Weyerhaeuser Company (NYSE:WY) Q3 2024 Earnings Conference Call October 25, 2024 10:00 AM ET

Company Participants

Andy Taylor - Vice President of Investor Relations
Devin W. Stockfish - President and Chief Executive Officer
David M. Wold - Senior Vice President and Chief Financial Officer

Conference Call Participants

Susan Maklari - Goldman Sachs
George Staphos - Bank of America
Kurt Yinger - D.A. Davidson
Anthony Pettinari - Citi
Mark Weintraub - Seaport Research Partners
Matthew McKellar - RBC Capital Markets
Ketan Mamtora - BMO Capital Markets

Operator

Greetings, and welcome to the Weyerhaeuser Third Quarter 2024 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. [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 today to discuss Weyerhaeuser’s third quarter 2024 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 earnings 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 W. Stockfish

Thanks, Andy. Good morning, everyone, and thank you for joining us.

Yesterday, Weyerhaeuser reported third quarter GAAP earnings of $28 million or $0.04 per diluted share on net sales of $1.7 billion Excluding a special item, we earned $35 million or $0.05 per diluted share. Adjusted EBITDA totaled $236 million for the quarter.

Our teams delivered solid operating performance in the third quarter against a challenging market backdrop. Notwithstanding recent headwinds, we remain well-positioned in the current environment given our deeply ingrained OpEx culture and relative position on the cost curve.

Our balance sheet is strong and we continue to demonstrate the durability of our portfolio and capital allocation framework across market cycles. Looking forward, we’re optimistic that market conditions will improve into 2025 and maintain a constructive outlook for the longer-term demand fundamentals that support growth for our businesses.