128				472				510
Basis of real estate sold			62				34				40				5				11				141				116
Deferred income taxes, net			(82)				80				22				(76)				(5)				(56)				(169)
Pension and other post-employment benefits			19				18				18				271				29				326				548
Share-based compensation expense			7				8				7				8				7				30				30
Timber casualty loss			—				—				80				—				—				80				—
Charges for impairment of assets			—				—				—				—				80				—				80
Net gains on sale of timberlands			—				—				—				(182)				(48)				(182)				(48)
Change in:
Receivables, net			(82)				(30)				(80)				51				60				(141)				13
Receivables and payables for taxes			79				(18)				42				(38)				51				65				33
Inventories			(72)				74				—				(27)				(21)				(25)				(23)
Prepaid expenses and other current assets			(2)				7				—				(9)				1				(4)				6
Accounts payable and accrued liabilities			(91)				30				64				(20)				50				(17)				37
Pension and post-employment benefit contributions and payments			(10)				(6)				(5)				(9)				(9)				(30)				(45)
Other			(15)				5				22				61				(28)				73				(46)
Net cash from operations		$	86			$	391			$	608			$	444			$	292			$	1,529			$	966
Cash flows from investing activities:
Capital expenditures for property and equipment		$	(47)			$	(55)			$	(56)			$	(67)			$	(128)			$	(225)			$	(327)
Capital expenditures for timberlands reforestation			(21)				(11)				(9)				(15)				(15)				(56)				(57)
Acquisition of timberlands			—				—				—				(425)				—				(425)				—
Proceeds from note receivable held by variable interest entities			362				—				—				—				—				362				253
Proceeds from sale of timberlands			145				—				—				381				297				526				297
Other			2				1				—				—				1				3				21
Net cash from investing activities		$	441			$	(65)			$	(65)			$	(126)			$	155			$	185			$	187
Cash flows from financing activities:
Cash dividends on common shares		$	(254)			$	—			$	—			$	(127)			$	(253)			$	(381)			$	(1,013)
Net proceeds from issuance of long-term debt			732				—				—				—				—				732				739
Payments on long-term debt			—				(588)				(348)				(556)				—				(1,492)				(512)
Proceeds from borrowings on line of credit			550				—				—				—				220				550				1,095
Payments on line of credit			(230)				(550)				—				—				(430)				(780)				(1,290)
Payments on debt held by variable interest entities			—				—				—				—				—				—				(302)
Proceeds from exercise of stock options			6				—				3				24				5				33				13
Repurchases of common shares			—				—				—				—				—				—				(60)
Other			(12)				(3)				(1)				(4)				(3)				(20)				(18)
Net cash from financing activities		$	792			$	(1,141)			$	(346)			$	(663)			$	(461)			$	(1,358)			$	(1,348)
Net change in cash and cash equivalents		$	1,319			$	(815)			$	197			$	(345)			$	(14)			$	356			$	(195)
Cash and cash equivalents at beginning of period			139				1,458				643				840				153				139				334
Cash and cash equivalents at end of period		$	1,458			$	643			$	840			$	495			$	139			$	495			$	139
Cash paid (received) during the period for:
Interest, net of amounts capitalized		$	108			$	70			$	100			$	87			$	60			$	365			$	370
Income taxes, net of refunds		$	—			$	1			$	45			$	130			$	(48)			$	176			$	(2)

 

 

Timberlands Segment
Weyerhaeuser Company Q4.2020 Analyst Package Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Sales to unaffiliated customers		$	381			$	359			$	345			$	381			$	388			$	1,466			$	1,618
Intersegment sales			122				121				107				121				122				471				503
Total net sales			503				480				452				502				510				1,937				2,121
Costs of sales			375				383				358				375				402				1,491				1,649
Gross margin			128				97				94				127				108				446				472
Selling expenses			—				1				—				1				—				2				1
General and administrative expenses			24				22				24				23				23				93				94
Gain on sale of timberlands			—				—				—				(182)				(48)				(182)				(48)
Charges for integration and restructuring, closures and asset impairments			—				—				—				—				80				—				80
Other operating costs (income), net			(1)				(1)				81				(1)				—				78				(2)
Operating income (loss) and Net contribution (charge) to earnings		$	105			$	75			$	(11)			$	286			$	53			$	455			$	347

