Weyerhaeuser Company reported Q4 2023 net earnings of $219 million, or 30 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings of $11 million, or 2 cents per diluted share, on net sales of $1.8 billion for the same period last year and net earnings of $239 million for Q3 2023.
Excluding a total after-tax benefit of $98 million for special items, the company reported Q4 2023 net earnings of $121 million, or 16 cents per diluted share. This compares with net earnings before special items of $171 million for the same period last year. There were no special items in Q3 2023.
Adjusted EBITDA for Q4 2023 was $321 million, compared with $369 million for the same period last year and $509 million for Q3 2023.
For full year 2023, Weyerhaeuser reported net earnings of $839 million, or $1.15 per diluted share, on net sales of $7.7 billion. This compares with net earnings of $1.9 billion on net sales of $10.2 billion for full year 2022. Full year 2023 includes a total after-tax benefit of $90 million for special items.
Excluding these items, the company reported net earnings of $749 million, or $1.02 per diluted share. This compares with net earnings before special items of $2.2 billion for full year 2022. Adjusted EBITDA for full year 2023 was $1.7 billion, compared with $3.7 billion for full year 2022.
The company declared a $0.14 per share supplemental dividend. On a combined basis, including dividends and share repurchase, the company is returning $783 million of cash, or approximately 80% of 2023 Adjusted FAD, to shareholders based on 2023 results.
"Our performance in 2023 reflects solid execution across all businesses, notwithstanding challenging market conditions," said Devin W. Stockfish, President and CEO. "In addition, our teams drove meaningful improvements across each of the value levers of our investment thesis in 2023. Notably, we optimized our timberlands holdings through strategic transactions in the Carolinas and Mississippi, captured additional operational excellence improvements, grew our Natural Climate Solutions business and sold our first forest carbon credits in the voluntary market. We also increased our base dividend by 5.6% and repurchased $125 million of our shares. Entering 2024, we are encouraged by resiliency in the housing market and maintain a favorable longer-term outlook for the demand fundamentals that will drive growth for our businesses. Our balance sheet is exceptionally strong, and we remain focused on serving our customers and driving long-term value for shareholders through our unrivaled portfolio, industry-leading performance, strong ESG foundation 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 10.5 million acres of timberlands in the U.S. and manages additional timberlands under long-term licenses in Canada.
