Weyerhaeuser reports record profits in 2021
Travis Owen, left, a production scheduler at Weyerhaeuser, leads a group of Flathead High School students on a tour of their Evergreen facility on Wednesday, Jan. 9. (Casey Kreider/Daily Inter Lake)
The year 2021 was a very good one for Weyerhaeuser. The company last week reported record net earnings of $2.6 billion.
The company, which operates a medium density fiberboard plant in Columbia Falls and mills in Evergreen, saw it stock price more than double since March 2020, when it was about $19 a share. Last week, it was trading at $40.43 per share.
The company reported fourth quarter net earnings of $416 million, or 55 cents per diluted share, on net sales of $2.2 billion. This compares with net earnings of $292 million, or 39 cents per diluted share, on net sales of $2.1 billion for the same period last year and net earnings of $482 million for the third quarter of 2021.
Excluding a total after-tax benefit of $49 million for special items, the company reported fourth quarter net earnings of $367 million, or 49 cents per diluted share. This compares with net earnings before special items of $361 million for the same period last year and $450 million for the third quarter of 2021. Adjusted earnings before interest, taxes, depreciation, and amortization for the fourth quarter of 2021 was $674 million compared with $657 million for the same period last year and $746 million for the third quarter of 2021.
As such, the company declared a $1.45 per share supplemental dividend. On a combined basis, including dividends and share repurchase, the company is returning more than $2 billion of cash to shareholders, the company said in a release.
“Our 2021 financial performance was the strongest on record and each of our businesses delivered exceptional results despite persistent operational and market challenges,” Devin W. Stockfish, president and chief executive officer said a release. “Our teams delivered the highest wood products adjusted EBITDA on record.”
Wood products sales for the fourth quarter were actually down a bit companywide, but still robust at $1.718 billion.
Weyerhaeuser no longer owns timberlands in Montana, having sold them off in lands deals over the past few years.