The following is a summary of the Weyerhaeuser Company (WY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Weyerhaeuser reported Q1 GAAP earnings of $114 million or $0.16 per diluted share on net sales of $1.8 billion.

• Adjusted EBITDA increased to $352 million by 10% over Q4 2023.

• Timberlands, Real Estate, Energy and Natural Resources, and Wood Products made considerable contributions to Q1 earnings and adjusted EBITDA.

• Despite severe weather and mill curtailments, Weyerhaeuser ensured balance in the Timberlands sector.

• The company returned $146 million to shareholders through quarterly base dividend and $102 million through supplemental dividend in Q1.

Business Progress:

• The company signed a Carbon Capture and Sequestration agreement with Lapis Energy and initiated two forest carbon projects expected to be completed in late 2024.

• More than 60 agreements for potential solar projects were signed, covering more than 100,000 acres across 11 states.

• A steady recovery from the single-family segment and stable sales from the Engineered Wood Products (EWP) business are projected for Q2.

• Weyerhaeuser aims to expand its New and Complementary Solutions through solar projects despite the uncertainty of agreement conversion.

• The company acknowledged potential labor shortages affecting lumber pricing and a sluggish recovery and remodel (R&R) market but remains optimistic.

• Despite lower operating rates, Weyerhaeuser managed to maintain profitability due to its low-cost lumber manufacturing structure and expects to remain cash flow positive.

• Weyerhaeuser anticipates growth in Timberland acquisitions valued between $2 billion to $2.5 billion and in the incorporation of carbon value into these packages.

• The company plans to continue operating at normal operating levels throughout the year, despite the high-interest rate environment.

More details: Weyerhaeuser Co IR

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