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Operating income (loss)		$	105			$	75			$	(11)			$	286			$	53			$	455			$	347
Depreciation, depletion and amortization			68				65				61				63				73				257				301
Special items			—				—				80				(182)				32				(102)				32
Adjusted EBITDA(1)		$	173			$	140			$	130			$	167			$	158			$	610			$	680

(1)	See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Segment Special Items Included in Net Contribution (Charge) to Earnings (Pretax)
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Gain on sale of timberlands		$	—			$	—			$	—			$	182			$	48			$	182			$	48
Restructuring, impairments and other charges		$	—			$	—			$	—			$	—			$	(80)			$	—			$	(80)
Timber casualty loss		$	—			$	—			$	(80)			$	—			$	—			$	(80)			$	—

 

Selected Segment Items
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Total decrease (increase) in working capital(2)		$	(3)			$	(2)			$	43			$	(47)			$	(12)			$	(9)			$	12
Cash spent for capital expenditures(3)		$	(30)			$	(21)			$	(24)			$	(29)			$	(33)			$	(104)			$	(112)

(2)	Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.
(3)	Does not include cash spent for the acquisition of timberlands.

 

Segment Statistics(4)
				Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Third Party		Delivered logs:
Net Sales		West		$	177			$	179			$	163			$	201			$	169			$	720			$	740
(millions)		South			150				145				141				137				157				573				640
		North			17				7				13				15				22				52				92
		Total delivered logs			344				331				317				353				348				1,345				1,472
		Stumpage and pay-as-cut timber			5				5				5				4				13				19				42
		Recreational and other lease revenue			15				16				16				16				16				63				61
		Other revenue			17				7				7				8				11				39				43
		Total		$	381			$	359			$	345			$	381			$	388			$	1,466			$	1,618
Delivered Logs		West		$	104.91			$	104.90			$	109.01			$	124.37			$	102.12			$	110.69			$	103.18
Third Party Sales		South		$	34.27			$	33.68			$	33.68			$	33.69			$	34.71			$	33.83			$	35.13
Realizations (per ton)		North		$	60.51			$	59.82			$	57.19			$	58.96			$	56.95			$	59.10			$	58.80
Delivered Logs		West			1,684				1,714				1,489				1,619				1,660				6,506				7,173
Third Party Sales		South			4,365				4,307				4,185				4,097				4,538				16,954				18,232
Volumes (tons, thousands)		North			284				113				234				241				372				872				1,558
Fee Harvest Volumes		West			2,310				2,236				1,911				2,085				2,214				8,542				9,237
(tons, thousands)		South			6,130				5,914				5,596				5,509				6,617				23,149				26,278
		North			386				194				321				325				477				1,226				2,042

(4)	Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

 

Real Estate, Energy & Natural Resources Segment
Weyerhaeuser Company Q4.2020 Analyst Package Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Net sales		$	112			$	65			$	69			$	30			$	46			$	276			$	314
Costs of sales			70				40				46				9				18				165				145
Gross margin			42				25				23				21				28				111				169
General and administrative expenses			6				6				6				7				7				25				27
Other operating income, net			—				—				—				—				(1)				—				(2)
Operating income and Net contribution to earnings		$	36			$	19			$	17			$	14			$	22			$	86			$	144

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Operating income		$	36			$	19			$	17			$	14			$	22			$	86			$	144
Depreciation, depletion and amortization			3				4				3				4				4				14				14
Basis of real estate sold			62				34				40				5				11				141				116
Adjusted EBITDA(1)		$	101			$	57			$	60			$	23			$	37			$	241			$	274

(1)	See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Selected Segment Items

in millions

Q1.2020

Q2.2020

Q3.2020

Q4.2020

Q4.2019

YTD.2020

YTD.2019

Cash spent for capital expenditures

$

—

$

—

$

—

$

—

$

—

$

—

$

—

 

