Real Estate
REIT - Specialty
$20.61B
9.3K
Key insights and themes extracted from this filing
Net sales decreased $550 million, driven by a $436 million decrease in Wood Products due to lower sales realizations and volumes, and a $142 million decrease in Timberlands due to lower log sales realizations and volumes.
Operating income decreased $501 million primarily due to a $369 million decrease in consolidated gross margin and an $84 million decrease in gain on sale of timberlands.
Net earnings decreased $443 million, or $0.61 per share, primarily due to the decrease in operating income, partially offset by a decrease in income tax expense.