WY - Weyerhaeuser Company (WY) Q1 2024 Earnings Call Transcript
2024-04-26 13:52:12 ET
Weyerhaeuser Company (WY)
Q1 2024 Earnings Conference Call
April 26, 2024 10:00 AM ET
Company Participants
Andy Taylor - VP, IR
Devin Stockfish - President and CEO
David Wold - SVP and CFO
Conference Call Participants
George Staphos - Bank of America
Susan Maklari - Goldman Sachs
Hamir Patel - CIBC Capital Markets
Mark Weintraub - Seaport Research Partners
Ketan Mamtora - BMO Capital Markets
Kurt Yinger - D.A. Davidson
Anthony Pettinari - Citibank
Matthew McKellar - RBC Capital Markets
Mike Roxland - Truist Securities
Buck Horne - Raymond James
Presentation
Operator
Greetings and welcome to the Weyerhaeuser First 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 session. [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 to discuss Weyerhaeuser's first 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 press 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 Davie Wold, Chief Financial Officer. I will now turn the call over to Devin Stockfish.
Devin Stockfish
Thanks Andy. Good morning everyone and thank you for joining us. Yesterday, Weyerhaeuser reported first quarter GAAP earnings of $114 million or $0.16 per diluted share on net sales of $1.8 billion.
Adjusted EBITDA was $352 million, a 10% increase over the fourth quarter of 2023. These are solid results, and I'm pleased with the operational and financial performance delivered by our teams.
Turning now to our first quarter business results. I'll begin with Timberlands on Pages 6 through 9 of our earnings slides. Timberlands contributed $80 million to first quarter earnings. Adjusted EBITDA was $144 million, which was comparable to the fourth quarter.
In the West, adjusted EBITDA increased by $3 million compared to the prior quarter. Starting with the Western domestic market. Adverse weather conditions in January temporarily impacted log supply and demand across the region....
Weyerhaeuser Company (WY) Q1 2024 Earnings Call Transcript