威爾海斯公司 |
Exhibit 99.2 |
2024第三季度分析師套餐
初步結果（未經審計）
綜合損益表
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
年至今 |
|
||||||||||||
百萬美元 |
|
3月31日 |
|
|
6月30日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
||||||
淨銷售額 |
|
$ |
1,796 |
|
|
$ |
1,939 |
|
|
$ |
1,681 |
|
|
$ |
2,022 |
|
|
$ |
5,416 |
|
|
$ |
5,900 |
|
銷售成本 |
|
|
1,441 |
|
|
|
1,535 |
|
|
|
1,431 |
|
|
|
1,520 |
|
|
|
4,407 |
|
|
|
4,560 |
|
毛利率 |
|
|
355 |
|
|
|
404 |
|
|
|
250 |
|
|
|
502 |
|
|
|
1,009 |
|
|
|
1,340 |
|
銷售費用 |
|
|
22 |
|
|
|
22 |
|
|
|
22 |
|
|
|
22 |
|
|
|
66 |
|
|
|
66 |
|
一般及管理費用 |
|
|
120 |
|
|
|
116 |
|
|
|
122 |
|
|
|
107 |
|
|
|
358 |
|
|
|
316 |
|
其他營運成本（收入），淨額 |
|
|
17 |
|
|
|
(4 |
) |
|
|
28 |
|
|
|
20 |
|
|
|
41 |
|
|
|
50 |
|
營業利潤 |
|
|
196 |
|
|
|
270 |
|
|
|
78 |
|
|
|
353 |
|
|
|
544 |
|
|
|
908 |
|
非營運養老金和其他離職後福利成本 |
|
|
(11 |
) |
|
|
(10 |
) |
|
|
(10 |
) |
|
|
(12 |
) |
|
|
(31 |
) |
|
|
(33 |
) |
利息收入和其他 |
|
|
16 |
|
|
|
13 |
|
|
|
14 |
|
|
|
24 |
|
|
|
43 |
|
|
|
54 |
|
利息費用，扣除資本化利息 |
|
|
(67 |
) |
|
|
(67 |
) |
|
|
(69 |
) |
|
|
(72 |
) |
|
|
(203 |
) |
|
|
(208 |
) |
所得稅前利潤 |
|
|
134 |
|
|
|
206 |
|
|
|
13 |
|
|
|
293 |
|
|
|
353 |
|
|
|
721 |
|
所得稅 |
|
|
(20 |
) |
|
|
(33 |
) |
|
|
15 |
|
|
|
(54 |
) |
|
|
(38 |
) |
|
|
(101 |
) |
淨收益 |
|
$ |
114 |
|
|
$ |
173 |
|
|
$ |
28 |
|
|
$ |
239 |
|
|
$ |
315 |
|
|
$ |
620 |
|
每股信息
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
年至今 |
|
||||||||||||
|
|
3月31日 |
|
|
6月30日, |
|
|
九月三十日， |
|
|
九月三十日， |
|
|
九月三十日， |
|
|
Sept 30, |
|
||||||
基本和稀釋每股收益 |
|
$ |
0.16 |
|
|
$ |
0.24 |
|
|
$ |
0.04 |
|
|
$ |
0.33 |
|
|
$ |
0.43 |
|
|
$ |
0.85 |
|
每股普通股派息 |
|
$ |
0.34 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.19 |
|
|
$ |
0.74 |
|
|
$ |
1.47 |
|
加權平均未稀釋普通股份(以千爲單位): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
基本 |
|
|
730,043 |
|
|
|
729,026 |
|
|
|
727,621 |
|
|
|
731,046 |
|
|
|
728,892 |
|
|
|
732,069 |
|
稀釋的 |
|
|
730,558 |
|
|
|
729,341 |
|
|
|
728,180 |
|
|
|
731,742 |
|
|
|
729,355 |
|
|
|
732,542 |
|
期末普通股份（以千爲單位） |
|
|
729,141 |
|
|
|
727,519 |
|
|
|
726,758 |
|
|
|
730,128 |
|
|
|
726,758 |
|
|
|
730,128 |
|
調整後的息稅折舊攤銷前利潤（調整後的EBITDA）
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
年初至今 |
|
||||||||||||
以百萬計 |
|
三月三十一日 |
|
|
6月30日 |
|
|
9月30日， |
|
|
9月30日， |
|
|
9月30日， |
|
|
9月30日， |
|
||||||
淨收益 |
|
$ |
114 |
|
|
$ |
173 |
|
|
$ |
28 |
|
|
$ |
239 |
|
|
$ |
315 |
|
|
$ |
620 |
|
非營業性養老金和其他離職後福利成本 |
|
|
11 |
|
|
|
10 |
|
|
|
10 |
|
|
|
12 |
|
|
|
31 |
|
|
|
33 |
|
利息收入及其他 |
|
|
(16 |
) |
|
|
(13 |
) |
|
|
(14 |
) |
|
|
(24 |
) |
|
|
(43 |
) |
|
|
(54 |
) |
扣除資本化利息的利息支出 |
|
|
67 |
|
|
|
67 |
|
|
|
69 |
|
|
|
72 |
|
|
|
203 |
|
|
|
208 |
|
所得稅 |
|
|
20 |
|
|
|
33 |
|
|
|
(15 |
) |
|
|
54 |
|
|
|
38 |
|
|
|
101 |
|
營業收入 |
|
|
196 |
|
|
|
270 |
|
|
|
78 |
|
|
|
353 |
|
|
|
544 |
|
|
|
908 |
|
折舊、損耗和攤銷 |
|
|
125 |
|
|
|
126 |
|
|
|
125 |
|
|
|
122 |
|
|
|
376 |
|
|
|
374 |
|
出售房地產的基礎 |
|
|
31 |
|
|
|
39 |
|
|
|
23 |
|
|
|
34 |
|
|
|
93 |
|
|
|
80 |
|
營業收入中包含的特殊項目 |
|
|
— |
|
|
|
(25 |
) |
|
|
10 |
|
|
|
— |
|
|
|
(15 |
) |
|
|
11 |
|
調整後 EBITDA(1) |
|
$ |
352 |
|
|
$ |
410 |
|
|
$ |
236 |
|
|
$ |
