NEWS ROOM PRINT NEWS RELEASE WEYERHAEUSER REPORTS THIRD QUARTER RESULTS - Achieved net earnings of $482 million, or $0.64 per diluted share - Generated $746 million of Adjusted EBITDA Oct 29, 2021 SEATTLE, Oct. 29, 2021 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported third quarter net earnings of $482 million, or 64 cents per diluted share, on net sales of $2.3 billion. This compares with net earnings of $283 million, or 38 cents per diluted share, on net sales of $2.1 billion for the same period last year. View our earnings release and financial statements in a printer-friendly PDF. Excluding an after-tax benefit of $32 million for special items related to a gain on the sale of timberlands, the company reported third quarter net earnings of $450 million, or 60 cents per diluted share. This compares with net earnings before special items of $386 million for the same period last year and $1.0 billion for the second quarter of 2021. Adjusted EBITDA for the third quarter of 2021 was $746 million compared with $745 million for the same period last year and $1.6 billion for the second quarter of 2021. "In the third quarter, we delivered strong results across each of our businesses despite weather-related operational disruptions, continued supply chain challenges and the ongoing pandemic," said Devin W. Stockfish, president and chief executive officer. "Our teams did an exceptional job navigating these headwinds and I'm extremely proud of their collective focus on operating safely, strong execution and continuing to serve our customers. Year to date, we have generated more than $3.4 billion of Adjusted EBITDA and $2.4 billion of Adjusted Funds Available for Distribution. We expect this record cash flow generation to result in a significant supplemental dividend payment to shareholders in the first quarter of 2022. We are bullish on the underlying demand fundamentals for U.S. housing and growth opportunities for our businesses and remain intently focused on delivering superior shareholder value." WEYERHAEUSER FINANCIAL HIGHLIGHTS 2021 2021 2020 (millions, except per share data) Q2 Q3 Q3 Net sales $3,144 $2,345 $2,110 Net earnings $1,028 $482 $283 Net earnings per diluted share $1.37 $0.64 $0.38 Weighted average shares outstanding, diluted 752 751 748 Net earnings before special items(1)(2) $1,028 $450 $386 Net earnings per diluted share before special items(1) $1.37 $0.60 $0.52 Adjusted EBITDA(1) $1,573 $746 $745 Net cash from operations $1,308 $659 $608 Adjusted FAD(3) $1,236 $561 $543 (1) Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Additionally, Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Net earnings before special items and Adjusted EBITDA should not be considered in isolation from, and are not intended to represent an alternative to, our GAAP results. Reconciliations of Net earnings before special items and Adjusted EBITDA to GAAP earnings are included within this release. (2) Third quarter 2021 after-tax special items includes a $32 million gain on the sale of timberlands. Special items for prior periods presented are included in the reconciliation tables within this release. (3) Adjusted Funds Available for Distribution (Adjusted FAD) is a non-GAAP measure that management uses to evaluate the company's liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant non-recurring items. Adjusted FAD measures cash generated during the period (net of capital expenditures and significant non-recurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. A reconciliation of Adjusted FAD to net cash from operations is included within this release. TIMBERLANDS FINANCIAL HIGHLIGHTS 2021 2021 (millions) Q2 Q3 Change Net sales $541 $552 $11 Net contribution to pretax earnings $113 $133 $20 Pretax benefit for special items $— ($32) ($32) Net contribution to pretax earnings before special items $113 $101 ($12) Adjusted EBITDA $180 $165 ($15) Q3 2021 Performance – In the West, fee harvest volumes were modestly lower than the second quarter due to continued salvage operations and harvest restrictions resulting from regional wildfire activity. Per unit log and haul costs increased as Western harvest activity shifted to higher elevation units. Export sales realizations were moderately higher, driven by strong demand. In the South, sales realizations for sawlogs and fiber logs improved and