Weyerhaeuser Company reported 2Q 2020 net earnings of $72 million, or 10 cents per diluted share, on net sales of $1.6 billion. This compares with net earnings of $128 million, or 17 cents per diluted share, on net sales of $1.7 billion for the same period last year.
Excluding a net after-tax charge of $5 million for special items, primarily related to the early extinguishment of debt, the company reported 2Q net earnings of $77 million, or 11 cents per diluted share. This compares with net earnings before special items of $123 million for the same period last year and $138 million for the 1Q 2020.
Adjusted EBITDA for the 2Q 2020 was $386 million compared with $343 million for the same period last year and $413 million for the 1Q 2020.
"In the 2Q, we delivered strong results across each of our businesses despite the disruptive impacts of the COVID-19 pandemic," said Devin W. Stockfish, president and CEO. "I am extremely proud of the dedication and focus of our teams as they safely adapted business practices, efficiently pivoted operating postures, and capitalized on operational excellence opportunities while navigating unprecedented fluctuations in market demand. This includes delivering record low cost performance in lumber despite significant production curtailments."
"These operational efforts, in conjunction with improving market conditions and our prior actions to enhance financial flexibility, enabled us to generate solid cash flow and strengthen our balance sheet. Entering the third quarter, U.S. housing activity is improving, but against a backdrop of rising COVID-19 infection rates and the rollback of certain economic reopening plans. We remain focused on operating safely and efficiently, effectively capitalizing on a full range of market conditions, and driving long-term value for our shareholders through disciplined, prudent 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 manage additional timberlands under long-term licenses in Canada.