Weyerhaeuser Co. (NYSE: WY), Seattle, reported second-quarter sales of $3.1 billion, a 92.8% increase year-over-year. The company reported a profit of $1 billion, up from a profit of $72 million during the second quarter of 2020.
“In the second quarter, our teams again delivered the company’s strongest quarterly results on record, surpassing last quarter’s Adjusted EBITDA record by over 40 percent,” said Devin W. Stockfish, president and CEO. “Year-to-date, our Adjusted EBITDA is almost $2 billion higher than this time last year and exceeds our full year results for each of the last 14 years. We also generated record operating cash flow in the quarter and reduced long-term debt by another $225 million. Looking forward, our outlook remains favorable for continued strength in residential construction, our financial position is exceptionally strong, and with year-to-date Adjusted Funds Available for Distribution of almost $1.9 billion, we are excited for the opportunity to return significant cash to shareholders through the variable supplemental component of our new dividend framework.”
For the first six months, Weyerhaeuser reported sales of $5.7 billion, up 68.2% over the same period a year ago. Profit of $1.7 billion was up from a profit of $222 million for the first six months of 2020.