fee harvest volumes increased slightly, but harvest activity was affected by persistent wet conditions and weather events. Per unit log and haul costs and forestry and road costs were slightly higher. Third quarter special items consist of a $32 million gain on the previously announced sale of 145 thousand acres of timberlands in the North Cascades region of Washington, which was completed in July. Q4 2021 Outlook – Weyerhaeuser expects fourth quarter earnings and Adjusted EBITDA will be comparable to the third quarter. In the West, the company expects moderately higher fee harvest volumes and lower per unit log and haul costs, as salvage-related harvest will decrease. Domestic sales realizations are expected to be moderately lower compared to the third quarter. In the South, the company expects slightly higher fee harvest volumes due to improving weather conditions as well as slightly higher sales realizations as mills rebuild from lower than normal inventory levels. This is expected to be offset by slightly higher per unit log and haul costs as well as moderately higher forestry and road costs. REAL ESTATE, ENERGY & NATURAL RESOURCES FINANCIAL HIGHLIGHTS 2021 2021 (millions) Q2 Q3 Change Net sales $110 $69 ($41) Net contribution to pretax earnings $63 $45 ($18) Adjusted EBITDA $91 $60 ($31) Q3 2021 Performance – Earnings and Adjusted EBITDA decreased from the second quarter due to lower real estate sales. The number of real estate acres sold decreased due to the timing of real estate transactions, partially offset by an increase in the average price per acre due to the mix of properties sold. Q4 2021 Outlook – Weyerhaeuser anticipates fourth quarter earnings and Adjusted EBITDA will be significantly lower than the third quarter due to the timing of transactions. The company still expects full year 2021 Adjusted EBITDA will be approximately $290 million, although basis as a percentage of real estate sales is now expected to be 25 to 30 percent for the full year. WOOD PRODUCTS FINANCIAL HIGHLIGHTS 2021 2021 (millions) Q2 Q3 Change Net sales $2,629 $1,853 ($776) Net contribution to pretax earnings $1,338 $517 ($821) Adjusted EBITDA $1,386 $565 ($821) Q3 2021 Performance – Sales realizations for lumber and oriented strand board decreased 52 percent and 24 percent, respectively, compared with second quarter averages. Sales volumes for lumber increased moderately due to improvement in home center takeaway, partially offset by weather-related downtime. Oriented strand board production and sales volumes were modestly higher due to less downtime for planned maintenance. Sales realizations improved significantly across most engineered wood products, and the company continued to benefit from previously announced price increases for solid section and I-joist products. Raw material costs for Wood Products increased, primarily for oriented strand board webstock, resin and veneer. Q4 2021 Outlook – Weyerhaeuser anticipates fourth quarter earnings and Adjusted EBITDA will be higher than the third quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. The company expects higher sales volumes, primarily for oriented strand board, as well as improved manufacturing costs due to lower planned maintenance downtime. Raw material costs are expected to be lower, primarily for oriented strand board webstock. ABOUT WEYERHAEUSER Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our company is a real estate investment trust. In 2020, we generated $7.5 billion in net sales and employed approximately 9,400 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com. EARNINGS CALL INFORMATION Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on October 29, 2021 to discuss third quarter results. To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on October 29, 2021. To join the conference call from within North America, dial 877-407-0792 (access code: 13714049) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13714049). Replays will be available for two weeks at 844-512-2921 (access code: 13714049) from within North America, and at 412-317-6671 (access code: 13714049) from outside North America. FORWARD-LOOKING STATEMENTS This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, with respect to our outlook and expectations concerning the following: fourth quarter earnings and Adjusted EBITDA for each of our businesses and full-year Adjusted EBITDA for our Real Estate, Energy & Natural Resources business; log sales realizations; forestry and road costs; log and haul costs; fee harvest volumes, including salvage-related harvest activity; basis as a percentage of real estate sales; raw materials costs for our Wood Products business; the amount of manufacturing downtime due to scheduled maintenance; average sales realizations for our lumber and oriented strand board products; sales volumes for oriented strand board and sales realizations for our lumber and oriented strand board product lines. