Weyerhaeuser Company reported 2Q 2021 net earnings of $1.0 billion, or $1.37 per diluted share, on net sales of $3.1 billion. This compares with net earnings of $72 million, or 10 cents per diluted share, on net sales of $1.6 billion for the same period last year and net earnings of $681 million for the 1Q 2021. Net earnings before special items was $77 million for the same period last year, or 11 cents per diluted share.
Adjusted EBITDA for the 2Q 2021 was $1.6 billion compared with $386 million for the same period last year and $1.1 billion for the 1Q 2021.
"In the 2Q, our teams again delivered the company's strongest quarterly results on record, surpassing last quarter's Adjusted EBITDA record by over 40%," said Devin W. Stockfish, President and CEO. "Year-to-date, our Adjusted EBITDA is almost $2 billion higher than this time last year and exceeds our full year results for each of the last 14 years. We also generated record operating cash flow in the quarter and reduced long-term debt by another $225 million. Looking forward, our outlook remains favorable for continued strength in residential construction, our financial position is exceptionally strong, and with year-to-date Adjusted Funds Available for Distribution of almost $1.9 billion, we are excited for the opportunity to return significant cash to shareholders through the variable supplemental component of our new dividend framework."
Weyerhaeuser Company is one of the world's largest private owners of timberlands, began operations in 1900.