EX-99.1

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

附录99.1


有关更多信息请联系：		分析师 - 安迪·泰勒 (206) 539-3907
		媒体 – 南希·汤普森 (919) 861-0342

Weyerhaeuser公布第三季度业绩

•

实现净收益2800万美元，每股稀释收益为0.04美元，特殊项目前净收益3500万美元，每股稀释收益为0.05美元

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实现调整后的EBITDA为23600万美元

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截至第三季度，今年迄今已完成12500万美元的股票回购

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已完成之前宣布的阿拉巴马州林地收购。

华盛顿州，2024年10月24日，Weyerhaeuser公司（纽交所：WY）今天报告，第三季度净利润为 2800万美元，每股稀释收益为4美分，净销售额为17亿美元。这与去年同期的净利润为23900万美元，每股稀释收益为33美分，净销售额为20亿美元，并且2024年第二季度净利润为17300万美元。除了700万美元的特别项目税后费用外，该公司报告第三季度净利润为3500万美元，每股稀释收益为5美分。这与2024年第二季度特别项目前的净利润为15400万美元进行了比较。2023年第三季度没有特别项目。2024年第三季度调整后的EBITDA为23600万美元，而去年同期为50900万美元，2024年第二季度为41000万美元。

2024年7月25日，Weyerhaeuser宣布在阿拉巴马州进行战略性的林地收购，总面积84300英亩，合计24400万美元。这些英亩是通过多次交易获得的，第一笔交易于2024年第二季度完成，价格为4800万美元，第二笔交易于2024年第三季度完成，价格为8200万美元，最后一笔交易于2024年第四季度完成，价格为11400万美元。

“在充满挑战的市场背景下，我们的团队在第三季度取得了稳健的运营表现，”首席执行官Devin W. Stockfish表示。“考虑到我们深深根植的OpX文化以及在成本曲线上的相对位置，我们仍然在当前环境中处于有利地位。我们的资产负债表强劲，我们继续展示我们的投资组合和资本配置框架在市场周期中的耐久性。展望未来，我们对支持我们业务增长的需求基本面持积极态度，我们继续专注于为客户服务并为股东创造长期价值。”


WEYERHAEUSER财务要点	2024		2024		2023
（百万美元，除每股数据外）	Q2		Q3		Q3
净销售额	$	1,939	$	1,681	$	2,022
净收益	$	173	$	28	$	239
每股摊薄净收益	$	0.24	$	0.04	$	0.33
加权平均已发行股票，摊薄后		729		728		732
特殊项目前净利润(1)(2)	$	154	$	35	$	239
特殊项目前每股摊薄净收益(1)	$	0.21	$	0.05	$	0.33
调整后的EBITDA(1)	$	410	$	236	$	509
经营活动产生的净现金流量	$	432	$	234	$	523
调整后的资金可分配现金流量(3)	$	316	$	137	$	424

(1)

净收入在特殊项目前为非GAAP衡量标准，管理层认为这有助于理解公司的盈利表现。此外，调整后的EBITDA也是管理层用来评估公司绩效的非GAAP衡量标准。调整后的EBITDA，按我们定义，是经营收入调整后的数值，包括折旧、枯竭、摊销、房地产销售基础和特殊项目。在考虑净收入在特殊项目前和调整后的EBITDA时，不应孤立考虑，也不打算代表我们的GAAP结果的替代方案。净收入在特殊项目前和调整后的EBITDA与GAAP收入的调解已包括在本公告中。

(2)

2024年第三季度税后特殊项目包括与我们新伯恩木材厂无限期停产相关的700万元非现金减值损失。之前期间的特殊项目已包含在本公告的调解表中。

(3)

调整后的可供分配基金（调整后的FAD）是管理层用来评估公司流动性的非GAAP指标。根据我们的定义，调整后的FAD是经营活动净现金经过资本支出和重大非经常性项目调整后的值。调整后的FAD衡量了在期间内产生的现金（净资本支出和重大非经常性项目后）可用于分红、普通股回购、债务减少、收购和其他自主和非自主资本分配活动。调整后的FAD不应被孤立地考虑，并且并非旨在代表我们的GAAP结果的替代品。调整后的FAD与经营活动产生的净现金的调解已包括在本公告内。