Segment Statistics
			Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Net Sales	Real Estate		$	95			$	48			$	49			$	10			$	25			$	202			$	225
(millions)	Energy and Natural Resources			17				17				20				20				21				74				89
	Total		$	112			$	65			$	69			$	30			$	46			$	276			$	314
Acres Sold	Real Estate			44,974				31,337				34,917				670				9,393				111,898				113,315
Price per Acre	Real Estate		$	1,992			$	1,501			$	1,381			$	6,316			$	2,308			$	1,690			$	1,848
Basis as a Percent of Real Estate Net Sales	Real Estate			65	%			71	%			82	%			50	%			44	%			70	%			52	%

 

Wood Products Segment
Weyerhaeuser Company Q4.2020 Analyst Package Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Net sales		$	1,235			$	1,207			$	1,696			$	1,652			$	1,115			$	5,790			$	4,623
Costs of sales			1,040				997				1,075				1,109				994				4,221				4,098
Gross margin			195				210				621				543				121				1,569				525
Selling expenses			21				18				18				20				21				77				80
General and administrative expenses			36				33				33				34				35				136				139
Product remediation recoveries			—				(8)				—				—				—				(8)				(68)
Charges for integration and restructuring, closures and asset impairments			1				—				—				—				—				1				—
Other operating costs, net			3				8				4				8				5				23				21
Operating income and Net contribution to earnings		$	134			$	159			$	566			$	481			$	60			$	1,340			$	353

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Operating income		$	134			$	159			$	566			$	481			$	60			$	1,340			$	353
Depreciation, depletion and amortization			50				47				49				49				50				195				191
Special items			—				(8)				—				—				—				(8)				(68)
Adjusted EBITDA(1)		$	184			$	198			$	615			$	530			$	110			$	1,527			$	476

(1)	See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Segment Special Items Included in Net Contribution to Earnings (Pretax)
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Product remediation recoveries		$	—			$	8			$	—			$	—			$	—			$	8			$	68

 

Selected Segment Items
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Total decrease (increase) in working capital(2)		$	(186)			$	56			$	(68)			$	16			$	49			$	(182)			$	1
Cash spent for capital expenditures		$	(38)			$	(45)			$	(41)			$	(52)			$	(109)			$	(176)			$	(257)

(2)	Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.

 

Segment Statistics
in millions, except for third party sales realizations			Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Structural Lumber	Third party net sales		$	508			$	538			$	819			$	737			$	466			$	2,602			$	1,892
(volumes presented	Third party sales realizations		$	416			$	438			$	674			$	609			$	389			$	534			$	389
in board feet)	Third party sales volumes(3)			1,222				1,225				1,216				1,210				1,197				4,873				4,857
	Production volumes			1,209				1,108				1,170				1,179				1,178				4,666				4,705
Oriented Strand	Third party net sales		$	190			$	179			$	290			$	354			$	157			$	1,013			$	632
Board	Third party sales realizations		$	246			$	240			$	395			$	503			$	216			$	343			$	217
(volumes presented	Third party sales volumes(3)			770				747				736				703				726				2,956				2,916
in square feet 3/8")	Production volumes			777				742				759				735				757				3,013				2,969
Engineered Solid	Third party net sales		$	127			$	111			$	135			$	132			$	122			$	505			$	510
Section	Third party sales realizations		$	2,149			$	2,151			$	2,128			$	2,221			$	2,166			$	2,162			$	2,196
(volumes presented	Third party sales volumes(3)			5.9				5.2				6.3				6.0				5.6				23.4				23.2
in cubic feet)	Production volumes			6.1				5.3				5.4				6.2				5.4				23.0				22.6
Engineered	Third party net sales		$	78			$	70			$	83			$	85			$	77			$	316			$	323
I-joists	Third party sales realizations		$	1,667			$	1,645			$	1,638			$	1,695			$	1,678			$	1,662			$	1,677
(volumes presented	Third party sales volumes(3)			47				42				51				50				45				190				192
in lineal feet)	Production volumes			47				38				43				47				43				175				182
Softwood Plywood	Third party net sales		$	39			$	34			$	55			$	43			$	31			$	171			$	161
(volumes presented	Third party sales realizations		$	348			$	356			$	507			$	433			$	337			$	411			$	363
in square feet 3/8")	Third party sales volumes(3)			113				95				107				99				94				414				445
	Production volumes			97				76				94				80				84				347				386
Medium Density	Third party net sales		$	44			$	33			$	47			$	47			$	39			$	171			$	166
Fiberboard	Third party sales realizations		$	841			$	825			$	864			$	867			$	826			$	851			$	834
(volumes presented	Third party sales volumes(3)			52				40				55				54				48				201				200
in square feet 3/4")	Production volumes			56				35				57				52				49				200				202

