SEATTLE, Sept. 22, 2021 /PRNewswire/ -- Weyerhaeuser
Company (NYSE: WY) today announced that its board of directors
declared an interim supplemental dividend of $0.50 per
share on the common stock of the company, payable in cash
on October 19, 2021, to holders of record of such common stock
as of the close of business on October 5, 2021.
Additionally, the board has authorized a new share repurchase
program of up to $1 billion of the
company's common shares. This program replaces the existing
$500 million share repurchase program
authorized in February 2019.
Repurchases under the new program may be made through a variety of
methods, including open market purchases, unsolicited or solicited
privately negotiated transactions, tender offer, block trades,
accelerated share repurchase transactions, or pursuant to 10b5-1
trading plans.
"In light of Weyerhaeuser's record first-half 2021 cash flow
generation, the board of directors is accelerating a portion of the
company's first quarter 2022 supplemental dividend and authorizing
a new share repurchase program, consistent with our commitment to
return capital to shareholders," said Devin W. Stockfish, president
and chief executive officer. "This enables our shareholders to
benefit from extraordinary market conditions in the first calendar
year of our new dividend framework and also permits us to take
advantage of a one-time tax planning opportunity.
"Moving forward, we expect to pay the entirety of our
supplemental dividend on an annual basis in the first quarter,
consistent with our dividend framework," Stockfish continued. "We
are excited to accelerate this return of cash, and we look forward
to paying a meaningful supplemental dividend in the first quarter
of 2022."
In fourth quarter 2020, Weyerhaeuser implemented a "base plus
variable supplemental" dividend framework. Under this framework,
the company expects to supplement its quarterly base cash dividend,
as appropriate, with a variable return of cash to achieve a
targeted total annual return to shareholders of 75 to 80 percent of
annual Adjusted Funds Available for Distribution (Adjusted FAD).
Weyerhaeuser expects this variable return of cash will occur
primarily through a supplemental cash dividend which will normally
be declared and paid annually in the first quarter. The company
continues to expect it will declare and pay a supplemental dividend
in first quarter 2022.
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. We own or control approximately 11 million acres of
timberlands in the U.S. and manage additional timberlands under
long-term licenses in Canada. We
manage these timberlands on a sustainable basis in compliance with
internationally recognized forestry standards. We are also one of
the largest manufacturers of wood products in North America. Our company is a real estate
investment trust. In 2020, we generated $7.5
billion in net sales and employed approximately 9,400 people
who serve customers worldwide. We are listed on the Dow Jones
Sustainability North America Index. Our common stock trades on the
New York Stock Exchange under the symbol WY. Learn more at
www.weyerhaeuser.com.
FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES
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. Forward-looking statements are
generally identified by words such as "expect," "targeted," and
"will," 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 2020 Annual Report on Form
10-K, as well as those set forth from time to time in our other
public statements and reports, including reports, registration
statements, prospectuses, information statements and other filings
with the Securities and Exchange Commission.
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 measures, when
presented, should not be considered in isolation from, and are not
intended to represent an alternative to, our GAAP results.
For more information contact:
Analysts –
Beth Baum or Andy Taylor, 206-539-3907
Media – Nancy Thompson,
919-861-0342
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SOURCE Weyerhaeuser Company