Weyerhaeuser Company (WY) CEO Devin Stockfish on Q2 2022 Results - Earnings Call Transcript

Weyerhaeuser Company (NYSE:WY) Q2 2022 Results Conference Call July 29, 2022 10:00 AM ET

Company Participants

Andy Taylor - Director of Investor Relations

Devin Stockfish - Chief Executive Officer

David Wold - Chief Financial Officer

Conference Call Participants

George Staphos - Bank of America

Susan Maklari - Goldman Sachs

Mark Weintraub - Seaport Research Partners

Mike Roxland - Truist Securities

Kurt Yinger - D.A. Davidson

Paul Quinn - RBC Capital Markets

Mark Wilde - Bank of Montreal

Buck Horne - Raymond James

Operator

Greetings, and welcome to the Weyerhaeuser Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s 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 your host, 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 today to discuss Weyerhaeuser's second quarter 2022 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 David 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. Today, I'm very pleased to welcome David Wold to the call. David became our Chief Financial Officer in May. He previously served as our Chief Accounting Officer and brings 20 years of significant accounting, financial and strategic acumen to the CFO role. He's demonstrated outstanding leadership since joining Weyerhaeuser in 2013, and I'm excited to have Dave on our senior leadership team and to partner with them as we execute on our long-term strategy.

This morning, Weyerhaeuser reported second quarter GAAP earnings of $788 million or $1.06 per diluted share on net sales of $3 billion. Adjusted EBITDA totaled $1.2 billion in the second quarter. We delivered strong results across each of our businesses, and I'd like to thank our teams for their exceptional work and continued focus as we continue to navigate dynamic market conditions. Through their collective efforts, we've generated year-to-date adjusted EBITDA of $2.7 billion, our strongest first half EBITDA results on record.