Weyerhaeuser Company, Seattle (NYSE: WY) on Friday reported second quarter earnings from continuing operations of $24 million, or 3 cents per diluted share, on net sales of $1.8 billion. This compares with earnings from continuing operations of $130 million, or 16 cents per diluted share, on net sales of $1.7 billion for the same period last year. Adjusted EBITDA for the second quarter was $506 million compared to $413 million for the second quarter of last year.
Excluding after-tax special items of $188 million, which includes $147 million non-cash impairment for Uruguay operations and $31 million for product remediation, the company reported net earnings of $212 million, or 28 cents per diluted share for the second quarter. This compares with net earnings from continuing operations before special items of $130 million for the same period last year and $167 million for first quarter of 2017.
“Each of our businesses delivered strong second quarter operating results, leveraging ongoing operational excellence initiatives to capitalize on improving markets,” said Doyle R. Simons, president and CEO. “In the quarter, we also announced the pending sale of our Uruguay operations and completed the asset value optimization process for our Western timberlands. Looking forward, we are extremely well positioned to continue to capitalize on the improving housing market, and remain relentlessly focused on driving value for our shareholders through operational improvements and disciplined capital allocation.”