509 |
|
|
$ |
998 |
|
|
$ |
1,373 |
|
(1) 調整後的EBITDA是管理層用來評估公司業績的非GAAP指標。調整後的EBITDA，按我們的定義，是經營利潤調整後考慮折舊、耗盡、攤銷、房地產出售基礎和特殊項目。我們對調整後的EBITDA的定義可能與其他公司報告的同類指標不同。調整後的EBITDA不應單獨考慮，並不打算代表替代我們的GAAP結果。
頁面1第8頁
威爾海斯公司 |
公司總體統計 |
2024年第三季度分析師套餐
初步結果（未經審計）
淨收入中包含的特別項目（受稅收影響）
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
年至今 |
|
||||||||||||
百萬美元 |
|
3月31日 |
|
|
6月30日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
||||||
淨收益 |
|
$ |
114 |
|
|
$ |
173 |
|
|
$ |
28 |
|
|
$ |
239 |
|
|
$ |
315 |
|
|
$ |
620 |
|
環保母基費用 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8 |
|
產品整改恢復 |
|
|
— |
|
|
|
(19 |
) |
|
|
— |
|
|
|
— |
|
|
|
(19 |
) |
|
|
— |
|
重組、減值及其他費用 |
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
|
— |
|
特殊項目前淨利潤(1) |
|
$ |
114 |
|
|
$ |
154 |
|
|
$ |
35 |
|
|
$ |
239 |
|
|
$ |
303 |
|
|
$ |
628 |
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
年至今 |
|
||||||||||||
|
|
3月31日 |
|
|
6月30日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
||||||
每股攤薄淨收益 |
|
$ |
0.16 |
|
|
$ |
0.24 |
|
|
$ |
0.04 |
|
|
$ |
0.33 |
|
|
$ |
0.43 |
|
|
$ |
0.85 |
|
環保母基費用 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
產品整治恢復 |
|
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
重組、減值和其他費用 |
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
特殊項目前每股攤薄淨收益(1) |
|
$ |
0.16 |
|
|
$ |
0.21 |
|
|
$ |
0.05 |
|
|
$ |
0.33 |
|
|
$ |
0.42 |
|
|
$ |
0.86 |
|
(1) 非特殊項目前的淨收益是管理層認爲能夠幫助理解公司收益表現的非GAAP度量標準。非特殊項目前的淨收益不應孤立地被考慮，且並非旨在代表我們的GAAP結果。
已選擇的公司項目總數
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
年至今 |
|
||||||||||||
百萬美元 |
|
3月31日 |
|
|
6月30日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
|
九月三十日, |
|
||||||
養老金和離職後費用： |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
養老金和離職後服務成本 |
|
$ |
5 |
|
|
$ |
5 |
|
|
$ |
5 |
|
|
$ |
6 |
|
|
$ |
15 |
|
|
$ |
17 |
|
非營運養老金和其他離職後福利成本 |
|
|
11 |
|
|
|
10 |
|
|
|
10 |
|
|
|
12 |
|
|
|
31 |
|
|
|
33 |
|
公司總養老金和離職後費用 |
|
$ |
16 |
|
|
$ |
15 |
|
|
$ |
15 |
|
|
$ |
18 |
|
|
$ |
46 |
|
|
$ |
50 |
|
Page 2 of 8
Weyerhaeuser Company |
Q3.2024 Analyst Package
Preliminary results (unaudited)
Condensed Consolidated Balance Sheet
in millions |
|
March 31, |
|
|
June 30, |
|
|
September 30, |
|
|
December 31, |
|
||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
871 |
|
|
$ |
997 |
|
|
$ |
877 |
|
|
$ |
1,164 |
|
Receivables, net |
|
|
405 |
|
|
|
410 |
|
|
|
373 |
|
|
|
354 |
|
Receivables for taxes |
|
|
13 |
|
|
|
10 |
|
|
|
10 |
|
|
|
10 |
|
Inventories |
|
|
630 |
|
|
|
614 |
|
|
|
592 |
|
|
|
566 |
|
Prepaid expenses and other current assets |
|
|
192 |
|
|
|
152 |
|
|
|
142 |
|
|
|
219 |
|
Total current assets |
|
|
2,111 |
|
|
|
2,183 |
|
|
|
1,994 |
|
|
|
2,313 |
|
Property and equipment, net |
|
|
2,283 |
|
|
|
2,240 |
|
|
|
2,247 |
|
|
|
2,269 |
|
Construction in progress |
|
|
243 |
|
|
|
303 |
|
|
|
316 |
|
|
|
270 |
|
Timber and timberlands at cost, less depletion |
|
|
11,481 |
|
|
|
11,475 |
|
|
|
11,502 |
|
|
|
11,528 |
|
Minerals and mineral rights, less depletion |
|
|
198 |
|
|
|
194 |
|
|
|
192 |
|
|
|
200 |
|
Deferred tax assets |
|
|
14 |
|
|
|
13 |
|
|
|
13 |
|
|
|
15 |
|
Other assets |
|
|
426 |
|
|
