2024-07-26 13:32:07 ET
Weyerhaeuser Company (WY)
Q2 2024 Earnings Conference Call
July 26, 2024, 10:00 ET
Company Participants
Andy Taylor - VP, IR
Devin Stockfish - President and CEO
David Wold - SVP and CFO
Conference Call Participants
Susan Maklari - Goldman Sachs
George Staphos - Bank of America Merrill Lynch
Amir Patel - CIBC Capital Markets
Kurt Yinger - D.A. Davidson
Mike Roxland - Truist Securities
Ketan Mamtora - BMO Capital Markets
Matthew McKellar - RBC Capital Markets
Mark Weintraub - Seaport Research Partners
Anthony Pettinari - Citi
Presentation
Operator
Greetings, and welcome to the Weyerhaeuser Second Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, 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 today to discuss Weyerhaeuser's second 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 earnings 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 David 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 second quarter GAAP earnings of $173 million or $0.24 per diluted share on net sales of $1.9 billion. Excluding a special item, we earned $154 million or $0.21 per diluted share. Adjusted EBITDA totaled $410 million, a 16% increase over the first quarter.
In these are solid results, and I'd like to thank our teams for their continued focus and operational performances. Through their efforts, adjusted EBITDA improved across each of our business segments compared to the prior quarter, a notable achievement in light of numerous market-related challenges, particularly in the lumber market. Before getting into the businesses, I'd like to comment briefly on an exciting growth opportunity within our Southern Timberlands portfolio.
As we announced yesterday, we are acquiring approximately 84,000 acres of high-quality timberlands in Alabama for $244 million. The collective acreage was sourced through multiple transactions, one of which closed in the second quarter for $48 million. The remaining transactions are under contract and expected to close later this year subject to customary closing conditions. These acquisitions represent an attractive opportunity to expand our footprint in one of the strongest inland sawlog and fiber markets in the U.S....
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Weyerhaeuser Company (WY) Q2 2024 Earnings Call Transcript