The group posted adjusted 2021 EBITDA of US$4.1bn, up 86% on 2020, while net sales were US$10.2bn, up from US$7.5bn in 2020.
Devin Stockfish, president and CEO of Weyerhaeuser, said each of the group’s businesses delivered “exceptional” results despite persistent operational and market challenges.
The wood products division, he added, recorded its highest adjusted EBITDA on record.
The division saw lumber sales rise by 15% in Q4, 2021, compared to the preceding quarter, while OSB sales were 29% lower in Q4, compared to Q3.
“Sales volumes were significantly lower [in Q4] than the third quarter for lumber and slightly lower for oriented strand board, largely due to weather-related transportation challenges in Canada,” the company said.
“Raw material costs for engineered wood products were significantly lower, primarily for OSB webstock. Sales realizations improved across most engineered wood products, partially offset by lower sales volumes due to planned maintenance. Distribution commodity product margins were significantly higher, slightly offset by seasonally lower sales volumes.”
Weyerhaeuser anticipates Q1, 2022 earnings and adjusted EBITDA will be comparable to the fourth quarter, excluding the effect of changes in average sales realizations for lumber and OSB.
The company expects modestly higher sales volumes for OSB, partially offset by moderately higher fibre costs. For lumber, the company expects moderately higher log costs and slightly lower sales volumes, partially offset by improved unit manufacturing costs. Engineered wood products sales volumes are expected to be higher with comparable sales realizations.
“As we enter 2022, we continue to be encouraged by strong demand fundamentals that will drive growth for our businesses and remain focused on creating superior value for shareholders through our unmatched portfolio of assets, industry-leading operating performance, strong ESG foundation and disciplined capital allocation,” added Mr Stockfish.