|
392 |
|
|
|
404 |
|
|
|
388 |
|
Total assets |
|
$ |
16,756 |
|
|
$ |
16,800 |
|
|
$ |
16,668 |
|
|
$ |
16,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current maturities of long-term debt |
|
$ |
210 |
|
|
$ |
210 |
|
|
$ |
210 |
|
|
$ |
— |
|
Accounts payable |
|
|
310 |
|
|
|
281 |
|
|
|
275 |
|
|
|
287 |
|
Accrued liabilities |
|
|
424 |
|
|
|
504 |
|
|
|
507 |
|
|
|
501 |
|
Total current liabilities |
|
|
944 |
|
|
|
995 |
|
|
|
992 |
|
|
|
788 |
|
Long-term debt, net |
|
|
4,861 |
|
|
|
4,862 |
|
|
|
4,864 |
|
|
|
5,069 |
|
Deferred tax liabilities |
|
|
84 |
|
|
|
87 |
|
|
|
78 |
|
|
|
81 |
|
Deferred pension and other post-employment benefits |
|
|
460 |
|
|
|
460 |
|
|
|
462 |
|
|
|
461 |
|
Other liabilities |
|
|
353 |
|
|
|
351 |
|
|
|
345 |
|
|
|
348 |
|
Total liabilities |
|
|
6,702 |
|
|
|
6,755 |
|
|
|
6,741 |
|
|
|
6,747 |
|
Total equity |
|
|
10,054 |
|
|
|
10,045 |
|
|
|
9,927 |
|
|
|
10,236 |
|
Total liabilities and equity |
|
$ |
16,756 |
|
|
$ |
16,800 |
|
|
$ |
16,668 |
|
|
$ |
16,983 |
|
Page 3 of 8
Weyerhaeuser Company |
Q3.2024 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Cash Flows
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Year-to-Date |
|
||||||||||||
in millions |
|
March 31, |
|
|
June 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
|
Sept 30, |
|
||||||
Cash flows from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings |
|
$ |
114 |
|
|
$ |
173 |
|
|
$ |
28 |
|
|
$ |
239 |
|
|
$ |
315 |
|
|
$ |
620 |
|
Noncash charges (credits) to earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation, depletion and amortization |
|
|
125 |
|
|
|
126 |
|
|
|
125 |
|
|
|
122 |
|
|
|
376 |
|
|
|
374 |
|
Basis of real estate sold |
|
|
31 |
|
|
|
39 |
|
|
|
23 |
|
|
|
34 |
|
|
|
93 |
|
|
|
80 |
|
Pension and other post-employment benefits |
|
|
16 |
|
|
|
15 |
|
|
|
15 |
|
|
|
18 |
|
|
|
46 |
|
|
|
50 |
|
Share-based compensation expense |
|
|
10 |
|
|
|
12 |
|
|
|
10 |
|
|
|
9 |
|
|
|
32 |
|
|
|
26 |
|
Other |
|
|
1 |
|
|
|
3 |
|
|
|
(7 |
) |
|
|
(6 |
) |
|
|
(3 |
) |
|
|
(4 |
) |
Change in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Receivables, net |
|
|
(53 |
) |
|
|
(4 |
) |
|
|
36 |
|
|
|
28 |
|
|
|
(21 |
) |
|
|
(77 |
) |
Receivables and payables for taxes |
|
|
(3 |
) |
|
|
16 |
|
|
|
(16 |
) |
|
|
24 |
|
|
|
(3 |
) |
|
|
51 |
|
Inventories |
|
|
(68 |
) |
|
|
15 |
|
|
|
22 |
|
|
|
9 |
|
|
|
(31 |
) |
|
|
23 |
|
Prepaid expenses and other current assets |
|
|
17 |
|
|
|
16 |
|
|
|
(13 |
) |
|
|
(13 |
) |
|
|
20 |
|
|
|
(5 |
) |
Accounts payable and accrued liabilities |
|
|
(51 |
) |
|
|
37 |
|
|
|
13 |
|
|
|
73 |
|
|
|
(1 |
) |
|
|
43 |
|
Pension and post-employment benefit contributions and |
|
|
(4 |
) |
|
|
(5 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(12 |
) |
|
|
(16 |
) |
Other |
|
|
(11 |
) |
|
|
(11 |
) |
|
|
1 |
|
|
|
(9 |
) |
|
|
(21 |
) |
|
|
(20 |
) |
Net cash from operations |
|
$ |
124 |
|
|
$ |
432 |
|
|
$ |
234 |
|
|
$ |
523 |
|
|
$ |
790 |
|
|
$ |
1,145 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures for property and equipment |
|
$ |
(57 |
) |
|
$ |
(82 |
) |