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often involve use of words such as "anticipate," "expect," "planned," "will," and similar words and expressions. They may use the positive, negative or another variation of those and similar words. These forward-looking statements are based on our current expectations and assumptions and are not guarantees of future events or performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the effect of general economic conditions, including employment rates, interest rate levels, inflation, housing starts, general availability of financing for home mortgages and the relative strength of the U.S. dollar; the effect of COVID-19 and other viral or disease outbreaks, including but not limited to any related regulatory restrictions or requirements, and their potential effects on our business, results of operations, cash flows, financial condition and future prospects; market demand for the company's products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions; changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan, and the Canadian dollar, and the relative value of the euro to the yen; restrictions on international trade and tariffs imposed on imports or exports; the availability and cost of shipping and transportation; economic activity in Asia, especially Japan and China; performance of our manufacturing operations, including maintenance and capital requirements; potential disruptions in our manufacturing operations; the level of competition from domestic and foreign producers; the successful execution of our internal plans and strategic initiatives, including restructuring and cost reduction initiatives; the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing and required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination of any acquisition or divestiture transaction under the terms of the governing transaction agreements; raw material availability and prices; the effect of weather; changes in global or regional climate conditions and governmental response to such changes; the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters; energy prices; transportation and labor availability and costs; federal tax policies; the effect of forestry, land use, environmental and other governmental regulations; legal proceedings; performance of pension fund investments and related derivatives; the effect of timing of employee retirements and changes in the market price of our common stock on charges for share-based compensation; the accuracy of our estimates of costs and expenses related to contingent liabilities and the accuracy of our estimates of charges related to casualty losses; changes in accounting principles; and other risks and uncertainties identified in our 2020 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC. It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. For more information contact: Analysts - Andy Taylor | 206-539-3907 Media - Nancy Thompson | 919-861-0342 RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each. The table below reconciles Adjusted EBITDA for the quarter ended June 30, 2021: View News Release Full Screen (millions) Timberlands Real Estate & ENR Wood Products Unallocated Items Total Adjusted EBITDA by Segment: Net earnings $1,028 Interest expense, net of capitalized interest 78 Income taxes 324 Net contribution (charge) to earnings $113 $63 $1,338 $(84) $1,430 Non-operating pension and other post-employment benefit costs — — — 1 1 Interest income and other — — — (2) (2) Operating income (loss) 113 63 1,338 (85) 1,429 Depreciation, depletion and amortization 67 4 48 1 120 Basis of real estate sold — 24 — — 24 Adjusted EBITDA $180 $91 $1,386 $(84) $1,573 The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2021: