Weyerhaeuser Company reported Q4 2021 net income of $416 million, or 55 cents per diluted share, on net sales of $2.2 billion. That compares to net income of $292 million, or 39 cents per diluted share, on net sales of $2.1 billion for the same period last year and net income of $482 million for the 3Q 2021.
Excluding a total after-tax benefit of $49 million for special items, the company reported Q4 2021 net income of $367 million, or 49 cents per diluted share. That compares to net income before special items of $361 million for the same period last year and $450 million for 3Q 2021.
Adjusted EBITDA for 4Q 2021 was $674 million, compared to $657 million for the same period last year and $746 million for 3Q 2021.
For the full year 2021, Weyerhaeuser reported record net income of $2.6 billion, or $3.47 per diluted share, on net sales of $10.2 billion. This compares to a net profit of $797 million on net sales of $7.5 billion for the whole of 2020. The year 2021 includes a total after-tax benefit of $81 million for the special items.
Adjusted EBITDA for the full year 2021 reached a record $4.1 billion, compared to $2.2 billion for the full year 2020.
The company declared an additional dividend of $1.45 per share. On a combined basis, including dividends and share buybacks, the company is returning more than $2 billion in cash, or 79% of 2021 Adjusted DAF, to shareholders based on its 2021 results.
“Our financial performance in 2021 was the strongest on record and each of our businesses delivered exceptional results despite ongoing operational and market challenges,” said Devin W. Stockfish, President and Chief Executive Officer. “Our teams achieved the highest-ever Wood Products Adjusted EBITDA, captured more than $70 million in operational excellence improvements, optimized our timber holdings through strategic transactions in Alabama and Washington, and launched our new business Natural Climate Solutions. As we enter 2022, we continue to be encouraged by strong demand fundamentals that will drive our business growth and remain focused on creating superior shareholder value through our unparalleled portfolio of assets, our leading edge, our strong ESG fundamentals and our disciplined capital allocation.”
Weyerhaeuser Company is one of the largest private owners of forest land in the world, started operations in 1900.