TIMBERLANDS


财务亮点	2024		2024
（百万）	Q2		Q3		变更
净销售额	$	555	$	493	$	(62	)
税前收益的净贡献	$	81	$	57	$	(24	)
调整后的EBITDA	$	147	$	122	$	(25	)

2024年第三季度业绩 - 在西部，由于海拔较高的采伐作业和暂时的采伐限制，采收量略低于第二季度，这是由于野火风险较高。国内和出口销售的销售量和实现额均较低。单位原木和运输成本以及林业和道路成本均较低。在南部，由于潮湿的天气条件，采收量和林业和道路成本均较低。销售实现额和单位原木和运输成本则较为相似。

2024年第四季度展望 – Weyerhaeuser预计第四季度特殊项目前收益和调整后EBITDA将与第三季度相当。在西部，公司预计收费采伐量会稍微减少，销售量相当，并由于混合销售情况稍微降低销售实现。单位原木和运输成本以及林业和道路成本预计会稍微降低。在南部，公司预计收费采伐量和单位原木和运输成本会略有增加，销售实现相当。林业和道路成本预计会更高。

房地产业、能源与自然资源


财务亮点	2024		2024
（百万）	Q2		Q3		变化
营业净收入	$	109	$	89	$	(20	)
税前盈利的净贡献	$	59	$	51	$	(8	)
调整后EBITDA	$	102	$	77	$	(25	)

2024年第三季表现－由于房地产业销售下降，第三季度的收益和调整后的EBITDA较第二季度减少。出售的土地面积显著减少，并且由于出售的房产的时间和组合不同，平均每英亩的价格上升。

2024年第四季展望－韦尔哈泽预期第四季在特殊项目及调整后EBITDA之前的盈利将比第三季少约1000万，这是由于房地产业销售的时间和组合。该公司目前预计2024年全年的调整后EBITDA将约为34000万，比先前预测增加1000万，且根据房地产业销售的百分比基准，全年将为40%至45%。

木制品


财务亮点	2024			2024
（百万）	Q2			Q3		变化
营业净收入	$	1,421		$	1,235	$	(186	)
税前盈利的净贡献	$	196		$	27	$	(169	)
特殊项目的税前（利益）费用	$	(25	)	$	10	$	35
特殊项目之前对税前收益的净贡献	$	171		$	37	$	(134	)
调整后EBITDA	$	225		$	91	$	(134	)

2024年第三季表现－木材和定向纤维板的销售实现分别下降了4%和25%，与第二季度平均值相比。木材的销售量略微降低，单位制造成本略微增加，这是由于生产水平降低所致。原木成本略微降低。对于定向纤维板，由于计划维护工作，销售量略微降低，单位制造成本略微增加。纤维成本略微降低。至于工程木制品，固体断面和I型梁产品的销售实现相当，而中密度纤维板和胶合板的销售则较低。销售量较低，单位制造成本略微上升，原材料成本略微上升。与第二季度相比，分销结果略微下降。

第三季度税前特别项目包括一项1000万美元非现金减值损失，与公司先前宣布的新伯恩锯木厂无限期削减的相关。

2024年第四季展望－慧洋公司预计第四季度在特别项目和调整后EBITDA之前的盈利将略高于第三季度，不包括木材和导向纤板平均销售价格变化的影响。就木材而言，该公司预计销售量将提高，原木成本略微降低，单位制造成本降低。对于导向纤板，公司预计销售量将稍微增加，纤维成本略有升高，单位制造成本将适度降低。对于工程木材产品，该公司预计销售量将下降，销售收入将适度降低，原材料成本将下降。对于分配，公司预计与第三季度相比，结果将略有下降。

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

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:

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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;

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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;

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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;

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restrictions on international trade and tariffs imposed on imports or exports;

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the availability and cost of shipping and transportation;

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economic activity in Asia, especially Japan and China;

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performance of our manufacturing operations, including maintenance and capital requirements;

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potential disruptions in our manufacturing operations;

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the level of competition from domestic and foreign producers;

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the successful execution of our internal plans and strategic initiatives, including restructuring and cost reduction initiatives;

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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;

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changes in global or regional climate conditions and governmental response to such changes;

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the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;

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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;

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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;

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energy prices;

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transportation and labor availability and costs;

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federal tax policies;

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the effect of forestry, land use, environmental and other governmental regulations;

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legal proceedings;

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performance of pension fund investments and related derivatives;

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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;

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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;

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changes in accounting principles; and

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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.

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.

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.

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.