EX-99.1 2 wy-ex99_1.htm EX-99.1 EX-99.1

 

附錄99.1

 

 

有關更多信息請聯繫：

 

分析師 - 安迪·泰勒 (206) 539-3907

 

 

媒體 – 南希·湯普森 (919) 861-0342

 

 

Weyerhaeuser公佈第三季度業績

 

•
實現淨收益2800萬美元，每股稀釋收益爲0.04美元，特殊項目前淨收益3500萬美元，每股稀釋收益爲0.05美元
•
實現調整後的EBITDA爲23600萬美元
•
截至第三季度，今年迄今已完成12500萬美元的股票回購
•
已完成之前宣佈的阿拉巴馬州林地收購。

 

華盛頓州，2024年10月24日，Weyerhaeuser公司 （紐交所：WY）今天報告，第三季度淨利潤爲 2800萬美元，每股稀釋收益爲4美分 ，淨銷售額爲17億美元。這與去年同期的淨利潤爲23900萬美元，每股稀釋收益爲33美分 ，淨銷售額爲20億美元，並且2024年第二季度淨利潤爲17300萬美元。除了700萬美元的特別項目稅後費用外，該公司報告第三季度淨利潤爲3500萬美元，每股稀釋收益爲5美分。這與2024年第二季度特別項目前的淨利潤爲15400萬美元進行了比較。2023年第三季度沒有特別項目。2024年第三季度調整後的EBITDA爲23600萬美元，而去年同期爲50900萬美元，2024年第二季度爲41000萬美元。

2024年7月25日，Weyerhaeuser宣佈在阿拉巴馬州進行戰略性的林地收購，總面積84300英畝，合計24400萬美元。這些英畝是通過多次交易獲得的，第一筆交易於2024年第二季度完成，價格爲4800萬美元，第二筆交易於2024年第三季度完成，價格爲8200萬美元，最後一筆交易於2024年第四季度完成，價格爲11400萬美元。

「在充滿挑戰的市場背景下，我們的團隊在第三季度取得了穩健的運營表現，」首席執行官Devin W. Stockfish表示。「考慮到我們深深根植的OpX文化以及在成本曲線上的相對位置，我們仍然在當前環境中處於有利地位。我們的資產負債表強勁，我們繼續展示我們的投資組合和資本配置框架在市場週期中的耐久性。展望未來，我們對支持我們業務增長的需求基本面持積極態度，我們繼續專注於爲客戶服務併爲股東創造長期價值。」

 

1

 

WEYERHAEUSER財務要點

 

2024

 

 

2024

 

 

2023

 

（百萬美元，除每股數據外）

 

Q2

 

 

Q3

 

 

Q3

 

淨銷售額

 

$

1,939

 

 

$

1,681

 

 

$

2,022

 

淨收益

 

$

173

 

 

$

28

 

 

$

239

 

每股攤薄淨收益

 

$

0.24

 

 

$

0.04

 

 

$

0.33

 

加權平均已發行股票，攤薄後

 

 

729

 

 

 

728

 

 

 

732

 

特殊項目前淨利潤(1)(2)

 

$

154

 

 

$

35

 

 

$

239

 

特殊項目前每股攤薄淨收益(1)

 

$

0.21

 

 

$

0.05

 

 

$

0.33

 

調整後的EBITDA(1)

 

$

410

 

 

$

236

 

 

$

509

 

經營活動產生的淨現金流量

 

$

432

 

 

$

234

 

 

$

523

 

調整後的資金可分配現金流量(3)

 

$

316

 

 

$

137

 

 