|
$ |
(89 |
) |
|
$ |
(90 |
) |
|
$ |
(228 |
) |
|
$ |
(209 |
) |
Capital expenditures for timberlands reforestation |
|
|
(22 |
) |
|
|
(9 |
) |
|
|
(8 |
) |
|
|
(9 |
) |
|
|
(39 |
) |
|
|
(42 |
) |
Acquisitions of timberlands |
|
|
— |
|
|
|
(53 |
) |
|
|
(82 |
) |
|
|
(68 |
) |
|
|
(135 |
) |
|
|
(70 |
) |
Purchase of short-term investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(664 |
) |
Other |
|
|
2 |
|
|
|
1 |
|
|
|
18 |
|
|
|
3 |
|
|
|
21 |
|
|
|
3 |
|
Net cash from investing activities |
|
$ |
(77 |
) |
|
$ |
(143 |
) |
|
$ |
(161 |
) |
|
$ |
(164 |
) |
|
$ |
(381 |
) |
|
$ |
(982 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash dividends on common shares |
|
$ |
(248 |
) |
|
$ |
(146 |
) |
|
$ |
(145 |
) |
|
$ |
(138 |
) |
|
$ |
(539 |
) |
|
$ |
(1,076 |
) |
Net proceeds from issuance of long-term debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
743 |
|
Payments on long-term debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(118 |
) |
|
|
— |
|
|
|
(118 |
) |
Repurchases of common shares |
|
|
(50 |
) |
|
|
(49 |
) |
|
|
(27 |
) |
|
|
(24 |
) |
|
|
(126 |
) |
|
|
(109 |
) |
Other |
|
|
(10 |
) |
|
|
— |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
(9 |
) |
|
|
(11 |
) |
Net cash from financing activities |
|
$ |
(308 |
) |
|
$ |
(195 |
) |
|
$ |
(171 |
) |
|
$ |
(281 |
) |
|
$ |
(674 |
) |
|
$ |
(571 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net change in cash, cash equivalents and restricted cash |
|
$ |
(261 |
) |
|
$ |
94 |
|
|
$ |
(98 |
) |
|
$ |
78 |
|
|
$ |
(265 |
) |
|
$ |
(408 |
) |
Cash, cash equivalents and restricted cash at beginning of |
|
|
1,164 |
|
|
|
903 |
|
|
|
997 |
|
|
|
1,095 |
|
|
|
1,164 |
|
|
|
1,581 |
|
Cash, cash equivalents and restricted cash at end of |
|
$ |
903 |
|
|
$ |
997 |
|
|
$ |
899 |
|
|
$ |
1,173 |
|
|
$ |
899 |
|
|
$ |
1,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash paid during the period for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest, net of amounts capitalized |
|
$ |
57 |
|
|
$ |
69 |
|
|
$ |
63 |
|
|
$ |
63 |
|
|
$ |
189 |
|
|
$ |
190 |
|
Income taxes, net of refunds |
|
$ |
23 |
|
|
$ |
15 |
|
|
$ |
13 |
|
|
$ |
22 |
|
|
$ |
51 |
|
|
$ |
40 |
|
Page 4 of 8
Weyerhaeuser Company |
Timberlands Segment |
Q3.2024 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Sales to unaffiliated customers |
|
$ |
387 |
|
|
$ |
409 |
|
|
$ |
357 |
|
|
$ |
380 |
|
|
$ |
1,153 |
|
|
$ |
1,259 |
|
Intersegment sales |
|
|
134 |
|
|
|
146 |
|
|
|
136 |
|
|
|
141 |
|
|
|
416 |
|
|
|
433 |
|
Total net sales |
|
|
521 |
|
|
|
555 |
|
|
|
493 |
|
|
|
521 |
|
|
|
1,569 |
|
|
|
1,692 |
|
Costs of sales |
|
|
415 |
|
|
|
450 |
|
|
|
410 |
|
|
|
417 |
|
|
|
1,275 |
|
|
|
1,317 |
|
Gross margin |
|
|
106 |
|
|
|
105 |
|
|
|
83 |
|
|
|
104 |
|
|
|
294 |
|
|
|
375 |
|
Selling expenses |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
General and administrative expenses |
|
|
25 |
|
|
|
25 |
|
|
|
24 |
|
|
|
25 |
|
|
|
74 |
|
|
|
74 |
|
Other operating costs (income), net |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
2 |
|
|
|
(2 |
) |
Operating income |
|
|
