Partly cloudy this morning, then becoming cloudy during the afternoon. A stray shower or thunderstorm is possible. High 93F. Winds light and variable..

Cloudy skies early, then partly cloudy after midnight. A stray shower or thunderstorm is possible. Low 74F. Winds light and variable.

Weyerhaeuser Company has reported second quarter net earnings of $788 million, or $1.06 per diluted share, on net sales of $3.0 billion.

This compares with net earnings of $1.0 billion, or $1.37 per diluted share, on net sales of $3.1 billion for the same period last year and net earnings of $771 million for the first quarter of 2022. There were no special items in the second quarter of 2022 or the same period last year. Net earnings before special items was $978 million for the first quarter of 2022.

The company operates a plywood mill in Emerson and a pine tree nursery in the Calhoun community among its Arkansas interests.

Adjusted EBITDA for the second quarter of 2022 was $1.2 billion compared with $1.6 billion for the same period last year and $1.5 billion for the first quarter of 2022.

"In the second quarter, our teams delivered strong results across each of our businesses," said Devin W. Stockfish, president and chief executive officer. "Year to date, we have generated $2.7 billion of Adjusted EBITDA and $1.9 billion of Adjusted Funds Available for Distribution. Looking forward, we remain constructive on long-term demand fundamentals that support our businesses, notwithstanding the recent macroeconomic headwinds. Our financial position is exceptionally strong, and we remain committed to delivering operational excellence across our unmatched portfolio of assets and enhancing shareholder value through disciplined capital allocation."

Sales realizations for lumber and oriented strand board decreased 25 percent and 14 percent, respectively, compared with first quarter averages. Sales volumes for lumber were significantly higher due to seasonal inventory drawdown and improved production, while unit manufacturing costs and log costs were slightly higher. Sales volumes for oriented strand board were slightly higher.

Unit manufacturing costs were moderately higher and fiber costs were comparable. Sales realizations and production volumes for most engineered wood products were significantly higher. This was partially offset by significantly higher raw material costs, primarily for oriented strand board webstock. Distribution commodity realizations were significantly lower.

Weyerhaeuser anticipates third quarter earnings and Adjusted EBITDA will be comparable to the second quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. The company expects comparable sales volumes and unit manufacturing costs for lumber, as well as moderately lower log costs. For oriented strand board, the company expects slightly lower sales volumes, comparable fiber costs, and significantly higher unit manufacturing costs due to planned maintenance outages. Raw material costs for engineered wood products are expected to be significantly lower, primarily for oriented strand board webstock, partially offset by lower sales realizations, primarily for plywood. Sales volumes for engineered wood products are expected to be comparable.

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