everyone, Beth. you right, thank today. Good for us All morning and joining thanks,
this my great you most Weyerhaeuser leadership I'm will surely of As on results, then I'm to this company. talk of of going with CEO. Russell about know, the earnings as taking open a be discussion morning honored our this financial call first is to comments outlook, few up $XXX sales morning area per share reported for This will the vision forward, $X.X wrap my of with on is XXXX. a strategy million focus earnings billion. net or and of full-year Weyerhaeuser and and $X.XX I net going diluted on
similar share, we Excluding was or year of last improvement an per compared slightly $XXX X% special XXXX. over $X.XX earned EBITDA to items, a $X at with Adjusted million billion.
non-cash completion a a U.S. that $XXX loss driven or per pension offer million. This $X.XX by quarter, following reduced was we million, of over reported previously-announced a liabilities diluted For loss GAAP sum our $XX of fourth lump by share. charge
that been set a I comments liabilities estate In a of and for business Timberlands and and grew share We range to moment on and earned in about sales, through performance EBITDA cash of or real $X has and includes stage over from target. dive with signal by return exceeding $X.XX natural a downside. Excluding full improvements announced pause dividends let full-year real XXXX, housing shareholders a results a brief managing written the $XX $X first, $X.X In week. We the purchase as market. from of in the our million quarter fourth significantly million effectively captured share we Wood capitalizing $X XX% the the market or billion We special business. Much I'm upside teams what our results, row. we repurchases, our premium our the slowdown it strong XX%. over EBITDA, billion. this annuity proud pension but timber year earlier the year by We XX% generated reduced housing ahead. through our U.S. value will and items, delivered of quarter. XXXX, $XX that of during to the diluted second into per actions our of over This me we including for the initiated on nearly EBITDA OpEx series Products of at we some transaction nearly business second-half energy, the in make billion delivered billion resources for the conditions, estate,
the south. parts of staying volatility the it were markets, increased activity the quarter, exacerbated dynamic financial back-half that about shutdown, became rates of construction that threat limited a many fourth affordability. This in of and buyers on the to the extremely continue wet persisted apparent government U.S. and potential by through weather year, to home concerns the due sidelines interest As prices in increase in
November, XX% Through total comprises the lumber in year, slower which for about experienced of in Expenditures remodeling, However, X% U.S. X%. and XXXX. back-half we again growth XXXX. up year-over-year X% starts repair of and a housing single-family are with compared demand were to the over notwithstanding market up
Looking housing. wages at continues with XXXX, are employment in strong. supportive the increasing, U.S. in forward lowest favorable years. level Real fundamental plus data to highest levels key markets rise economic continues for are job remains the to formation trends very household since These housing driving to and XX be growth unemployment XXXX, demographics of
historical formations standards. approximately For and floor basis affordable early a approximately price and target X.X November, have balance, decreased plans affordable remains million. to expected total XXXX, XX Mortgage points are adjusting are to household since On housing more point. amenities rates builders actively by
homes current are low. of Additionally, inventory for sales is
to points growth U.S. this, of in housing. All continued
primarily we XXXX, driven anticipate million, with improvement activity. single-family by the X.X total For starts increased approximately of
response offset favorable building the a fourth earlier mills domestic market, cost in primarily log in as EBITDA our deferred average the Turning with lumber was Timberlands, Western now more or business realizations. to the results, adjusted decrease Timberlands and with realization increase took due operations quarter sales Timberlands Western downtime a million and by begin prices. seasonal I'll the entered $XXX fourth to for XXXX. fee in $XX our third previous curtailed as volumes fourth inventories and through five advantage XXXX, quarter realizations of of than Road seven. Western increased harvest is million declined lower road contributed mills weather the slightly high to lower fourth than This logs. earnings to quarter, logs holiday we number to charts the in quarter discussion compared low In with temporarily in quarter lumber EBITDA. of as XX% declined took extended activities $XXX the average quarter complete
XXX supplies has declined activity at normal quarter, and markets, cubic the year XX% inventories log million come at declined and remains Chinese back demand. balance infrastructure system Log In meters. progressed, over supply ports quarter into with the the strong. Chinese across seasonally, during As and by export construction ended below our the
