Weyerhaeuser Company reported significant declines in its financial performance for the third quarter and year-to-date periods ending September 30, 2024, compared to the same periods in 2023. For Q3 2024, net sales totaled $1,681 million, a decrease of $341 million (17%) from $2,022 million in Q3 2023. Year-to-date net sales were $5,416 million, down $484 million (8%) from $5,900 million in the prior year. The decline in sales was primarily attributed to a $302 million decrease in the Wood Products segment, alongside reductions in Timberlands and Real Estate, Energy, and Natural Resources segments.
Operating income for Q3 2024 was $78 million, reflecting a substantial decrease of $275 million (78%) compared to $353 million in Q3 2023. Year-to-date operating income also fell by $364 million (40%) to $544 million. The company reported net earnings of $28 million for Q3 2024, an 88% decrease from $239 million in Q3 2023, and year-to-date net earnings of $315 million, down 49% from $620 million in the previous year. Basic earnings per share for Q3 2024 were $0.04, a decrease of $0.29 from $0.33 in Q3 2023.
The Wood Products segment faced challenges with decreased sales realizations and volumes, leading to a $397 million decline in year-to-date net sales. The Timberlands segment also reported a $106 million decrease in net sales due to lower sales volumes and realizations. In contrast, the Real Estate, Energy, and Natural Resources segment saw a slight increase in year-to-date net sales by $19 million, attributed to an increase in acres sold.
Weyerhaeuser's cash dividends paid for year-to-date 2024 were $539 million, significantly lower than $1,076 million in the prior year. The company also repurchased 820,706 shares for approximately $26 million in Q3 2024, with total year-to-date repurchases amounting to 3,962,220 shares for about $125 million.
Strategically, Weyerhaeuser announced the acquisition of 84,000 acres of Alabama timberlands for $244 million, with transactions completed throughout 2024. Additionally, the company recorded a $10 million noncash impairment charge related to the indefinite curtailment of its New Bern lumber mill, impacting the Wood Products segment.
As of September 30, 2024, Weyerhaeuser maintained a strong liquidity position with $877 million in cash and cash equivalents and $1.5 billion available on its line of credit, which expires in March 2028. The company also completed the implementation of a new enterprise resource planning (ERP) system aimed at enhancing operational efficiency.
About WEYERHAEUSER CO
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