SEATTLE, May 9, 2024
/PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today
announced that its board of directors declared a quarterly base
cash dividend of $0.20 per share on the common stock of the
company, payable in cash on June 14, 2024, to holders of
record of such common stock as of the close of business on May
31, 2024.
Under Weyerhaeuser's cash return framework, the company expects
to supplement its quarterly base cash dividend, as appropriate,
with an additional return of variable cash to achieve a targeted
total return to shareholders of 75 to 80 percent of annual Adjusted
Funds Available for Distribution (Adjusted FAD). The company has
the flexibility in its capital allocation framework to return this
additional cash either in the form of a supplemental cash dividend
or through opportunistic share repurchase.
Adjusted FAD, a non-GAAP measure, is defined by Weyerhaeuser as
net cash from operations adjusted for capital expenditures and
significant non-recurring items.
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the
world's largest private owners of timberlands, began operations in
1900 and today owns or controls approximately 10.5 million acres of
timberlands in the U.S., as well as 14 million acres of timberlands
managed under long-term licenses in Canada. Weyerhaeuser has been a global leader
in sustainability for more than a century and manages 100 percent
of its timberlands on a fully sustainable basis in compliance with
internationally recognized sustainable forestry standards.
Weyerhaeuser is also one of the largest manufacturers of wood
products in North America and
operates additional business lines around real estate, climate
solutions, energy and natural resources, among others. In 2023, the
company generated $7.7 billion in net
sales and employed approximately 9,300 people who serve customers
worldwide. Operated as a real estate investment trust,
Weyerhaeuser's common stock trades on the New York Stock Exchange
under the symbol WY. Learn more at www.weyerhaeuser.com.
FORWARD-LOOKING STATEMENTS
This news release contains statements within the meaning of the
Private Securities Litigation Reform Act of 1995 concerning the
company's expectations about future quarterly and supplemental cash
dividends as well as the company's dividend framework and future
share repurchases. Forward-looking statements are generally
identified by words such as "expects" and "targeted" and similar
words and expressions referencing future events. Forward-looking
statements are based on our current expectations and assumptions,
the accuracy of which are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These risks
and uncertainties include, but are not limited to, those identified
in our 2023 Annual Report on Form 10-K, as well as those set forth
from time to time in our other public statements, reports,
registration statements, prospectuses, information statements and
other filings with the SEC.
It is not possible to predict or identify all risks and
uncertainties that might affect the accuracy of our forward-looking
statements and, consequently, our descriptions of such risks and
uncertainties should not be considered exhaustive. Forward-looking
statements speak only as of the date they are made, and we
undertake no obligation to publicly update or revise any
forward-looking statements, whether because of new information,
future events, or otherwise. Also included in this news release are
references to Adjusted FAD, which is a non-GAAP financial measure.
Adjusted FAD may not be comparable to similarly named or captioned
non-GAAP financial measures of other companies due to potential
inconsistencies in how such measures are calculated. Adjusted FAD
should not be considered in isolation from, and is not intended to
represent an alternative to, our GAAP results.
For more information contact:
Analysts –
Andy Taylor, 206-539-3907
Media – Nancy Thompson,
919-861-0342
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SOURCE Weyerhaeuser Company