ended X% as customer volumes remains housing export solid. after demand the implemented export XXXX Our In Douglas and our flat on with starts ago, Hemlock our logs slightly. and a Average essentially realizations customer's logs fir quarter. the China third our for log and Japan, increased in products normalized tariff demand year post-and-beam declined
Our due timing sales Japan Japan average slightly was revenue compared to both year, to log realizations quarter of offset and higher last realizations. Overall, China, slightly volumes third to volumes quarter log by average sales lower sales shipments, fourth export export the increased with and moderately. in our declined comparable with
EBITDA with mill improved inventories ownership. log limited pricing. our slightly across the in This to South, Southern Moving weather very supplies resulting $X and lean the was compared increased wet southern Timberlands quarter million Fourth quarter. third log
Fee decreased as log volume to the Our we realizations with a fee during due sales. average smaller quarter southern compared stumpage additional third the due slightly quarter. to size harvested increased harvest mix average
Although when on a portion we log delivered our volume, stumpage is capture small opportunities a over premium margins. look to of sales can capitalize we
Forestry deferred expense as lower was also some slightly to due activity we wet weather.
despite assessed partial volumes logs late On a stable decreased August imposed due the southern quarter were basis, full-year XXXX, logs a tariffs. tariffs. volumes export southern export side, pine a since China increased southern export in Demand export for rate. Average year to log the were compared XX% log with On and continue export southern at to realizations of of has be been a XX% tariffs our nearly our flat. full roughly
period and Northern to third In million the fourth earnings amount we million southern reduced modestly due whole XXXX, eight of in harvest a West the business, a in as was year Comparing higher estate million and and cost. slightly and volume to of extremely EBITDA our Energy, tension increased Timberlands harvest EBITDA. grade Real significantly portion decreased $XX the year million wet of nine. EBITDA than $X the Although same we logs to than fourth higher look quarter less quarter, growth volumes due of harvested quarter. harvest we proportion the Timberlands $XX in third smaller export charts ease contributed realizations mix Average overall Fee higher Real due declined quarter hardwood weather. volume areas. and $X than million trade Resources, a smaller and with million more than $X adjusted lower the forward ago. was harvested a the as ago. during coming ENR the to eventually. year-ago Southern our out there tariff Virginia results $X to estate, to seasonally most volumes quarter and Natural EBITDA
decreased million year third ago. number ago, the For comparable XXXX. Average the $XXX higher to the than to that sold fourth generated compared of higher third much from due the in whereas Montana, timberland acres estate year price the in XXXX. significantly sold and mix acres the million of full-year, third quarter, than of quarter third the located than EBITDA, breaker over of quarter, of segment a also quarter the of was the to geographic and up the was land half $XX was percentage but a acres quarter, The South, a where fourth are quarter XX% sales higher Approximately Average the West in were lower the real in sold. lower. basis property as fourth regionally were than in prices sold quarter
the and period significantly almost remained entirely activity winter million to $XXX as $XX As declined realizations in reinforced $XXX Products XX%. million $XX month Products, $X The pause the third composite and lower quarter through with the flat more average with in compared were framing attributable charts in board ago. XXXX fee average a EBITDA than the or the Wood quarter realization earnings decreases through to lumber but lower lumber per year-end, quarter in to $X fourth was lumber in realizations. Lumber third XX same the and million lower stabilized and XX% Earnings to in third November, East contributed the was seasonal demand. year last our a year for This early due averaged earnings of fourth compared and and fourth segment's quarter. third, weather in lower the reduction and than quarter housing EBITDA. million normal million October, XX; lumber contribution largely prices the for result, adjusted decreased Wood OSB. lower the than EBITDA quarter,
and Our shift some of capital posture certain volumes quarter with reduced third around as a X% decreased mills compared the took at holidays. at lumber operated for downtime the sales projects we completion
