Weyerhaeuser Company (NYSE:WY) Q4 2023 Earnings Conference Call January 26, 2024 10:00 AM ET

Company Participants

Andy Taylor - Vice President of Investor Relations

Devin Stockfish - President & Chief Executive Officer

David Wold - Senior Vice President & Chief Financial Officer

Conference Call Participants

Susan Maklari - Goldman Sachs

George Staphos - Bank of America

Anthony Pettinari - Citi

Kurt Yinger - D.A. Davidson

Matthew McKellar - RBC Capital Markets

Michael Roxland - Truist Securities

Ketan Mamtora - BMO Capital Markets

Operator

Greetings and welcome to the Weyerhaeuser Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce Andy Taylor, Vice President of Investor Relations. Thank you, Mr. Taylor. You may begin.

Andy Taylor

Thank you, Rob. Good morning, everyone. Thank you for joining us to discuss Weyerhaeuser's fourth quarter 2023 earnings. This call is being webcast at www.weyerhaeuser.com. Our earnings release and presentation materials can also be found on our website.

Please review the warning statements in our press release and on the presentation slides concerning the risks associated with forward-looking statements, as forward-looking statements will be made during this conference call. We will discuss non-GAAP financial measures and a reconciliation of GAAP can be found in the earnings materials on our website.

On the call this morning are Devin Stockfish, Chief Executive Officer; and Davie Wold, Chief Financial Officer. I will now turn the call over to Devin Stockfish.

Devin Stockfish

Thanks, Andy. Good morning, everyone and thank you for joining us. Yesterday, Weyerhaeuser reported full year GAAP earnings of $839 million or $1.15 per diluted share on net sales of $7.7 billion. Excluding special items, full year 2023 earnings totaled $749 million or $1.02 per diluted share. Adjusted EBITDA totaled $1.7 billion for the year. For the fourth quarter, we reported GAAP earnings of $219 million or $0.30 per diluted share on net sales of $1.8 billion. Excluding a net after-tax benefit of $98 million for special items, we earned $121 million or $0.16 per diluted share for the quarter. Adjusted EBITDA was $321 million.

I'll start this morning by thanking our employees for their solid execution and performance in 2023. Through their collective efforts, we delivered industry-leading operating performance, continued to serve our customers and drove meaningful advancements across our multiyear targets. As we enter 2024, we're well positioned to capitalize on improving market conditions and remain focused on driving superior long-term value for our shareholders.