$

424

 
(1)
淨收入在特殊項目前爲非GAAP衡量標準，管理層認爲這有助於理解公司的盈利表現。此外，調整後的EBITDA也是管理層用來評估公司績效的非GAAP衡量標準。調整後的EBITDA，按我們定義，是經營收入調整後的數值，包括折舊、枯竭、攤銷、房地產銷售基礎和特殊項目。在考慮淨收入在特殊項目前和調整後的EBITDA時，不應孤立考慮，也不打算代表我們的GAAP結果的替代方案。淨收入在特殊項目前和調整後的EBITDA與GAAP收入的調解已包括在本公告中。
(2)
2024年第三季度稅後特殊項目包括與我們新伯恩木材廠無限期停產相關的700萬元非現金減值損失。之前期間的特殊項目已包含在本公告的調解表中。
(3)
調整後的可供分配基金（調整後的FAD）是管理層用來評估公司流動性的非GAAP指標。根據我們的定義，調整後的FAD是經營活動淨現金經過資本支出和重大非經常性項目調整後的值。調整後的FAD衡量了在期間內產生的現金（淨資本支出和重大非經常性項目後）可用於分紅、普通股回購、債務減少、收購和其他自主和非自主資本分配活動。調整後的FAD不應被孤立地考慮，並且並非旨在代表我們的GAAP結果的替代品。調整後的FAD與經營活動產生的淨現金的調解已包括在本公告內。

TIMBERLANDS

 

財務亮點

 

2024

 

 

2024

 

 

 

 

（百萬）

 

Q2

 

 

Q3

 

 

變更

 

淨銷售額

 

$

555

 

 

$

493

 

 

$

(62

)

稅前收益的淨貢獻

 

$

81

 

 

$

57

 

 

$

(24

)

調整後的EBITDA

 

$

147

 

 

$

122

 

 

$

(25

)

2024年第三季度業績 - 在西部，由於海拔較高的採伐作業和暫時的採伐限制，採收量略低於第二季度，這是由於野火風險較高。國內和出口銷售的銷售量和實現額均較低。單位原木和運輸成本以及林業和道路成本均較低。在南部，由於潮溼的天氣條件，採收量和林業和道路成本均較低。銷售實現額和單位原木和運輸成本則較爲相似。

2024年第四季度展望 – Weyerhaeuser預計第四季度特殊項目前收益和調整後EBITDA將與第三季度相當。在西部，公司預計收費採伐量會稍微減少，銷售量相當，並由於混合銷售情況稍微降低銷售實現。單位原木和運輸成本以及林業和道路成本預計會稍微降低。在南部，公司預計收費採伐量和單位原木和運輸成本會略有增加，銷售實現相當。林業和道路成本預計會更高。

2

 

REAL ESTATE, ENERGY & NATURAL RESOURCES

 

FINANCIAL HIGHLIGHTS

 

2024

 

 

2024

 

 

 

 

(millions)

 

Q2

 

 

Q3

 

 

Change

 

Net sales

 

$

109

 

 

$

89

 

 

$

(20

)

Net contribution to pretax earnings

 

$

59

 

 

$

51

 

 

$

(8

)

Adjusted EBITDA

 

$

102

 

 

$

77

 

 

$

(25

)

Q3 2024 Performance – Earnings and Adjusted EBITDA decreased from the second quarter due to lower real estate sales. The number of acres sold decreased significantly and the average price per acre increased due to the timing and mix of properties sold.

Q4 2024 Outlook – Weyerhaeuser anticipates fourth quarter earnings before special items and Adjusted EBITDA will be approximately $10 million lower than the third quarter due to the timing and mix of real estate sales. The company now expects full year 2024 Adjusted EBITDA to be approximately $340 million, a $10 million increase from prior outlook, and basis as a percentage of real estate sales to be 40 to 45 percent for the full year.

WOOD PRODUCTS

 

FINANCIAL HIGHLIGHTS

 

2024

 

 

2024

 

 

 

 

(millions)

 

Q2

 

 

Q3

 

 

Change

 

Net sales

 

$

1,421

 

 

$

1,235

 

 

$

(186

)

Net contribution to pretax earnings

 

$

196

 

 

$

27

 

 

$

(169

)

Pretax (benefit) charge for special items

 

$

(25

)

 

$

10

 

 

$

35

 

Net contribution to pretax earnings before special items

 

$

171

 

 

$

37

 

 

$

(134

)

Adjusted EBITDA

 

$

225

 

 

$

91

 

 

$

(134

)

Q3 2024 Performance – Sales realizations for lumber and oriented strand board decreased 4 percent and 25 percent, respectively, compared with second quarter averages. Sales volumes for lumber were moderately lower and unit manufacturing costs were moderately higher, resulting from reduced production levels. Log costs were slightly lower. For oriented strand board, sales volumes were moderately lower and unit manufacturing costs were moderately higher due to planned downtime for annual maintenance. Fiber costs were slightly lower. For engineered wood products, sales realizations were comparable for solid section and I-joist products and lower for medium density fiberboard and plywood. Sales volumes were lower, unit manufacturing costs were moderately higher, and raw material costs were slightly higher. Distribution results were slightly lower compared to the second quarter.

