SEATTLE,
Aug. 8,
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 September 13, 2024,
to holders of record of such common stock as of the close of
business on August 30, 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 the amount, timing and
occurrence of 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