Weyerhaeuser, a forest products company with Arkansas locations in Dierks and Hot Springs, reported a net earnings increase of 18% in the second quarter of 2018 compared with the first quarter.
Earnings before special items increased 21% compared with the first quarter and 57% year-to-date, resulting in the highest wood products earnings before interest, depreciation, and amortization (EBITDA) on record.
The Seattle-based corporation, which employs more than 10,000 company-wide, reported second quarter net earnings of $317 million, or 42 cents per diluted share, on net sales of $2.1 billion. This compares with earnings of $24 million, or 3 cents per diluted share, on net sales of $1.8 billion for the same period last year.
Excluding net after-tax special charges of $15 million, the company reported net earnings of $332 million, or 44 cents per diluted share for the second quarter. This compares with net earnings before special items of $212 million for the same period last year and $275 million for the first quarter of 2018. Adjusted EBITDA for the second quarter was $637 million compared with $506 million for the second quarter of last year and $544 million for the first quarter of 2018.
“I am very pleased with our second quarter financial results, as each of our businesses delivered solid operational performance and capitalized on market conditions to drive strong year-over-year improvement, including the highest Wood Products EBITDA on record,” said Doyle Simons, president and CEO.