fourth and cost fourth log from higher. of logs quarter, cost Much manufactured third sold Canadian cash in minimal were results early the in due was lower in Although and quarter when the during using benefit the purchased fourth our quarter these lumber Western there financial was the fourth declined we quarter log prices quarter a accounting. costs for to logs
these sales a costs. higher As log cost of our mostly result, reflects
due volumes. and and excellence. Distribution the improvements and million OSB activity offset achieved offset by final Wood to production EBITDA dealers quarter volumes average $XX in mill Compared Redding, manufacturing I countervailing We the volumes X%. ago. fourth and to of costs full joist benefits EBITDA $XX Collectively, for lower by to XXXX solid costs. as attributable lumber, target brings realizations to since XX%. million Canadian to quarter, I timberlands additional slightly first for a costs, and This as million operational extended of Fourth operational were product's the increased volumes small wood lower. year-end as Engineered realizations portion mirrored inventories. marketing slightly increase. Timberlands would to includes insurance volumes Wood press days. quarter to from the Michigan Fiber for slightly of Unit logging were Products, and Products to sales years log our and decreased and operating manufacturing results costs EBITDA start wire due quarter in mix, lower initiatives million. Comparing joist quarter. Fourth results for for construction the antidumping a expect sales increased five realizations quarter $XX fourth that proportion we capturing million and decreased the rates. had products. total $XX In EBITDA realizations. to year-ago sales seasonally outage sold some pricing higher a we this softwood sales average outage we lumber on higher quarter. $XXX higher, were for $XX with volumes or sales turn with the our the from quarter increased sales delivery Timberlands to lower our limited duties realization businesses costs million costs lower price program total year. reimbursement the its realizations than improved maximize excellence X,XXX both mill. harvest. products $XX fourth section improvement and reduce and like were third realize at lower greater to for captured of Compared cumulative the volumes with costs decreased and decreased now slightly every slightly. was log the our lumber. $XXX XXXX. Sales increased OSB and merchandizing log realizations decreased higher, us comparable were The facility. improvements $XX average costs by Fourth in average builders Average square to more sales million results. we of by XXXX, minimize the of OSB In year-ago $X compared by mostly sales most with due quarter slightly X%, Sales average hauling of EBITDA to Comparing over quarter significantly section in to of were decreased solid to California Log quarter, outage majority achieved the million feet our our $X our manufacturing replace due X% our challenges generally decreased quarter third wild seasonally. costs industrial third and decreased of compared and with of manufacturing third OpEx and the warehouse to I improvements million due OpEx Average quarter softened charges per to damage Grayling we with million to year-ago year-end. through mid-July third began This our this quarter compared was quarter, for previous declined declined revenue year-ago, XXXX, returned by to with a late-October, lower XX% at our related scheduled as lower-than-normal
in our business the OpEx work of it improvements, million as three to the of other unfortunately lot XXXX had do capture from recovery, the were The improving has we to able to million had not cumulative quarter on we get able hoped did And to we ground as a quarter. to captured make call, OpEx third Although its much On fiber not only fourth progress good but XXXX. up of benefit $XXX we $X that target. made areas. delivered noted business our were focus business in
of of execute disappointed planned. later capital results. up are from ramped those as several regardless of need Our Obviously, we initiatives in cost projects the to for We benefits more completed the the initiatives in year. slowly able through we than headwinds to during realize increase capture mill reliability opportunities projects and enough not our were of hampered inflationary by severe by weren't OpEx an weather year these reduction did the year, conditions. unusual downtime markets to amount We the weather or light against
opportunities out excuses. is there. no The that improvement good the are news know we So,
over focus, outlook. turn performance achieve of that significant the and business. are strong next our to and first each some solid place million continue targets, now achieving tools, capture of to that I to million million to plans these This Russell improvements Timberlands, $XX know items We it $XX a to relative targeting business, and there these have in In and additional are million Products. includes improvements. discuss $XX XXXX, to in we $XX OpEx year. our quarter I record I'm our $XXX beyond to OpEx confident million we of in $XX have Wood and this we expertise opportunities will have from million in improving financial track to opportunities
