SEATTLE -- Weyerhaeuser reported net earnings of $219 million in the fourth quarter of 2023 compared to $11 million for the fourth quarter of 2022.  

The huge profit surge helped one of the world’s largest private owners of timberlands improve its 2023 net earnings to $839 million on net sales of $7.7 billion. That profit, however, is well below the net earnings of $1.9 billion on net sales of $10.2 billion for the full year of 2022.

"Our performance in 2023 reflects solid execution across all businesses, notwithstanding challenging market conditions," said Devin Stockfish, president and chief executive officer. "In addition, our teams drove meaningful improvements across each of the value levers of our investment thesis in 2023. Notably, we optimized our timberlands holdings through strategic transactions in the Carolinas and Mississippi, captured additional operational excellence improvements, grew our Natural Climate Solutions business and sold our first forest carbon credits in the voluntary market. We also increased our base dividend by 5.6 percent and repurchased $125 million of our shares. Entering 2024, we are encouraged by resiliency in the housing market and maintain a favorable longer-term outlook for the demand fundamentals that will drive growth for our businesses. Our balance sheet is exceptionally strong, and we remain focused on serving our customers and driving long-term value for shareholders through our unrivaled portfolio, industry-leading performance, strong ESG foundation and disciplined capital allocation."

Looking ahead, Weyerhaeuser said it anticipates first quarter 2024 earnings before special items and Adjusted EBITDA will be slightly higher than the fourth quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. For lumber, the company expects higher sales volumes, slightly lower log costs, and moderately lower unit manufacturing costs. For oriented strand board, the company anticipates moderately higher sales volumes, slightly higher fiber costs and slightly lower unit manufacturing costs. For engineered wood products, the company expects moderately higher sales volumes, primarily for solid section products, slightly lower sales realizations for most products, and slightly lower raw material costs. For distribution, the company anticipates higher results compared to the fourth quarter.