View News Release Full Screen (millions) Timberlands Real Estate & ENR Wood Products Unallocated Items Total Adjusted EBITDA by Segment: Net earnings $482 Interest expense, net of capitalized interest 79 Income taxes 84 Net contribution (charge) to earnings $133 $45 $517 $(50) $645 Non-operating pension and other post-employment benefit costs — — — 5 5 Interest income and other — — — (1) (1) Operating income (loss) 133 45 517 (46) 649 Depreciation, depletion and amortization 64 4 48 2 118 Basis of real estate sold — 11 — — 11 Special items included in operating income (loss)(1) (32) — — — (32) Adjusted EBITDA $165 $60 $565 $(44) $746 (1) Operating income (loss) includes a pretax special item consisting of a $32 million gain on the sale of timberlands. The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2020: View News Release Full Screen (millions) Timberlands Real Estate & ENR Wood Products Unallocated Items Total Adjusted EBITDA by Segment: Net earnings $283 Interest expense, net of capitalized interest(1) 111 Income taxes 109 Net contribution (charge) to earnings $(11) $17 $566 $(69) $503 Non-operating pension and other post-employment benefit costs — — — 9 9 Interest income and other — — — (2) (2) Operating income (loss) (11) 17 566 (62) 510 Depreciation, depletion and amortization 61 3 49 2 115 Basis of real estate sold — 40 — — 40 Special items included in operating income (loss)(2) 80 — — — 80 Adjusted EBITDA $130 $60 $615 $(60) $745 (1) Interest expense, net of capitalized interest includes a pretax special item consisting of a $23 million charge related to the early extinguishment of $325 million of 3.25 percent notes due March 2023. (2) Operating income (loss) includes a pretax special item consisting of an $80 million timber casualty loss. The table below reconciles Adjusted EBITDA for the year-to-date period ended September 30, 2021: View News Release Full Screen (millions) Timberlands Real Estate & ENR Wood Products Unallocated Items Total Adjusted EBITDA by Segment: Net earnings $2,191 Interest expense, net of capitalized interest 236 Income taxes 597 Net contribution (charge) to earnings $354 $174 $2,695 $(199) $3,024 Non-operating pension and other post-employment benefit costs — — — 14 14 Interest income and other — — — (4) (4) Operating income (loss) 354 174 2,695 (189) 3,034 Depreciation, depletion and amortization 195 11 145 5 356 Basis of real estate sold — 62 — — 62 Special items included in operating income (loss)(1) (32) — — — (32) Adjusted EBITDA $517 $247 $2,840 $(184) $3,420 (1) Operating income (loss) includes a pretax special item consisting of a $32 million gain on the sale of timberlands. RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties. The table below reconciles net earnings before special items to net earnings: 2021 2021 2020 (millions) Q2 Q3 Q3 Net earnings $1,028 $482 $283 Early extinguishment of debt charge — — 23 Gain on sale of timberlands — (32) — Timber casualty loss — — 80 Net earnings before special items $1,028 $450 $386 The table below reconciles net earnings per diluted share before special items to net earnings per diluted share: 2021 2021 2020 Q2 Q3 Q3 Net earnings per diluted share $1.37 $0.64 $0.38 Early extinguishment of debt charge — — 0.03 Gain on sale of timberlands — (0.04) — Timber casualty loss — — 0.11 Net earnings per diluted share before special items $1.37 $0.60 $0.52 RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM OPERATIONS We reconcile Adjusted FAD to net cash from operations, as that is the most directly comparable U.S. GAAP measure. We believe the measure provides meaningful supplemental information for investors about our liquidity. The table below reconciles Adjusted FAD to net cash from operations: 2021 2021 2020 2021 (millions) Q2 Q3 Q3 Q3 YTD Net cash from operations $1,308 $659 $608 $2,665 Capital expenditures (72) (98) (65) (223) Adjustments to FAD — — — — Adjusted FAD $1,236 $561 $543 $2,442 View News Release Full Screen Exhibit 99.2 Weyerhaeuser Company Q3.2021 Analyst Package Preliminary results (unaudited) Consolidated Statement of Operations Q1 Q2 Q3 Year-to-Date in millions March 31, 2021 June 30, 2021 Sept 30, 2021 Sept 30, 2020 Sept 30, 2021 Sept 30, 2020 Net sales $ 2,506 $ 3,144 $ 2,345 $ 2,110 $ 7,995 $ 5,469 Costs of sales 1,430 1,583 1,589 1,390 4,602 4,055 Gross margin 1,076 1,561 756 