Beth. and morning, everyone, Thanks, joining thank right. us Good for All you today.
earnings diluted $X.XX This $XXX of morning, Weyerhaeuser share net billion. $X.X million per has of sales net second-quarter on or reported
benefit or million and strong $XXX our challenges small the businesses of earned a EBITDA $X.XX throughout weather I'm our per from team extremely special we totaled various share. quarter. market proud performance of despite Adjusted each million. items, $XXX related Excluding as operating diluted delivered
moment Northwest, I'll was wet. let the with in activity Record the market. results, precipitation across on country. but the brief into set quarter the In a stage our me some of Outside building constrained housing the comments dive second Pacific business first setting extremely key areas
modestly increased in million weather unusual million the most quarter. and housing despite with in seasonally a on $XXX quarter-over-quarter, adjusted starts first quarter, starts totaled regions, basis Housing the $X.X second compared
navigate a build half declined in rainfall. historic account roughly U.S. of homebuilding our flooding seasonally south, levels near basis on which of adjusted starts housing in as the struggle to However, activity, for
that half the labor affordability, challenges several been burdens face the have availability. years, last and during continues In constraints namely headwinds same the the related to addition supply housing for lot the of side weather over XXXX, first many of regulatory industry to and
the first in believe period purchase growth XXXX. market, versus to X% the same XXXX for applications continue of While these fundamentals affect In the support particular, half housing XXXX. we over constraints for up in the mortgage modest are
are X% year sentiment remains positive below as confidence year-to-date, sales strong, near and unemployment with home declined. economic And remains consumer real mortgage increasing up affordability has wages, XX New data have highs. rates improved builder X%
Our builder customers pace that normal be the in permitting. to of the catch more in activity will weather are third for building activity optimistic they and to able fourth they quarter to quarter, a hope up continue return
product affordable meet as We underlying solid also demand to growing adjust offerings expect they to seek builders and continue for will housing.
Turning now Timberlands Charts million to to $XXX through quarter our X. Timberlands, adjusted results. contributed the business begin second-quarter earnings X and with the second million $XXX I'll EBITDA. discussion
forestry due additional Western and decreased first compared building million increases by which Timberlands EBITDA the quarter during with to typically the drier months. road activity, $X
for compared Demand hours the mills resulting prices. first lumber markets. availability some Western across significantly, the Logging good at log with in improved Northwest reduced lumber quarter, domestic continued to in conditions slightly low logs softened response
quarter domestic second pricing the Although quarter pricing first log average. our the quarter comparable as trended was lower progressed, modestly to
Japanese export the sales beam quarter. up and first demand to logs remained our and the In markets. to Moving for X% steady. almost Japan, housing year-to-date starts realizations are for our comparable logs post Average were export
had X.X quarter inventories cubic originally during down log overall to quarter. compared In only volumes the expected sales with prior and were Chinese ports were the slightly log stronger quarter million to second meters. Second decreased Japan we than at XX% China,
with by the build However, the Radiata but Radiata approximately XX% represented end XX% trend of At volumes of end pine the Inventories fir quarter. species. Douglas logs to the of June, varied compared continue and of XX% of inventory by the hemlock radio American at in decreased inventories March. ports North inventory
of Douglas demand on Radiata. that as and and oversupply for pricing we has hemlock had our the Radiata logs than effect different The fir end-markets modest a export only pine generally serve
quarter due timing logs log China Log was our primarily than Second Overall, sales than lower of to the slightly and the our China lower but shipments. export sales quarter the Japan vessel due logs were lower first year this second revenues quarter. for decreased, were export volumes to due volumes of realizations lower timing quarter, realizations for ago sailings. to and to China
is For year than for to lower lower logs. a the and Western EBITDA Timberlands as prices significantly a ago domestic whole, due export
the created EBITDA challenging the with quarter planned to first decreased operability record million quarter scale during logging by chain Moving our as volumes. largely $X lower Timberlands supply us Extremely volume through to decreased our to and rainfall. harvest harvest the infrastructure only conditions our fee South, enabled harvest due compared fee volume slightly, the Southern weather wet maintained second
continued Log availability saw for our Southern low flat with the logs increased first and was realizations tight quarter Average inventories particularly mill and solid in realization pricing. fiber logs Southern slightly. the across markets Mid-South in for our were resulting
Southern Comparing weather. volumes slightly results higher realizations wet year harvest the ago with offset On the Southern the cost were quarter, EBITDA overall log sales in realizations, whole and log partially export by to to lower to volumes average slightly due Timberlands the and side, higher increased comparable export harvest first due quarter.
ago first Northern the decreased Fee improved Northern volumes. compared realizations slightly with Timberlands harvest from our operations a and to Timberlands volumes of seasonally breakup mix across quarter, quarter. $X activity as by most due the as our hardwood harvest EBITDA Compared to EBITDA of million average declined lower higher spring proportion decreased shifted Northern with limited year harvest seasonally sawlogs.