80 |
|
|
|
80 |
|
|
|
57 |
|
|
|
78 |
|
|
|
217 |
|
|
|
302 |
|
Interest income and other |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
Net contribution to earnings |
|
$ |
80 |
|
|
$ |
81 |
|
|
$ |
57 |
|
|
$ |
78 |
|
|
$ |
218 |
|
|
$ |
302 |
|
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Operating income |
|
$ |
80 |
|
|
$ |
80 |
|
|
$ |
57 |
|
|
$ |
78 |
|
|
$ |
217 |
|
|
$ |
302 |
|
Depreciation, depletion and amortization |
|
|
64 |
|
|
|
67 |
|
|
|
65 |
|
|
|
65 |
|
|
|
196 |
|
|
|
201 |
|
Adjusted EBITDA(1) |
|
$ |
144 |
|
|
$ |
147 |
|
|
$ |
122 |
|
|
$ |
143 |
|
|
$ |
413 |
|
|
$ |
503 |
|
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Selected Segment Items
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Total decrease in working capital(2) |
|
$ |
8 |
|
|
$ |
32 |
|
|
$ |
— |
|
|
$ |
23 |
|
|
$ |
40 |
|
|
$ |
50 |
|
Cash spent for capital expenditures(3) |
|
$ |
(31 |
) |
|
$ |
(21 |
) |
|
$ |
(22 |
) |
|
$ |
(26 |
) |
|
$ |
(74 |
) |
|
$ |
(74 |
) |
(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.
(3) Does not include cash spent for the acquisition of timberlands.
Segment Statistics(4)
|
|
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Third Party |
|
Delivered logs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net Sales |
|
West |
$ |
176 |
|
|
$ |
205 |
|
|
$ |
158 |
|
|
$ |
176 |
|
|
$ |
539 |
|
|
$ |
611 |
|
(millions) |
|
South |
|
151 |
|
|
|
153 |
|
|
|
149 |
|
|
|
155 |
|
|
|
453 |
|
|
|
485 |
|
|
|
North |
|
13 |
|
|
|
9 |
|
|
|
11 |
|
|
|
11 |
|
|
|
33 |
|
|
|
35 |
|
|
|
Total delivered logs |
|
340 |
|
|
|
367 |
|
|
|
318 |
|
|
|
342 |
|
|
|
1,025 |
|
|
|
1,131 |
|
|
|
Stumpage and pay-as-cut timber |
|
11 |
|
|
|
13 |
|
|
|
14 |
|
|
|
12 |
|
|
|
38 |
|
|
|
43 |
|
|
|
Recreational and other lease revenue |
|
19 |
|
|
|
19 |
|
|
|
19 |
|
|
|
19 |
|
|
|
57 |
|
|
|
54 |
|
|
|
Other revenue |
|
17 |
|
|
|
10 |
|
|
|
6 |
|
|
|
7 |
|
|
|
33 |
|
|
|
31 |
|
|
|
Total |
$ |
387 |
|
|
$ |
409 |
|
|
$ |
357 |
|
|
$ |
380 |
|
|
$ |
1,153 |
|
|
$ |
1,259 |
|
Delivered Logs |
|
West |
$ |
121.06 |
|
|
$ |
123.15 |
|
|
$ |
114.01 |
|
|
$ |
119.19 |
|
|
$ |
119.67 |
|
|
$ |
126.89 |
|
Third Party Sales |
|
South |
$ |
36.93 |
|
|
$ |
36.89 |
|
|
$ |
36.68 |
|
|
$ |
36.92 |
|
|
$ |
36.83 |
|
|
$ |
37.56 |
|
Realizations (per ton) |
|
North |
$ |
73.58 |
|
|
$ |
76.55 |
|
|
$ |
69.96 |
|
|
$ |
73.81 |
|
|
$ |
73.07 |
|
|
$ |
78.46 |
|
Delivered Logs |
|
West |
|
1,452 |
|
|
|
1,668 |
|
|
|
1,379 |
|
|
|
1,479 |
|
|
|
4,499 |
|
|
|
4,814 |
|
Third Party Sales |
|
South |
|
4,089 |
|
|
|
4,154 |
|
|
|
4,062 |
|
|
|
4,180 |
|
|
|
12,305 |
|
|
|
12,907 |
|
Volumes (tons, thousands) |
|
North |
|
175 |
|
|
|
118 |
|
|
|
160 |
|
|
|
148 |
|
|
|
453 |
|
|
|
450 |
|
Fee Harvest Volumes |
|
West |
|
2,214 |
|
|
|
2,355 |
|
|
|
2,184 |
|
|
|
2,137 |
|
|
|
6,753 |
|
|
|
6,674 |
|
(tons, thousands) |
|
South |
|
5,990 |
|
|
|
6,293 |
|
|
|
6,070 |
|
|
|
6,146 |
|
|
|
18,353 |
|
|
|
19,008 |
|
|
|
North |
|
239 |
|
|
|
190 |
|
|
|
247 |
|
|
|
223 |
|
|
|
676 |
|
|
|
683 |
|
(4) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.
