Weyerhaeuser Company reported 3Q net earnings of $255 million, or 34 cents per diluted share, on net sales of $1.9 billion. This compares with earnings of $130 million, or 17 cents per diluted share, on net sales of $1.9 billion for the same period last year, as the company says in the press release received by Lesprom Network.
Excluding a special tax benefit of $41 million, the company reported net earnings of $214 million, or 28 cents per diluted share for the 3Q. This compares with net earnings before special items of $259 million for the same period last year and $332 million for the 2Q 2018.
Adjusted EBITDA for the 3Q was $505 million compared with $569 million for the 3Q of last year and $637 million for the 2Q 2018.
"In the 3Q, our business delivered solid operating performance despite significant headwinds from severe weather, trade policy and unusually volatile wood products markets," said Doyle R. Simons, president and CEO. "During the quarter we demonstrated our ongoing commitment to disciplined capital allocation by increasing our quarterly dividend 6%, repurchasing $290 million of common shares, and announcing actions to reduce our pension liabilities. Going forward, we remain relentlessly focused on driving value for shareholders through industry-leading performance and disciplined capital allocation."
Weyerhaeuser Company is one of the world's largest private owners of timberlands, began operations in 1900.
