Weyerhaeuser The company reported Q2 2022 net income of $788 million, or $1.06 per diluted share, on net sales of $3.0 billion. This compares to net income of $1.0 billion, or $1.37 per diluted share, on net sales of $3.1 billion for the same period last year and net income of 771 million for 1Q 2022. There were no special items in 2Q 2022 or the same period last year. Net income before special items was $978 million for 1Q 2022.
Adjusted EBITDA for 2Q 2022 was $1.2 billion, compared to $1.6 billion for the same period last year and $1.5 billion for 1Q 2022.
“In Q2, our teams delivered strong results in each of our businesses,” said Devin W. Stockfish, President and Chief Executive Officer. “Year-to-date, we have generated $2.7 billion in adjusted EBITDA and $1.9 billion in adjusted funds available for distribution. Looking ahead, we remain positive on the long-term demand fundamentals that support our business, despite recent macroeconomic headwinds. Our financial position is exceptionally strong, and we remain committed to delivering operational excellence through our unparalleled portfolio of assets and to growing shareholder value through disciplined capital allocation.”
Forest land: In the West, paid harvest volumes were moderately lower than in the 1st quarter due to unseasonably wet weather. Domestic sales realizations were moderately lower and unit log and haul costs were significantly higher as harvesting operations shifted to higher elevation units. Export sales realizations were moderately higher and export sales volumes were significantly higher, driven by strong demand in Japan. In the South, sawlog and fiber log sales realizations were slightly higher, and custom harvest volumes increased moderately. Unit log and transport costs were much higher, mainly due to fuel costs. Forestry and road costs in the west and south were seasonally higher.
Wood products: Lumber and oriented strand board sales realizations were down 25% and 14%, respectively, from first quarter averages. Lumber sales volumes were significantly higher due to seasonal inventory reductions and improved production, while manufacturing unit costs and log costs increased slightly. Sales volumes of oriented strand board increased slightly. Unit manufacturing costs were moderately higher and fiber costs were comparable. Sales realizations and production volumes for most engineered wood products were significantly higher. This was partially offset by significantly higher raw material costs, primarily for oriented strand board stock. Realizations of distribution products were significantly lower.
Weyerhaeuser Company, one of the largest private owners of forest land in the world, began operations in 1900. The company owns or controls approximately 11 million acres of forest land in the United States and manages additional forest land under long-term licenses in Canada.