(3)	Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

 

Unallocated Items
Weyerhaeuser Company Q4.2020 Analyst Package Preliminary results (unaudited)
Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.
Net Charge to Earnings
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Unallocated corporate function and variable compensation expense		$	(19)			$	(23)			$	(36)			$	(31)			$	(30)			$	(109)			$	(80)
Liability classified share-based compensation			10				(4)				(5)				(3)				(2)				(2)				(7)
Foreign exchange gain (loss)			(8)				3				2				(4)				—				(7)				(2)
Elimination of intersegment profit in inventory and LIFO			(13)				18				(9)				(13)				(1)				(17)				(5)
Other, net			(5)				(4)				(14)				(13)				(13)				(36)				(99)
Operating loss			(35)				(10)				(62)				(64)				(46)				(171)				(193)
Non-operating pension and other post-employment benefit costs			(9)				(10)				(9)				(262)				(21)				(290)				(516)
Interest income and other			1				2				2				—				8				5				30
Net charge to earnings		$	(43)			$	(18)			$	(69)			$	(326)			$	(59)			$	(456)			$	(679)

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Operating loss		$	(35)			$	(10)			$	(62)			$	(64)			$	(46)			$	(171)			$	(193)
Depreciation, depletion and amortization			2				1				2				1				1				6				4
Special items			(12)				—				—				—				—				(12)				35
Adjusted EBITDA(1)		$	(45)			$	(9)			$	(60)			$	(63)			$	(45)			$	(177)			$	(154)

(1)	See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Unallocated Special Items Included in Net Charge to Earnings (Pretax)
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Legal benefits (charges)		$	12			$	—			$	—			$	—			$	—			$	12			$	(35)
Special items included in operating loss			12				—				—				—				—				12				(35)
Pension settlement charges			—				—				—				(253)				(6)				(253)				(455)
Special items included in net charge to earnings		$	12			$	—			$	—			$	(253)			$	(6)			$	(241)			$	(490)

 

Unallocated Selected Items
in millions		Q1.2020				Q2.2020				Q3.2020				Q4.2020				Q4.2019				YTD.2020				YTD.2019
Cash spent for capital expenditures		$	—			$	—			$	—			$	(1)			$	(1)			$	(1)			$	(15)

For more information contact:
Analysts - Beth Baum, 206-539-3907
Media - Nancy Thompson, 919-861-0342

 

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SOURCE Weyerhaeuser Company

FAQ

What were Weyerhaeuser's fourth quarter 2020 net earnings?

Weyerhaeuser reported fourth quarter net earnings of $292 million.

What is Weyerhaeuser's ticker symbol?

Weyerhaeuser's ticker symbol is WY.

How did Weyerhaeuser perform in 2020 compared to 2019?

Weyerhaeuser achieved net earnings of $797 million in 2020, compared to a net loss of $76 million in 2019.

What were Weyerhaeuser's earnings before special items for Q4 2020?

Excluding special items, Weyerhaeuser's earnings for Q4 2020 were $361 million.

Did Weyerhaeuser reduce its debt in 2020?

Yes, Weyerhaeuser reduced its gross debt by over $900 million in 2020.