Page 5 of 8
Weyerhaeuser Company |
Real Estate, Energy & Natural Resources Segment |
Q3.2024 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Net sales |
|
$ |
107 |
|
|
$ |
109 |
|
|
$ |
89 |
|
|
$ |
105 |
|
|
$ |
305 |
|
|
$ |
286 |
|
Costs of sales |
|
|
41 |
|
|
|
46 |
|
|
|
31 |
|
|
|
43 |
|
|
|
118 |
|
|
|
105 |
|
Gross margin |
|
|
66 |
|
|
|
63 |
|
|
|
58 |
|
|
|
62 |
|
|
|
187 |
|
|
|
181 |
|
General and administrative expenses |
|
|
6 |
|
|
|
8 |
|
|
|
6 |
|
|
|
6 |
|
|
|
20 |
|
|
|
20 |
|
Other operating (income) costs, net |
|
|
— |
|
|
|
(4 |
) |
|
|
1 |
|
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
Operating income and Net contribution to earnings |
|
$ |
60 |
|
|
$ |
59 |
|
|
$ |
51 |
|
|
$ |
56 |
|
|
$ |
170 |
|
|
$ |
161 |
|
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Operating income |
|
$ |
60 |
|
|
$ |
59 |
|
|
$ |
51 |
|
|
$ |
56 |
|
|
$ |
170 |
|
|
$ |
161 |
|
Depreciation, depletion and amortization |
|
|
3 |
|
|
|
4 |
|
|
|
3 |
|
|
|
4 |
|
|
|
10 |
|
|
|
12 |
|
Basis of real estate sold |
|
|
31 |
|
|
|
39 |
|
|
|
23 |
|
|
|
34 |
|
|
|
93 |
|
|
|
80 |
|
Adjusted EBITDA(1) |
|
$ |
94 |
|
|
$ |
102 |
|
|
$ |
77 |
|
|
$ |
94 |
|
|
$ |
273 |
|
|
$ |
253 |
|
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Segment Statistics
|
|
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Net Sales |
Real Estate |
|
$ |
83 |
|
|
$ |
78 |
|
|
$ |
59 |
|
|
$ |
79 |
|
|
$ |
220 |
|
|
$ |
198 |
|
(millions) |
Energy and Natural Resources |
|
|
24 |
|
|
|
31 |
|
|
|
30 |
|
|
|
26 |
|
|
|
85 |
|
|
|
88 |
|
|
Total |
|
$ |
107 |
|
|
$ |
109 |
|
|
$ |
89 |
|
|
$ |
105 |
|
|
$ |
305 |
|
|
$ |
286 |
|
Acres Sold |
Real Estate |
|
|
19,774 |
|
|
|
37,665 |
|
|
|
17,441 |
|
|
|
25,721 |
|
|
|
74,880 |
|
|
|
55,755 |
|
Price per Acre |
Real Estate |
|
$ |
3,629 |
|
|
$ |
2,062 |
|
|
$ |
2,808 |
|
|
$ |
3,033 |
|
|
$ |
2,650 |
|
|
$ |
3,403 |
|
Basis as a Percent of |
Real Estate |
|
|
37 |
% |
|
|
50 |
% |
|
|
39 |
% |
|
|
43 |
% |
|
|
42 |
% |
|
|
40 |
% |
Page 6 of 8
Weyerhaeuser Company |
Wood Products Segment |
Q3.2024 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Net sales |
|
$ |
1,302 |
|
|
$ |
1,421 |
|
|
$ |
1,235 |
|
|
$ |
1,537 |
|
|
$ |
3,958 |
|
|
$ |
4,355 |
|
Costs of sales |
|
|
1,107 |
|
|
|
1,185 |
|
|
|
1,132 |
|
|
|
1,195 |
|
|
|
3,424 |
|
|
|
3,572 |
|
Gross margin |
|
|
195 |
|
|
|
236 |
|
|
|
103 |
|
|
|
342 |
|
|
|
534 |
|
|
|
783 |
|
Selling expenses |
|
|
21 |
|
|
|
22 |
|
|
|
21 |
|
|
|
20 |
|
|
|
64 |
|
|
|
63 |
|
General and administrative expenses |
|
|
40 |
|
|
|
37 |
|
|
|
41 |
|
|
|
38 |
|
|
|
118 |
|
|
|
111 |
|
Other operating costs (income), net |
|
|
6 |
|
|
|
(19 |
) |
|
|
14 |
|
|
|
7 |
|
|
|
1 |
|
|
|
19 |
|
Operating income and Net contribution to earnings |
|
$ |
128 |
|
|
$ |
196 |
|
|
$ |
27 |
|
|
$ |
277 |
|
|
$ |
351 |
|
|
$ |
590 |
|
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Operating income |
|
$ |
128 |
|
|
$ |
196 |
|
|
$ |
27 |
|
|
$ |
277 |
|
|
$ |
351 |
|
|
$ |
590 |
|
Depreciation, depletion and amortization |
|
|
56 |
|
|
|
54 |
|
|
|
54 |
|
|
|
51 |
|
|
|
164 |
|
|
|
156 |
|
Special items |
|
|
— |
|
|
|
(25 |
) |
|
|
10 |
|
|
|
— |
|
|
|
(15 |
) |
|
|
— |
|
Adjusted EBITDA(1) |
|
$ |
184 |
|
|
$ |
225 |
|
|
$ |
91 |
|
|
$ |
328 |
|
|
$ |
500 |
|
|
$ |
746 |
|
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Segment Special Items Included in Net Contribution to Earnings (Pretax)
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Product remediation recovery |
|
$ |
— |
|
|
$ |
(25 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(25 |
) |
|
$ |
— |
|
Restructuring, impairments and other charges |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10 |
|
|
$ |
— |
|
|
$ |
10 |
|
|
$ |
— |
|
Selected Segment Items
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Total (increase) decrease in working capital(2) |
|
$ |
(174 |
) |
|
$ |
34 |
|
|
$ |
79 |
|
|
$ |
52 |
|
|
$ |
(61 |
) |
|
$ |
(35 |
) |
Cash spent for capital expenditures |
|
$ |
(42 |
) |
|
$ |
(63 |
) |
|
$ |
(72 |
) |
|
$ |
(69 |
) |
|
$ |
(177 |
) |
|
$ |
(168 |
) |
(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.
