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    Weyerhaeuser Co (WY)

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    Weyerhaeuser Company is one of the largest private owners of timberlands in North America, managing approximately 10.5 million acres in the U.S. and an additional 14 million acres under long-term licenses in Canada. The company operates primarily through three business segments: Timberlands, Real Estate, Energy and Natural Resources (Real Estate & ENR), and Wood Products . Weyerhaeuser is a major manufacturer of wood products, including structural lumber, oriented strand board, and engineered wood products . Overall, Weyerhaeuser's operations are deeply integrated with a focus on sustainability, and the company is structured as a real estate investment trust (REIT) to optimize tax efficiency .

    1. Wood Products - Manufactures wood products, including structural lumber, oriented strand board, and engineered wood products.
    2. Timberlands - Involves growing and harvesting timber, with products including logs, timber, and recreational leases.
    3. Real Estate, Energy and Natural Resources (Real Estate & ENR) - Focuses on selling timberland tracts for various purposes and granting rights for energy and natural resource extraction, including generating and selling forest carbon credits.
    NamePositionStart DateShort Bio
    Devin W. StockfishPresident and Chief Executive OfficerJanuary 2019Devin W. Stockfish has been the President and CEO since January 2019. He previously held roles such as Senior Vice President, Timberlands, and General Counsel. Before Weyerhaeuser, he worked at Univar Inc. and Starbucks Corporation .
    David M. WoldSenior Vice President and Chief Financial OfficerMay 2022David M. Wold has been the CFO since May 2022. He joined Weyerhaeuser in 2013 and has held various finance roles, including corporate controller. He is a CPA and previously worked at Verdiem Corporation and KPMG LLP .
    Russell S. HagenSenior Vice President and Chief Development OfficerMarch 2021Russell S. Hagen has been in his current role since March 2021. He was previously the CFO and worked at Plum Creek Timber Company before joining Weyerhaeuser .
    Kristy T. HarlanSenior Vice President, General Counsel and Corporate SecretaryJanuary 2017Kristy T. Harlan has been leading the Law department since January 2017. She was a partner at K&L Gates LLP before joining Weyerhaeuser .
    Travis A. KeatleySenior Vice President, TimberlandsSeptember 2021Travis A. Keatley has been in his current role since September 2021. He has been with Weyerhaeuser since 1997, holding various leadership positions .
    Denise M. MerleSenior Vice President and Chief Administration OfficerFebruary 2018Denise M. Merle has been in her current role since February 2018. She has held various roles in HR and finance at Weyerhaeuser and is a CPA .
    Keith J. O'RearSenior Vice President, Wood ProductsJanuary 2019Keith J. O'Rear has been in his current role since January 2019. He has held various leadership roles in Wood Products and Timberlands operations .
    Brian K. ChaneySenior Vice President, Wood ProductsJune 3, 2024Brian K. Chaney will serve as Senior Vice President of Wood Products effective June 3, 2024. He has been involved with the company in a different capacity, as indicated by his Form 3 filing .
    Paul HossainSenior Vice President and Chief Development OfficerJanuary 1, 2025Paul Hossain will serve in his new role effective January 1, 2025. He joined Weyerhaeuser in 2016 through a merger with Plum Creek and has held various leadership roles. He is a registered Professional Engineer .
    1. Given the challenges in the lumber market and your expectations for 2025, what specific operational improvements or cost reductions are you implementing to ensure that your lumber business returns to profitability above your cost of capital, and can you quantify the expected impact of these initiatives?

    2. You've mentioned significant opportunities in exporting logs from the U.S. South to markets like India, Vietnam, Turkey, and Pakistan. Can you provide more details on the scale of these opportunities, the investments required to build out export facilities, and how you plan to mitigate risks associated with entering these new markets?

    3. Regarding your renewables portfolio, you've indicated a "meaningful uptick" in forest carbon revenues and EBITDA next year. Can you provide concrete guidance on the expected financial contributions from your NCS projects, including forest carbon and solar developments, and how these will impact overall company performance?

    4. You've acknowledged potential lithium mining opportunities on your Southern timberlands but have provided little detail. Can you elaborate on your strategy to capitalize on these opportunities, any partnerships being considered, and the expected timeline and financial impact of such initiatives?

    5. With base dividends and share repurchases outpacing your funds available for distribution year-to-date, how sustainable is your current capital return strategy? Are you prioritizing shareholder returns over reinvestment in the business, and how do you plan to balance these moving forward, especially if market conditions remain challenging?

    Program DetailsProgram 1
    Approval DateSeptember 22, 2021
    End Date/DurationN/A
    Total additional amount$1 billion
    Remaining authorization amount$127 million
    DetailsThe program was approved to repurchase up to $1 billion of outstanding shares. Specific purposes are not detailed in the documents.
    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2025$210 Fixed-rate8.31 4.1% = (210 / 5,074) * 100
    2026$1,022 Fixed-rate5.52 20.1% = (1,022 / 5,074) * 100
    2027$300 Fixed-rate6.95 5.9% = (300 / 5,074) * 100
    2028$250 Variable-rate6.80 4.9% = (250 / 5,074) * 100
    Thereafter$3,333 Fixed-rate4.82 65.7% = (3,333 / 5,074) * 100
    NameStart DateEnd DateReason for Change
    KPMG LLP2002 PresentCurrent auditor

    Recent developments and announcements about WY.

    Financial Reporting

      Earnings Report

      ·
      6 days ago

      Weyerhaeuser Company (NYSE: WY) has released its fourth quarter and full year 2024 earnings results. Fourth quarter net earnings were $81 million, or 11 cents per diluted share, on net sales of $1.7 billion. This is a decrease compared to the same period last year, which saw net earnings of $219 million on net sales of $1.8 billion. Adjusted EBITDA for the fourth quarter was $294 million, down from $321 million in the previous year.

      For the full year 2024, Weyerhaeuser reported net earnings of $396 million, or 54 cents per diluted share, on net sales of $7.1 billion. This is a decline from 2023, where net earnings were $839 million on net sales of $7.7 billion. The full year 2024 included a total after-tax benefit of $12 million for special items, with net earnings before special items at $384 million.

      Significant trends affecting financial performance include a strong performance from the Natural Climate Solutions business, which generated $55 million of operating income and an Adjusted EBITDA of $84 million, marking a 79% increase compared to 2023. The company also announced strategic investments, including a new engineered wood products facility in Arkansas and acquisitions in Alabama to enhance its Southern Timberlands portfolio.

      Looking forward, Weyerhaeuser anticipates improvements in its Timberlands and Wood Products segments in the first quarter of 2025, with expected increases in earnings before special items and Adjusted EBITDA.

    Corporate Leadership

      Leadership Change

      ·
      Nov 12, 2024, 12:00 AM

      Russell Hagen is retiring as Weyerhaeuser's Senior Vice President and Chief Development Officer at the end of 2024. Paul Hossain will step up to replace him, effective January 1, 2025. Hossain is currently the Vice President of Natural Resources and Climate Solutions at Weyerhaeuser. Hagen will remain as a strategic advisor during the transition .