720 3,393 1,414 Selling expenses 20 24 24 22 68 62 General and administrative expenses 90 95 98 96 283 254 Other operating costs (income), net 10 13 (15) 92 8 105 Operating income 956 1,429 649 510 3,034 993 Non-operating pension and other post-employment benefit costs (8) (1) (5) (9) (14) (28) Interest income and other 1 2 1 2 4 5 Interest expense, net of capitalized interest (79) (78) (79) (111) (236) (299) Earnings before income taxes 870 1,352 566 392 2,788 671 Income taxes (189) (324) (84) (109) (597) (166) Net earnings $ 681 $ 1,028 $ 482 $ 283 $ 2,191 $ 505 Per Share Information Q1 Q2 Q3 Year-to-Date March 31, 2021 June 30, 2021 Sept 30, 2021 Sept 30, 2020 Sept 30, 2021 Sept 30, 2020 Earnings per share, basic and diluted $ 0.91 $ 1.37 $ 0.64 $ 0.38 $ 2.92 $ 0.68 Dividends paid per common share $ 0.17 $ 0.17 $ 0.17 $ — $ 0.51 $ 0.34 Weighted average shares outstanding (in thousands): Basic 748,718 750,127 750,105 746,996 749,657 746,809 Diluted 750,024 751,508 751,443 748,450 750,999 747,530 Common shares outstanding at end of period (in thousands) 748,751 749,782 749,037 746,398 749,037 746,398 Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA) Q1 Q2 Q3 Year-to-Date in millions March 31, 2021 June 30, 2021 Sept 30, 2021 Sept 30, 2020 Sept 30, 2021 Sept 30, 2020 Net earnings $ 681 $ 1,028 $ 482 $ 283 $ 2,191 $ 505 Non-operating pension and other post-employment benefit costs 8 1 5 9 14 28 Interest income and other (1) (2) (1) (2) (4) (5) Interest expense, net of capitalized interest 79 78 79 111 236 299 Income taxes 189 324 84 109 597 166 Operating income 956 1,429 649 510 3,034 993 Depreciation, depletion and amortization 118 120 118 115 356 355 Basis of real estate sold 27 24 11 40 62 136 Special items included in operating income — — (32) 80 (32) 60 Adjusted EBITDA(1) $ 1,101 $ 1,573 $ 746 $ 745 $ 3,420 $ 1,544 (1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. View News Release Full Screen Total Company Statistics Weyerhaeuser Company Q3.2021 Analyst Package Preliminary results (unaudited) Special Items Included in Net Earnings (Income Tax Affected) Q1 Q2 Q3 Year-to-Date in millions March 31, 2021 June 30, 2021 Sept 30, 2021 Sept 30, 2020 Sept 30, 2021 Sept 30, 2020 Net earnings $ 681 $ 1,028 $ 482 $ 283 $ 2,191 $ 505 Early extinguishment of debt charges(1) — — — 23 — 34 Gain on sale of timberlands — — (32) — (32) — Legal benefit — — — — — (12) Product remediation recovery — — — — — (6) Timber casualty loss — — — 80 — 80 Net earnings before special items(2) $ 681 $ 1,028 $ 450 $ 386 $ 2,159 $ 601 Q1 Q2 Q3 Year-to-Date March 31, 2021 June 30, 2021 Sept 30, 2021 Sept 30, 2020 Sept 30, 2021 Sept 30, 2020 Net earnings per diluted share $ 0.91 $ 1.37 $ 0.64 $ 0.38 $ 2.92 $ 0.68 Early extinguishment of debt charges(1) — — — 0.03 — 0.05 Gain on sale of timberlands — — (0.04) — (0.04) — Legal benefit — — — — — (0.02) Product remediation recovery — — — — — (0.01) Timber casualty loss — — — 0.11 — 0.11 Net earnings per diluted share before special items(2) $ 0.91 $ 1.37 $ 0.60 $ 0.52 $ 2.88 $ 0.81 (1) We recorded pretax charges of $11 million ($11 million after-tax) and $23 million ($23 million after-tax) related to the early extinguishment of debt in second quarter 2020 and third quarter 2020, respectively. These charges were included in Interest expense, net of capitalized interest in the Consolidated Statement of Operations. (2) Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Net earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. View News Release Full Screen Selected Total Company Items Q1 Q2 Q3 Year-to-Date in millions March 31, 2021 June 30, 2021 Sept 30, 2021 Sept 30, 2020 Sept 30, 2021 Sept 30, 2020 Pension and post-employment costs: Pension and post-employment service costs $ 11 $ 10 $ 11 $ 9 $ 32 $ 27 Non-operating pension and other post-employment benefit costs 8 1 5 9 14 28 Total company pension and post-employment costs $ 19 $ 11 $ 16 $ 18 $ 46 $ 55 View News Release Full Screen Weyerhaeuser Company Q3.2021 Analyst Package Preliminary results (unaudited) Consolidated Balance Sheet in millions March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2020 ASSETS Current assets: Cash and cash equivalents $ 1,016 $ 1,777 $ 2,326 $ 495 Receivables, net 589 702 497 450 Receivables for taxes 7 7 72 82 Inventories 505 499 499 443 Assets held for sale — 229 — — Prepaid