X. estate, to and natural second to Real $XX estate earnings $XX contributed energy EBITDA. million resources, million ENR X and Real Chart and quarter and adjusted
the So than higher ago. was first second year million than quarter $XX quarter by lower EBITDA a $XX million
half of due the in and worth XXXX second the first remained indicated, the previously real year. the recreational at net end buyers estate XXXX, Interest weighted we activity quarter. heavily from of is solid strong towards As activity to high our
acreage a closed also which sold. of accounted We for in half Montana, approximately large the acres transaction
first quarter XX% a nearly compared sold ago. increased with As higher a there year than the times number in result, the quarter three the of and second was acres
ENR the Compared higher due first compared price decreased compared to volumes. Average quarter to construction increase with of the with large quarter, natural volumes increased ago seasonal where hard to and EBITDA in materials the Timberland energy materials pricing sold resources, proportion slightly and significantly due quarter the Montana, a small are in lower. due acres per the and with EBITDA quarter, first minerals. year year-ago increased In acre prices regionally for construction and
XX. average log $XX with to lumber adjusted were realizations for million earnings the mostly EBITDA quarter contributed for and and commodity products. Charts EBITDA costs increase offset seasonal X by $X earnings lower as $XXX a million and Wood quarter, second increased in Products, lumber sales to decreased our lower pricing first Products and higher slightly despite Wood EBITDA. Compared million, volumes.
as of quarter, in April, with purchasing closures limited improving pricing in holding weather unevenly curtailments May through British flat wet continued trended customer and in the Lumber the June declining announcement mill Columbia. throughout and in
compared the decreased framing with the by X% lumber On compared XX% with up quarter in and realizations X%. second first production volumes quarter increased average, average while first X%. our decreased composite Lumber was sales the price the
Our mills had another excellent quarter operationally.
ever lowest with unit costs and This is first controllable our are manufacturing a quarter yielding the the system Unit achieve cost per our manufacturing results. that it compared indication is lumber recorded. OpEx slightly decreased efforts meaningful strong
harvest Despite Timberlands with Our well worked conditions. logs together very U.S. in teams also our record mill and challenging precipitation Wood the of supplied Products exceptionally across to keep levels
log downtime our South in and Alberta, system. of at out we one minor experienced only mill
Comparing with and for includes to second a million XXXX second average the manufacturing $X EBITDA cost. EBITDA decreased by ago softwood entirely with charge This the quarter decreased $XX sales significantly OSB and of log quarter realizations. almost lower on partially is million for attributable year countervailing quarter, realizations, first to antidumping offset average quarter. lower lumber. results the EBITDA lumber of lower duties Canadian compared due
trajectory our pricing declined average XX% OSB first quarter for of realizations averaged the North X%. Benchmark mirror quarter second that below and Central The pricing lumber.
we sales the was our volumes. second ago lower and slightly year were a to lower originally significantly decrease the forecasted. lower than volumes to year production downtime a sales Our quarter, a EBITDA more ago due to results average realizations in quarter Comparing XX% took first slightly and quarter, as comparable than bit sales
to Engineered EBITDA section first XX% higher solid activity. $XX with Products solid the products were Sales compared XX% due realizations for section increased mix. for Wood by and volumes average due seasonal realizations increased building sales to seasonally by I-Joists million products primarily for quarter. X%, for and I-Joists decreased by flat Average
cost oriented improved Fiber to the operating began increased of web unit volumes inventory in board for stock modestly down for build. section quarter costs I-Joists cost due due we Production products our logs only solid MDF for rates. customary draw manufacturing to lower first and as higher and strand declined
Compared the last lower to lower ago first levels. as the was year board due in EBITDA improved offset for than volumes. quarter, lower a year sales volumes. logs by oriented compared continue sales with costs partially by strand EBITDA increased quarter year's were $X sales lag with Distribution ago to slightly
turn to operational to like now I'd excellence.
merchandising our logging operational efficiencies benefits from Our the across improvements to $XXX and our to making West Southern of South. in Year-to-date, OpEx marketing good continue businesses excellence are Timberlands our improved collective target XXXX and biggest progress million operations hauling against million. $XX and in come in
Products, costs improve products. our and and reduce Wood our manufacturing have ongoing engineered OSB from initiatives greatest for log In recovery to lumber controllable benefits and wood come
targeted to timber is also its estate real business track Our premium to or value. XX% meet exceed on
over items to some third I and will outlook. discuss quarter it now our turn to financial Russell
