SEATTLE - Weyerhaeuser is calling its second-quarter performance the "company's strongest quarterly results on record."
The Seattle-based lumber giant recently reported net earnings of $1.0 billion on net sales of $3.1 billion. This compares with net earnings of $72 million on net sales of $1.6 billion for the same period last year and net earnings of $681 million for the first quarter of 2021.
The company reported adjusted EBITDA of $1.6 billion compared with $386 million for the same period last year, and $1.1 billion for the first quarter of 2021. The company also generated record cash flow of more than $1.3 billion.
"In the second quarter, our teams again delivered the company's strongest quarterly results on record, surpassing last quarter's Adjusted EBITDA record by over 40 percent," said Devin W. Stockfish, president and chief executive officer.
"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."
Other lumber producers, including West Fraser, Canfor, and Resolute Forest, have also reported record sales.
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