Third quarter pretax special items include a $10 million noncash impairment charge related to the previously announced indefinite curtailment of the company’s New Bern lumber mill.

Q4 2024 Outlook – Weyerhaeuser anticipates fourth quarter earnings before special items and Adjusted EBITDA will be slightly higher than the third quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. For lumber, the company expects higher sales volumes, slightly lower log costs and lower unit manufacturing costs. For oriented strand board, the company anticipates moderately higher sales volumes, slightly higher fiber costs and moderately lower unit manufacturing costs. For engineered wood products, the company expects lower sales volumes, moderately lower sales realizations and lower raw material costs. For distribution, the company anticipates slightly lower results compared to the third quarter.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900 and today owns or controls approximately 10.5 million acres of timberlands in the U.S., as well as additional public timberlands managed under long-term licenses in Canada. Weyerhaeuser has been a global leader in sustainability for more than a century and manages 100 percent of its timberlands on a fully sustainable basis in compliance with internationally recognized sustainable forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood products in North America and operates additional business lines around product distribution, climate solutions, real estate, and

3

 

energy and natural resources, among others. In 2023, the company generated $7.7 billion in net sales and employed approximately 9,300 people who serve customers worldwide. Operated as a real estate investment trust, Weyerhaeuser’s common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on October 25, 2024 to discuss third quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on October 25, 2024.

To join the conference call from within North America, dial 1-877-407-0792 (access code: 13742029) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13742029). Replays will be available for two weeks at 1-844-512-2921 (access code: 13742029) from within North America, and at 1-412-317-6671 (access code: 13742029) from outside North America.

FORWARD-LOOKING STATEMENTS

This earnings release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, with respect to our outlook and expectations concerning the following: our long-term outlook on the drivers of demand to support the growth of our business; our ability to manage our business through various market conditions; future operating performance and delivery of long-term shareholder value and returns; earnings and Adjusted EBITDA for our Timberlands and Real Estate, Energy & Natural Resources segments; earnings before special items and Adjusted EBITDA for our Wood Products segment; fee harvest volumes, sales volumes, sales realizations, per unit log and haul costs and forestry and road costs for our Timberlands segment; the timing and mix of real estate sales and basis as a percentage of real estate sales for our Real Estate, Energy & Natural Resources segment; sales volumes, log costs and unit manufacturing costs for our lumber business; sales volumes, fiber costs and unit manufacturing costs for our oriented strand board business; sales volumes, sales realizations and raw material costs for our engineered wood products business; and results for our distribution business. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often involve use of words and expressions such as “anticipate,” “committed,” “expect,” “look forward,” “will,” and similar words and expressions. They may use the positive, negative or another variation of those and similar words and expressions. These forward-looking statements are based on our current expectations and assumptions and are not guarantees of future events or performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:

•
the effect of general economic conditions, including employment rates, interest rates, inflation rates, housing starts, general availability and cost of financing for home mortgages and the relative strength of the U.S. dollar;
•
market demand for the company's products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions;
•
changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan and the Canadian dollar, and the relative value of the euro to the yen;
•
restrictions on international trade and tariffs imposed on imports or exports;
•
the availability and cost of shipping and transportation;
•
economic activity in Asia, especially Japan and China;
•
performance of our manufacturing operations, including maintenance and capital requirements;
•
potential disruptions in our manufacturing operations;
•
the level of competition from domestic and foreign producers;
•
the successful execution of our internal plans and strategic initiatives, including restructuring and cost reduction initiatives;

4

 