expenses and other current assets 141 141 146 139 Total current assets 2,258 3,355 3,540 1,609 Property and equipment, net 1,971 1,965 1,924 2,013 Construction in progress 91 102 169 73 Timber and timberlands at cost, less depletion 11,776 11,643 11,606 11,827 Minerals and mineral rights, less depletion 265 262 258 268 Deferred tax assets 106 71 52 120 Other assets 407 432 543 401 Total assets $ 16,874 $ 17,830 $ 18,092 $ 16,311 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 150 $ 150 $ 150 $ 150 Accounts payable 236 253 264 204 Accrued liabilities 549 775 1,110 596 Total current liabilities 935 1,178 1,524 950 Long-term debt, net 5,325 5,100 5,100 5,325 Deferred tax liabilities 26 42 28 24 Deferred pension and other post-employment benefits 893 747 711 911 Other liabilities 367 363 360 370 Total liabilities 7,546 7,430 7,723 7,580 Total equity 9,328 10,400 10,369 8,731 Total liabilities and equity $ 16,874 $ 17,830 $ 18,092 $ 16,311 View News Release Full Screen Weyerhaeuser Company Q3.2021 Analyst Package Preliminary results (unaudited) Consolidated Statement of Cash Flows Q1 Q2 Q3 Year-to-Date in millions March 31, 2021 June 30, 2021 Sept 30, 2021 Sept 30, 2020 Sept 30, 2021 Sept 30, 2020 Cash flows from operations: Net earnings $ 681 $ 1,028 $ 482 $ 283 $ 2,191 $ 505 Noncash charges (credits) to earnings: Depreciation, depletion and amortization 118 120 118 115 356 355 Basis of real estate sold 27 24 11 40 62 136 Deferred income taxes, net 8 11 (3) 22 16 20 Pension and other post-employment benefits 19 11 16 18 46 55 Share-based compensation expense 7 8 8 7 23 22 Timber casualty loss — — — 80 — 80 Gain on sale of timberlands — — (32) — (32) — Change in: Receivables, net (139) (113) 205 (80) (47) (192) Receivables and payables for taxes 120 116 (143) 42 93 103 Inventories (60) 9 (4) — (55) 2 Prepaid expenses and other current assets (2) 1 (20) — (21) 5 Accounts payable and accrued liabilities (60) 125 51 64 116 3 Pension and post-employment benefit contributions and payments (8) (25) (23) (5) (56) (21) Other (13) (7) (7) 22 (27) 12 Net cash from operations $ 698 $ 1,308 $ 659 $ 608 $ 2,665 $ 1,085 Cash flows from investing activities: Capital expenditures for property and equipment $ (31) $ (62) $ (91) $ (56) $ (184) $ (158) Capital expenditures for timberlands reforestation (22) (10) (7) (9) (39) (41) Acquisition of Alabama timberlands — (149) — — (149) — Proceeds from note receivable held by variable interest entities — — — — — 362 Proceeds from sale of timberlands — — 261 — 261 145 Other — 1 2 — 3 3 Net cash from investing activities $ (53) $ (220) $ 165 $ (65) $ (108) $ 311 Cash flows from financing activities: Cash dividends on common shares $ (127) $ (128) $ (127) $ — $ (382) $ (254) Net proceeds from issuance of long-term debt — — — — — 732 Payments on long-term debt — (225) — (348) (225) (936) Proceeds from borrowings on line of credit — — — — — 550 Payments on line of credit — — — — — (780) Proceeds from exercise of stock options 17 28 1 3 46 9 Repurchases of common shares — — (26) — (26) — Other (14) (2) (3) (1) (19) (16) Net cash from financing activities $ (124) $ (327) $ (155) $ (346) $ (606) $ (695) Net change in cash, cash equivalents and restricted cash $ 521 $ 761 $ 669 $ 197 $ 1,951 $ 701 Cash, cash equivalents and restricted cash at beginning of period 495 1,016 1,777 643 495 139 Cash, cash equivalents and restricted cash at end of period $ 1,016 $ 1,777 $ 2,446 $ 840 $ 2,446 $ 840 Cash paid (received) during the period for: Interest, net of amounts capitalized $ 75 $ 79 $ 83 $ 100 $ 237 $ 278 Income taxes, net of refunds $ 66 $ 197 $ 231 $ 45 $ 494 $ 46 View News Release Full Screen Timberlands Segment Weyerhaeuser Company Q3.2021 Analyst Package Preliminary results (unaudited) Segment Statement of Operations in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Sales to unaffiliated customers $ 379 $ 405 $ 423 $ 345 $ 1,207 $ 1,085 Intersegment sales 134 136 129 107 399 350 Total net sales 513 541 552 452 1,606 1,435 Costs of sales 383 407 428 358 1,218 1,116 Gross margin 130 134 124 94 388 319 Selling expenses — — 1 — 1 1 General and administrative expenses 23 23 23 24 69 70 Other operating costs (income), net (1) (2) (33) 81 (36) 79 Operating income (loss) and Net contribution (charge) to earnings $ 108 $ 113 $ 133 $ (11) $ 354 $ 169 Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1) in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Operating income (loss) $ 108 $ 113 $ 133 $ (11) $ 354 $ 169 Depreciation, depletion and amortization 64 67 64 61 195 194 Special items — — (32) 80 (32) 80 Adjusted EBITDA(1) $ 172 $ 180 $ 165 $ 130 $ 517 $ 443 (1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1. Segment Special Items Included in Net Contribution (Charge) to Earnings (Pretax) in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Gain on sale of timberlands $ — $ — $ 32 $ — $ 32 $ — Timber casualty loss $ — $ — $ — $ (80) $ — $ (80) Selected Segment Items in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Total decrease (increase) in working capital(2) $ (13) $ 2 $ 1 $ 43 $ (10) $ 38 Cash spent for capital expenditures(3) $ (28) $ (21) $ (27) $ (24) $ (76) $ (75) (2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined. (3) Does not include cash spent for the acquisition of timberlands. View News Release Full Screen Segment Statistics(4) Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Third Party Delivered logs: Net Sales West $ 201 $ 222 $ 226 $ 163 $ 649 $ 519 (millions) South 131 145 153 141 429 436 North 16 9 13 13 38 37 Total delivered logs 348 376 392 317 1,116 992 Stumpage and pay-as-cut timber 6 7 9 5 22 15 Recreational and other lease revenue 16 16 16 16 48 47 Other revenue 9 6 6 7 21 31 Total $ 379 $ 405 $ 423 $ 345 $ 1,207 $ 1,085 Delivered Logs West $ 130.69 $ 137.80 $ 145.64 $ 109.01 $ 138.06 $ 106.16 Third Party Sales South $ 34.50 $ 35.11 $ 35.56 $ 33.68 $ 35.08 $ 33.88 Realizations (per ton) North $ 62.83 $ 74.88 $ 64.93 $ 57.19 $ 65.97 $ 59.15 Delivered Logs West 1,539 1,608 1,555 1,489 4,702 4,887 Third Party Sales South 3,782 4,150 4,304 4,185 12,236 12,857 Volumes (tons, thousands) North 261 115 195 234 571 631 Fee Harvest Volumes West 2,101 2,099 1,930 1,911 6,130 6,457 (tons, thousands) South 5,376 5,856 5,912 5,596 17,144 17,640 North 337 199 264 321 800 901 (4) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes. View News Release Full Screen Real Estate, Energy & Natural Resources Segment Weyerhaeuser Company Q3.2021 Analyst Package Preliminary results (unaudited) Segment Statement of Operations in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Net sales $ 106 $ 110 $ 69 $ 69 $ 285 $ 246 Costs of sales 34 41 18 46 93 156 Gross margin 72 69 51 23 192 90 General and administrative expenses 6 6 6 6 18 18 Operating income and Net contribution to earnings $ 66 $ 63 $ 45 $ 17 $ 174 $ 72 Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1) in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Operating income $ 66 $ 63 $ 45 $ 17 $ 174 $ 72 Depreciation, depletion and amortization 3 4 4 3 11 10 Basis of real estate sold 27 24 11 40 62 136 Adjusted EBITDA(1) $ 96 $ 91 $ 60 $ 60 $ 247 $ 218 (1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1. Selected Segment Items in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Cash spent for capital expenditures $ — $ — $ — $ — $ — $ — View News Release Full Screen Segment Statistics Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Net Sales Real Estate $ 84 $ 83 $ 45 $ 49 $ 212 $ 192 (millions) Energy and Natural Resources 22 27 24 20 73 54 Total $ 106 $ 110 $ 69 $ 69 $ 285 $ 246 Acres Sold Real Estate 19,455 18,415 11,037 34,917 48,907 111,228 Price per Acre Real Estate $ 3,803 $ 3,227 $ 4,005 $ 1,381 $ 3,632 $ 1,662 Basis as a Percent of Real Estate Net Sales Real Estate 32 % 29 % 24 % 82 % 29 % 71 % View News Release Full Screen Wood Products Segment Weyerhaeuser Company Q3.2021 Analyst Package Preliminary results (unaudited) Segment Statement of Operations in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Net sales $ 2,021 $ 2,629 $ 1,853 $ 1,696 $ 6,503 $ 4,138 Costs of sales 1,124 1,229 1,270 1,075 3,623 3,112 Gross margin 897 1,400 583 621 2,880 1,026 Selling expenses 19 21 21 18 61 57 General and administrative expenses 35 35 34 33 104 102 Other operating costs, net 3 6 11 4 20 8 Operating income and Net contribution to earnings $ 840 $ 1,338 $ 517 $ 566 $ 2,695 $ 859 Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1) in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Operating income $ 840 $ 1,338 $ 517 $ 566 $ 2,695 $ 859 Depreciation, depletion and amortization 49 48 48 49 145 146 Special items — — — — — (8) Adjusted EBITDA(1) $ 