Weyerhaeuser Company reported a 4Q 2019 net loss of $14 million on net sales of $1.5 billion. This compares with a net loss of $93 million on net sales of $1.6 billion for the same period last year and net earnings of $99 million for the 3Q 2019.
Adjusted EBITDA for the 4Q 2019 was $260 million compared with $346 million for the same period last year and $308 million for the 3Q 2019.
For the full year 2019, Weyerhaeuser reported a net loss of $76 million on net sales of $6.6 billion. This compares with net earnings of $748 million on net sales of $7.5 billion for the full year 2018.
Full year 2019 includes net after-tax charges of $361 million for special items. Excluding these items, the company reported net earnings before special items of $285 million. This compares with net earnings before special items of $891 million for the full year 2018.
"Our 2019 performance reflects strong execution across all businesses despite significant headwinds from a sluggish housing market, global trade uncertainty, and persistently challenged commodity prices," said Devin W. Stockfish, president and CEO. "Through our continued focus on operational excellence, we achieved record low cost performance in lumber and oriented strand board and delivered the highest EBITDA ever from our Real Estate & ENR business. Additionally, we reduced our pension obligations by $1.5 billion, strategically optimized a significant portion of our Northern timberlands portfolio, and returned over $1 billion of cash to shareholders. Entering 2020, we are encouraged by the recent pickup in U.S. housing activity, and we expect modest growth will drive improvement across our markets as the year progresses. We remain focused on creating value for shareholders through industry-leading operating performance and disciplined capital allocation."
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.
