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 $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.