•
our ability to hire and retain capable employees;
•
the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing and required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination of any acquisition or divestiture transaction under the terms of the governing transaction agreements;
•
raw material availability and prices;
•
the effect of weather;
•
changes in global or regional climate conditions and governmental response to such changes;
•
the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;
•
the effects of significant geopolitical conditions or developments such as significant international trade disputes or domestic or foreign terrorist attacks, armed conflict and political unrest;
•
the occurrence of regional or global health epidemics and their potential effects on our business, results of operations, cash flows, financial condition and future prospects;
•
energy prices;
•
transportation and labor availability and costs;
•
federal tax policies;
•
the effect of forestry, land use, environmental and other governmental regulations;
•
legal proceedings;
•
performance of pension fund investments and related derivatives;
•
the effect of timing of employee retirements as it relates to the cost of pension benefits and changes in the market price of our common stock on charges for share-based compensation;
•
the accuracy of our estimates of costs and expenses related to contingent liabilities and the accuracy of our estimates of charges related to casualty losses;
•
changes in accounting principles; and
•
other risks and uncertainties identified in our 2023 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC.

It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

 

5

 

RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS

We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each.

The table below reconciles Adjusted EBITDA for the quarter ended June 30, 2024:

 

(millions)

 

Timberlands

 

 

Real Estate
& ENR

 

 

Wood
Products

 

 

Unallocated
Items

 

 

Total

 

Adjusted EBITDA by Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

$

173

 

Interest expense, net of capitalized interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

67

 

Income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33

 

Net contribution (charge) to earnings

 

$

81

 

 

$

59

 

 

$

196

 

 

$

(63

)

 

$

273

 

Non-operating pension and other post-employment benefit costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10

 

 

 

10

 

Interest income and other

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

(12

)

 

 

(13

)

Operating income (loss)

 

 

80

 

 

 

59

 

 

 

196

 

 

 

(65

)

 

 

270

 

Depreciation, depletion and amortization

 

 

67

 

 

 

4

 

 

 

54

 

 

 

1

 

 

 

126

 

Basis of real estate sold

 

 

—

 

 

 

39

 

 

 

—

 

 

 

—

 

 

 

39

 

Special items included in operating income (loss)(1)

 

 

—

 

 

 

—

 

 

 

(25

)

 

 

—

 

 

 

(25

)

Adjusted EBITDA

 

$

147

 

 

$

102

 

 

$

225

 

 

$

(64

)

 

$

410

 
(1)
Operating income (loss) for Wood Products includes a pretax special item consisting of a $25 million product remediation recovery.

 

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2024:

 

(millions)

 

Timberlands

 

 

Real Estate
& ENR

 

 

Wood
Products

 

 

Unallocated
Items

 

 

Total

 

Adjusted EBITDA by Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

$

28

 

Interest expense, net of capitalized interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

Income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15

)

Net contribution (charge) to earnings

 

$

57

 

 

$

51

 

 

$

27

 

 

$

(53

)

 

$

82

 

Non-operating pension and other post-employment benefit costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10

 

 

 

10

 

Interest income and other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14

)

 

 

(14

)

Operating income (loss)

 

 

57

 

 

 

51

 

 

 

27

 

 

 

(57

)

 

 

78

 

Depreciation, depletion and amortization

 

 

65

 

 

 

3

 

 

 

54

 

 

 

3

 

 

 

125

 

Basis of real estate sold

 

 

—

 

 

 

23

 

 

 

—

 

 

 

—

 

 

 

23

 

Special items included in operating income (loss)(1)

 

 

—

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

Adjusted EBITDA

 

$

122

 

 

$

77

 

 

$

91

 

 

$

(54

)

 

$

236

 
(1)
Operating income (loss) for Wood Products includes a pretax special item consisting of a $10 million noncash impairment charge related to the indefinite curtailment of our New Bern lumber mill.

