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A Weyerhaeuser For more information contact : Analysts - Beth Baum , 206-539-3907 Media - Nancy Thompson , 919-861-0342 Weyerhaeuser reports first quarter results Achieved net earnings of $ 681 million , or $ 0.91 per diluted share Highest quarterly Adjusted EBITDA on record at $ 1.1 billion Increased Adjusted EBITDA by 68 percent compared with fourth quarter 2020 NEWS RELEASE SEATTLE , April 30 , 2021 - Weyerhaeuser Company ( NYSE : WY ) today reported first quarter net eamings of $ 681 million , or 91 cents per diluted share , on net sales of $ 2.5 billion . This compares with net earnings of $ 150 million , or 20 cents per diluted share , on net sales of $ 1.7 billion for the same period last year and net earnings of $ 292 million for the fourth quarter of 2020. There were no special items in first quarter 2021. Net earnings before special items was $ 138 million for the same period last year and $ 361 million for the fourth quarter of 2020 . Adjusted EBITDA for the first quarter of 2021 was $ 1.1 billion compared with $ 413 million for the same period last year and $ 657 million for the fourth quarter of 2020 . " I am extremely pleased with our first quarter results , as our businesses delivered Weyerhaeuser's highest quarterly Adjusted EBITDA on record despite severe winter weather and supply chain disruptions , " said Devin W. Stockfish , president and chief executive officer . " We also surpassed our previous record for Wood Products Adjusted EBITDA by more than 50 percent and announced a strategic acquisition to enhance our Alabama timberland holdings . As 2021 progresses , new residential construction activity is exhibiting remarkable momentum and repair and remodel demand remains very favorable . We remain committed to delivering operational excellence across our unmatched portfolio of assets and enhancing shareholder value through disciplined capital allocation . " WEYERHAEUSER FINANCIAL HIGHLIGHTS ( millions , except per share data ) Net sales Net earnings Net earnings per diluted share Weighted average shares outstanding , diluted Net earnings before special items ( 1 ) ( 2 ) Net earnings per diluted share before special items ( ¹ ) Adjusted EBITDA ( ¹ ) 2020 Q4 $ 2,063 $ 292 $ 0.39 749 $ 361 $ 0.48 $ 657 2021 Q1 $ 2,506 $ 681 $ 0.91 750 $ 681 $ 0.91 $ 1,101 2020 Q1 $ 1,728 $ 150 $ 0.20 747 $ 138 $ 0.18 $ 413 ( 1 ) Net earnings before special items is a non - GAAP measure that management believes provides helpful context in understanding the company's earnings performance . Additionally , Adjusted EBITDA is a non - GAAP measure that management uses to evaluate the performance of the company . Adjusted EBITDA , as we define it , is operating income adjusted for depreciation , depletion , amortization , basis of real estate sold and special items . Net earnings before special items and Adjusted EBITDA should not be considered in isolation from , and are not intended to represent an alternative to , our GAAP results . Reconciliations of Net earnings before special items and Adjusted EBITDA to GAAP earnings are included within this release . ( 2 ) Special items for prior periods presented are included in the reconciliation tables following this release . 1 of 14