Weyerhaeuser The company reported net income of $771 million in the first quarter of 2022, or $1.03 per diluted share, on net sales of $3.1 billion. That compares to net income of $681 million, or 91 cents per diluted share, on net sales of $2.5 billion for the same period last year and net income of $416 million for 4Q 2021. Excluding $207 million after-tax charge for items, the company reported first-quarter 2022 net income of $978 million, or $1.31 per diluted share. This compares to net income before special items of $367 million for 4Q 2021.
Adjusted EBITDA for 1Q 2022 was $1.5 billion, compared to $1.1 billion for the same period last year and $674 million for 4Q 2021.
“I am extremely proud of our first quarter results,” said Devin W. Stockfish, President and Chief Executive Officer. “Our teams delivered the highest adjusted EBITDA in the company in the first quarter, despite ongoing operational and supply chain challenges. Additionally, we increased our base dividend by 5.9% and refinanced $900 million of debt in the quarter.We also made significant progress towards our multi-year growth targets with the signing of our first carbon capture and storage agreement.Looking forward, we remain constructive on the fundamentals of the demand that will drive the growth of our business and are well positioned to deliver superior long-term value and returns to our shareholders.”
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.