Segment Statistics(3)
in millions, except for third party sales realizations |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
|||||||
Structural Lumber |
Third party net sales |
|
$ |
464 |
|
|
$ |
499 |
|
|
$ |
451 |
|
|
$ |
570 |
|
|
$ |
1,414 |
|
|
$ |
1,658 |
|
(volumes presented |
Third party sales realizations |
|
$ |
429 |
|
|
$ |
419 |
|
|
$ |
404 |
|
|
$ |
481 |
|
|
$ |
417 |
|
|
$ |
470 |
|
in board feet) |
Third party sales volumes |
|
|
1,080 |
|
|
|
1,190 |
|
|
|
1,116 |
|
|
|
1,184 |
|
|
|
3,386 |
|
|
|
3,524 |
|
|
Production volumes |
|
|
1,085 |
|
|
|
1,163 |
|
|
|
1,046 |
|
|
|
1,174 |
|
|
|
3,294 |
|
|
|
3,481 |
|
Oriented Strand |
Third party net sales |
|
$ |
255 |
|
|
$ |
288 |
|
|
$ |
206 |
|
|
$ |
284 |
|
|
$ |
749 |
|
|
$ |
707 |
|
Board |
Third party sales realizations |
|
$ |
359 |
|
|
$ |
407 |
|
|
$ |
305 |
|
|
$ |
416 |
|
|
$ |
358 |
|
|
$ |
325 |
|
(volumes presented |
Third party sales volumes |
|
|
710 |
|
|
|
708 |
|
|
|
675 |
|
|
|
683 |
|
|
|
2,093 |
|
|
|
2,176 |
|
in square feet 3/8") |
Production volumes |
|
|
735 |
|
|
|
744 |
|
|
|
683 |
|
|
|
724 |
|
|
|
2,162 |
|
|
|
2,212 |
|
Engineered Solid |
Third party net sales |
|
$ |
177 |
|
|
$ |
191 |
|
|
$ |
175 |
|
|
$ |
216 |
|
|
$ |
543 |
|
|
$ |
600 |
|
Section |
Third party sales realizations |
|
$ |
3,212 |
|
|
$ |
3,239 |
|
|
$ |
3,251 |
|
|
$ |
3,458 |
|
|
$ |
3,234 |
|
|
$ |
3,549 |
|
(volumes presented |
Third party sales volumes |
|
|
5.4 |
|
|
|
6.0 |
|
|
|
5.4 |
|
|
|
6.2 |
|
|
|
16.8 |
|
|
|
16.9 |
|
in cubic feet) |
Production volumes |
|
|
5.7 |
|
|
|
6.1 |
|
|
|
5.0 |
|
|
|
5.6 |
|
|
|
16.8 |
|
|
|
16.1 |
|
Engineered |
Third party net sales |
|
$ |
99 |
|
|
$ |
107 |
|
|
$ |
95 |
|
|
$ |
122 |
|
|
$ |
301 |
|
|
$ |
335 |
|
I-joists |
Third party sales realizations |
|
$ |
2,648 |
|
|
$ |
2,645 |
|
|
$ |
2,644 |
|
|
$ |
2,862 |
|
|
$ |
2,646 |
|
|
$ |
2,951 |
|
(volumes presented |
Third party sales volumes |
|
|
37 |
|
|
|
41 |
|
|
|
36 |
|
|
|
42 |
|
|
|
114 |
|
|
|
113 |
|
in lineal feet) |
Production volumes |
|
|
43 |
|
|
|
41 |
|
|
|
31 |
|
|
|
42 |
|
|
|
115 |
|
|
|
105 |
|
Softwood Plywood |
Third party net sales |
|
$ |
41 |
|
|
$ |
42 |
|
|
$ |
38 |
|
|
$ |
42 |
|
|
$ |
121 |
|
|
$ |
127 |
|
(volumes presented |
Third party sales realizations |
|
$ |
508 |
|
|
$ |
464 |
|
|
$ |
433 |
|
|
$ |
488 |
|
|
$ |
467 |
|
|
$ |
484 |
|
in square feet 3/8") |
Third party sales volumes |
|
|
81 |
|
|
|
90 |
|
|
|
88 |
|
|
|
86 |
|
|
|
259 |
|
|
|
263 |
|
|
Production volumes |
|
|
72 |
|
|
|
82 |
|
|
|
81 |
|
|
|
77 |
|
|
|
235 |
|
|
|
235 |
|
Medium Density |
Third party net sales |
|
$ |
39 |
|
|
$ |
42 |
|
|
$ |
42 |
|
|
$ |
40 |
|
|
$ |
123 |
|
|
$ |
120 |
|
Fiberboard |
Third party sales realizations |
|
$ |
1,183 |
|
|
$ |
1,186 |
|
|
$ |
1,173 |
|
|
$ |
1,242 |
|
|
$ |
1,181 |
|
|
$ |
