Weyerhaeuser Co. Q3 FY2023 results: revenue $2.0 billion, down 11.2% on the year

Weyerhaeuser Co. (WY) reported revenue of $2.0 billion for Q3 FY2023, the quarter ended 30 September 2023, down 11.2% on the same quarter a year earlier. Net income was $239 million, down 22.9% on the year, and diluted earnings per share $0.33. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$2.0 billiondown 11.2%

Net income$239 milliondown 22.9%

Diluted EPS$0.33

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	2,022	n/a	n/a	n/a
Cost of revenue	1,520	n/a	n/a	n/a
Gross profit	502	n/a	n/a	n/a
Gross margin	24.8%	n/a	n/a
Research and development	2.0	n/a	n/a	n/a
Operating income	353	n/a	n/a	n/a
Operating margin	17.5%	n/a	n/a
Interest expense	72.0	n/a	n/a	n/a
Pre-tax income	293	n/a	n/a	n/a
Income tax	54.0	n/a	n/a	n/a
Effective tax rate	18.4%	n/a	n/a
Net income	239	n/a	n/a	n/a
Net margin	11.8%	n/a	n/a
Diluted EPS	$0.33	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	523	n/a	n/a	n/a
Capital expenditure	9.0	n/a	n/a	n/a
Free cash flow	514	n/a	n/a	n/a
Free cash flow margin	25.4%	n/a	n/a
Depreciation and amortisation	122	n/a	n/a	n/a
Share-based compensation	9.0	n/a	n/a	n/a
Buybacks	24.0	n/a	n/a	n/a
Dividends paid	138	n/a	n/a	n/a
Dividend per share	$0.19	n/a	n/a	n/a
Diluted shares, weighted	732m	n/a	n/a	n/a
Shares outstanding at period end	730m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	17,550	n/a	n/a	n/a
Cash and equivalents	1,173	n/a	n/a	n/a
Receivables	443	n/a	n/a	n/a
Inventory	528	n/a	n/a	n/a
Long-term debt	4,818	n/a	n/a	n/a
Shareholders' equity	10,228	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,022	1,774	1,796	1,939	1,681	1,708	1,763	1,884	1,717	1,541	1,727	1,867
Cost of revenue	1,520	1,432	1,441	1,535	1,431	1,404	1,428	1,559	1,513	1,380	1,409	1,556
Gross profit	502	342	355	404	250	304	335	325	204	161	318	311
Gross margin	25%	19%	20%	21%	15%	18%	19%	17%	12%	10%	18%	17%
R&D	2.0	2.0	1.0	3.0	1.0	2.0	1.0	1.0	2.0	1.0	1.0	1.0
Operating income	353	278	196	270	78.0	141	179	178	123	251	247	223
Operating margin	17%	16%	11%	14%	5%	8%	10%	9%	7%	16%	14%	12%
Interest expense	72.0	72.0	67.0	67.0	69.0	66.0	66.0	66.0	71.0	70.0	66.0	66.0
Pre-tax income	293	216	134	206	13.0	74.0	99.0	99.0	39.0	23.0	171	147
Tax rate	18%	-1%	15%	16%	-115%	-9%	16%	12%	-105%	-222%	9%	-10%
Net income	239	219	114	173	28.0	81.0	83.0	87.0	80.0	74.0	156	162
Net margin	12%	12%	6%	9%	2%	5%	5%	5%	5%	5%	9%	9%
Diluted EPS	$0.33	$0.30	$0.16	$0.24	$0.04	$0.10	$0.11	$0.12	$0.11	$0.11	$0.22	$0.23
Operating cash flow	523	288	124	432	234	218	70.0	396	210	-114	52.0	399
Capital expenditure	9.0	15.0	22.0	9.0	8.0	13.0	22.0	8.0	7.0	14.0	23.0	8.0
Free cash flow	514	273	102	423	226	205	48.0	388	203	-128	29.0	391
Buybacks	24.0	22.0	50.0	49.0	27.0	28.0	25.0	100	25.0	10.0	10.0	10.0
Dividends paid	138	140	248	146	145	145	152	152	150	152	151	152
Shares outstanding	730m	730m	729m	728m	727m	726m	726m	722m	721m	721m	721m	721m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0000950170-23-056022: the filing on EDGAR. All of Weyerhaeuser Co.'s filings: EDGAR company page.

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