 

6

 

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2023:

 

(millions)

 

Timberlands

 

 

Real Estate
& ENR

 

 

Wood
Products

 

 

Unallocated
Items

 

 

Total

 

Adjusted EBITDA by Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

$

239

 

Interest expense, net of capitalized interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72

 

Income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54

 

Net contribution (charge) to earnings

 

$

78

 

 

$

56

 

 

$

277

 

 

$

(46

)

 

$

365

 

Non-operating pension and other post-employment benefit costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12

 

 

 

12

 

Interest income and other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(24

)

 

 

(24

)

Operating income (loss)

 

 

78

 

 

 

56

 

 

 

277

 

 

 

(58

)

 

 

353

 

Depreciation, depletion and amortization

 

 

65

 

 

 

4

 

 

 

51

 

 

 

2

 

 

 

122

 

Basis of real estate sold

 

 

—

 

 

 

34

 

 

 

—

 

 

 

—

 

 

 

34

 

Adjusted EBITDA

 

$

143

 

 

$

94

 

 

$

328

 

 

$

(56

)

 

$

509

 

 

The table below reconciles Adjusted EBITDA for the year-to-date period ended September 30, 2024:

 

(millions)

 

Timberlands

 

 

Real Estate
& ENR

 

 

Wood
Products

 

 

Unallocated
Items

 

 

Total

 

Adjusted EBITDA by Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

$

315

 

Interest expense, net of capitalized interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

203

 

Income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38

 

Net contribution (charge) to earnings

 

$

218

 

 

$

170

 

 

$

351

 

 

$

(183

)

 

$

556

 

Non-operating pension and other post-employment benefit costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

31

 

 

 

31

 

Interest income and other

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

(42

)

 

 

(43

)

Operating income (loss)

 

 

217

 

 

 

170

 

 

 

351

 

 

 

(194

)

 

 

544

 

Depreciation, depletion and amortization

 

 

196

 

 

 

10

 

 

 

164

 

 

 

6

 

 

 

376

 

Basis of real estate sold

 

 

—

 

 

 

93

 

 

 

—

 

 

 

—

 

 

 

93

 

Special items included in operating income (loss)(1)

 

 

—

 

 

 

—

 

 

 

(15

)

 

 

—

 

 

 

(15

)

Adjusted EBITDA

 

$

413

 

 

$

273

 

 

$

500

 

 

$

(188

)

 

$

998

 
(1)
Operating income (loss) for Wood Products includes pretax special items consisting of a $25 million product remediation recovery and a $10 million noncash impairment charge related to the indefinite curtailment of our New Bern lumber mill.

7

 

RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS (INCOME TAX AFFECTED)

We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties.

The table below reconciles net earnings before special items to net earnings:

 

 

 

2024

 

 

2024

 

 

2023

 

(millions)

 

Q2

 

 

Q3

 

 

Q3

 

Net earnings

 

$

173

 

 

$

28

 

 

$

239

 

Product remediation recovery

 

 

(19

)

 

 

—

 

 

 

—

 

Restructuring, impairments and other charges

 

 

—

 

 

 

7

 

 

 

—

 

Net earnings before special items

 

$

154

 

 

$

35

 

 

$

239

 

The table below reconciles net earnings per diluted share before special items to net earnings per diluted share:

 

 

 

2024

 

 

2024

 

 

2023

 

 

 

Q2

 

 

Q3

 

 

Q3

 

Net earnings per diluted share

 

$

0.24

 

 

$

0.04

 

 

$

0.33

 

Product remediation recovery

 

 

(0.03

)

 

 

—

 

 

 

—

 

Restructuring, impairments and other charges

 

 

—

 

 

 

0.01

 

 

 

—

 

Net earnings per diluted share before special items

 

$

0.21

 

 

$

0.05

 

 

$

0.33

 

RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM OPERATIONS

We reconcile Adjusted FAD to net cash from operations, as that is the most directly comparable U.S. GAAP measure. We believe the measure provides meaningful supplemental information for investors about our liquidity.

The table below reconciles Adjusted FAD to net cash from operations:

 

 

 

2024

 

 

2024

 

 

2023

 

 

2024

 

(millions)

 

Q2

 

 

Q3

 

 

Q3

 

 

Q3 YTD

 

Net cash from operations

 

$

432

 

 

$

234

 

 

$

523

 

 

$

790

 

Capital expenditures

 

 

(91

)

 

 

(97

)

 

 

(99

)

 

 

(267

)

Adjustments to FAD(1)

 

 

(25

)

 

 

—

 

 

 

—

 

 

 

(25

)

Adjusted FAD

 

$

316

 

 

$

137

 

 

$

424

 

 

$

498

 
(1)
Adjustments to FAD include a $25 million product remediation recovery received in second quarter 2024.

 

 

8