889 $ 1,386 $ 565 $ 615 $ 2,840 $ 997 (1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1. Segment Special Items Included in Net Contribution to Earnings (Pretax) in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Product remediation recovery $ — $ — $ — $ — $ — $ 8 Selected Segment Items in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Total decrease (increase) in working capital(2) $ (212) $ (49) $ 249 $ (68) $ (12) $ (198) Cash spent for capital expenditures $ (25) $ (51) $ (70) $ (41) $ (146) $ (124) (2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment. View News Release Full Screen Segment Statistics in millions, except for third party sales realizations Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Structural Lumber Third party net sales $ 990 $ 1,349 $ 681 $ 819 $ 3,020 $ 1,865 (volumes presented Third party sales realizations $ 864 $ 1,077 $ 516 $ 674 $ 812 $ 509 in board feet) Third party sales volumes(3) 1,145 1,252 1,320 1,216 3,717 3,663 Production volumes 1,211 1,234 1,222 1,170 3,667 3,487 Oriented Strand Third party net sales $ 438 $ 605 $ 470 $ 290 $ 1,513 $ 659 Board Third party sales realizations $ 614 $ 911 $ 691 $ 395 $ 735 $ 293 (volumes presented Third party sales volumes(3) 714 663 681 736 2,058 2,253 in square feet 3/8") Production volumes 742 683 715 759 2,140 2,278 Engineered Solid Third party net sales $ 142 $ 166 $ 183 $ 135 $ 491 $ 373 Section Third party sales realizations $ 2,285 $ 2,533 $ 3,092 $ 2,128 $ 2,628 $ 2,142 (volumes presented Third party sales volumes(3) 6.2 6.6 5.9 6.3 18.7 17.4 in cubic feet) Production volumes 6.0 6.2 5.8 5.4 18.0 16.8 Engineered Third party net sales $ 83 $ 104 $ 128 $ 83 $ 315 $ 231 I-joists Third party sales realizations $ 1,773 $ 1,980 $ 2,600 $ 1,638 $ 2,119 $ 1,650 (volumes presented Third party sales volumes(3) 47 53 49 51 149 140 in lineal feet) Production volumes 44 51 49 43 144 128 Softwood Plywood Third party net sales $ 56 $ 69 $ 45 $ 55 $ 170 $ 128 (volumes presented Third party sales realizations $ 594 $ 902 $ 653 $ 507 $ 710 $ 405 in square feet 3/8") Third party sales volumes(3) 94 77 69 107 240 315 Production volumes 80 62 61 94 203 267 Medium Density Third party net sales $ 48 $ 43 $ 52 $ 47 $ 143 $ 124 Fiberboard Third party sales realizations $ 842 $ 869 $ 943 $ 864 $ 885 $ 845 (volumes presented Third party sales volumes(3) 57 50 55 55 162 147 in square feet 3/4") Production volumes 56 52 55 57 163 148 (3) Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business. View News Release Full Screen Unallocated Items Weyerhaeuser Company Q3.2021 Analyst Package Preliminary results (unaudited) Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations. Net Charge to Earnings in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Unallocated corporate function and variable compensation expense $ (25) $ (36) $ (33) $ (36) $ (94) $ (78) Liability classified share-based compensation (1) — (1) (5) (2) 1 Foreign exchange gain (loss) (2) (1) 5 2 2 (3) Elimination of intersegment profit in inventory and LIFO (17) (28) 12 (9) (33) (4) Other, net (13) (20) (29) (14) (62) (23) Operating loss (58) (85) (46) (62) (189) (107) Non-operating pension and other post-employment benefit costs (8) (1) (5) (9) (14) (28) Interest income and other 1 2 1 2 4 5 Net charge to earnings $ (65) $ (84) $ (50) $ (69) $ (199) $ (130) Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1) in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Operating loss $ (58) $ (85) $ (46) $ (62) $ (189) $ (107) Depreciation, depletion and amortization 2 1 2 2 5 5 Special items — — — — — (12) Adjusted EBITDA(1) $ (56) $ (84) $ (44) $ (60) $ (184) $ (114) (1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1. Unallocated Special Items Included in Net Charge to Earnings (Pretax) in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Legal benefit $ — $ — $ — $ — $ — $ 12 Special items included in operating loss and net charge to earnings $ — $ — $ — $ — $ — $ 12 Unallocated Selected Items in millions Q1.2021 Q2.2021 Q3.2021 Q3.2020 YTD.2021 YTD.2020 Cash spent for capital expenditures $ — $ — $ (1) $ — $ (1) $ — SOURCE Weyerhaeuser Company Share Home News Room VIEW SITEMAP QUICK LINKS Weyerhaeuser Japan Legal Notices Privacy Policy Do Not Sell My Information (California Residents) © 2021 Weyerhaeuser Company. All Rights Reserved.