1,298 |
|
(volumes presented |
Third party sales volumes |
|
|
33 |
|
|
|
36 |
|
|
|
35 |
|
|
|
33 |
|
|
|
104 |
|
|
|
93 |
|
in square feet 3/4") |
Production volumes |
|
|
34 |
|
|
|
34 |
|
|
|
37 |
|
|
|
34 |
|
|
|
105 |
|
|
|
101 |
|
(3) Third party net sales, third party sales realizations and third party sales volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.
Page 7 of 8
Weyerhaeuser Company |
Unallocated Items |
Q3.2024 Analyst Package
Preliminary results (unaudited)
Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses and interest income and other.
Net Charge to Earnings
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Unallocated corporate function and variable compensation expense |
|
$ |
(38 |
) |
|
$ |
(37 |
) |
|
$ |
(32 |
) |
|
$ |
(33 |
) |
|
$ |
(107 |
) |
|
$ |
(92 |
) |
Liability classified share-based compensation |
|
|
(1 |
) |
|
|
3 |
|
|
|
(2 |
) |
|
|
2 |
|
|
|
— |
|
|
|
— |
|
Foreign exchange (loss) gain |
|
|
(1 |
) |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Elimination of intersegment profit in inventory and LIFO |
|
|
(6 |
) |
|
|
6 |
|
|
|
5 |
|
|
|
(4 |
) |
|
|
5 |
|
|
|
8 |
|
Other, net |
|
|
(26 |
) |
|
|
(37 |
) |
|
|
(29 |
) |
|
|
(23 |
) |
|
|
(92 |
) |
|
|
(62 |
) |
Operating loss |
|
|
(72 |
) |
|
|
(65 |
) |
|
|
(57 |
) |
|
|
(58 |
) |
|
|
(194 |
) |
|
|
(145 |
) |
Non-operating pension and other post-employment benefit costs |
|
|
(11 |
) |
|
|
(10 |
) |
|
|
(10 |
) |
|
|
(12 |
) |
|
|
(31 |
) |
|
|
(33 |
) |
Interest income and other |
|
|
16 |
|
|
|
12 |
|
|
|
14 |
|
|
|
24 |
|
|
|
42 |
|
|
|
54 |
|
Net charge to earnings |
|
$ |
(67 |
) |
|
$ |
(63 |
) |
|
$ |
(53 |
) |
|
$ |
(46 |
) |
|
$ |
(183 |
) |
|
$ |
(124 |
) |
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Operating loss |
|
$ |
(72 |
) |
|
$ |
(65 |
) |
|
$ |
(57 |
) |
|
$ |
(58 |
) |
|
$ |
(194 |
) |
|
$ |
(145 |
) |
Depreciation, depletion and amortization |
|
|
2 |
|
|
|
1 |
|
|
|
3 |
|
|
|
2 |
|
|
|
6 |
|
|
|
5 |
|
Special items |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Adjusted EBITDA(1) |
|
$ |
(70 |
) |
|
$ |
(64 |
) |
|
$ |
(54 |
) |
|
$ |
(56 |
) |
|
$ |
(188 |
) |
|
$ |
(129 |
) |
(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Unallocated Special Items Included in Net Charge to Earnings (Pretax)
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Environmental remediation charge |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11 |
|
Special items included in operating loss and net charge to earnings |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11 |
|
Unallocated Selected Items
in millions |
|
Q1.2024 |
|
|
Q2.2024 |
|
|
Q3.2024 |
|
|
Q3.2023 |
|
|
YTD.2024 |
|
|
YTD.2023 |
|
||||||
Cash spent for capital expenditures |
|
$ |
(6 |
) |
|
$ |
(7 |
) |
|
$ |
(3 |
) |
|
$ |
(4 |
) |
|
$ |
(16 |
) |
|
$ |
(9 |
) |
Page 8 of 8