Weyerhaeuser Company reported a first quarter net loss of $289 million on net sales of $1.6 billion. This compares with net earnings of $269 million on net sales of $1.9 billion for the same period last year. Excluding special items, the company reported net earnings of $80 million for the first quarter of 2019. This compares with net earnings before special items of $275 million for the same period last year and $70 million for the fourth quarter of 2018. Adjusted EBITDA for the first quarter was $365 million compared with $544 million for the first quarter of last year and $346 million for the fourth quarter of 2018.
"I am proud of our first quarter results, as we delivered strong operating performance, improved financial results in each of our businesses compared with the fourth quarter, repurchased $60 million of common shares, refinanced an upcoming debt maturity, and further reduced our pension liabilities," said Devin W. Stockfish, president and chief executive officer. "Looking forward, we anticipate modest year over year housing growth and expect that building activity will accelerate with improved weather and continued macroeconomic stability. We remain focused on driving industry-leading performance and delivering superior value for our shareholders."
First quarter earnings and Adjusted EBITDA from Wood products segment increased significantly compared with the fourth quarter due to substantially lower log and fiber costs, seasonally higher operating rates and improved manufacturing costs across all product lines. This was partially offset by a 12% decrease in average sales realizations for OSB. Average sales realizations for lumber and engineered wood products improved slightly. Sales volumes for lumber and oriented strand board increased seasonally, and sales volumes for engineered wood products decreased.Weyerhaeuser anticipates higher second quarter earnings and Adjusted EBITDA from Wood products segment compared with the first quarter. The company expects seasonally higher sales volumes and improved operating rates across all product lines.