Sector: Real Estate|Industry: REIT - Specialty|Market Cap: $20.61B|Employees: 9.3K
Weyerhaeuser Company is one of the world's largest private owners of timberlands, managing millions of acres in the U.S. and Canada. They also manufacture and distribute wood products, including structural lumber and engineered wood. The company's core business model focuses on sustainable forestry and maximizing the long-term value of their timberlands, supplying products primarily to the residential and commercial construction markets.
Net sales decreased by $341 million, or 17%, to $1.681 billion in Q3 2024 compared to $2.022 billion in Q3 2023. This decline was primarily driven by lower sales realizations and volumes in the Wood Products and Timberlands segments. The decrease in sales realizations was due to weaker market conditions and lower demand.
Operating income decreased by $275 million, or 78%, to $78 million in Q3 2024 compared to $353 million in Q3 2023. This decrease was primarily due to a $252 million decrease in consolidated gross margin and a $10 million noncash impairment charge related to the indefinite curtailment of the New Bern lumber mill.
Net earnings decreased by $211 million, or 88%, to $28 million in Q3 2024 compared to $239 million in Q3 2023. This decrease was primarily due to the $275 million decrease in operating income, partially offset by a $69 million decrease in income tax expense.