morning, today. non-cash and charge. joining $X.XX full-year everyone, reported a per for you a This $X.XX pension by loss driven Weyerhaeuser previously Good of million us net thank reported diluted settlement Thanks, $XX or morning Beth. share
or totaled Excluding special items, million our share. earnings full-year $XXX $X.XX XXXX per
For the diluted we of loss share. $X.XX GAAP million a or $XX per fourth reported quarter,
headwinds businesses items, well persistently of the of challenged Throughout special per continued trade our million and all for global diluted $XX year, sluggish from quarter. uncertainty. in earned activity the net charges first of or Excluding share million significant $XX for despite housing the we XXXX, $X.XX executed half commodity prices
over real total pension billion portions our a of to nearly million, proceeds estate XX% cost accomplishments in of energy real Northern $X.X improvements, proud million board returning our premium EBITDA timberlands the shareholders. excellence XXXX, cash ever $X controllable $XXX in our and our capturing from estate strategically sales, optimizing for natural delivering lumber from of delivering by and reducing which resources record oriented manufacturing operational extremely of $XXX of I’m over achieving and billion, operations, portfolio, obligations included low our to timber business, highest strand value
of results, business Building during stage third December our remarks was that in fourth strong. housing some Before brief the dive let housing end. quarter on quarter through with pace the emerged me I year activity into U.S. improved activity set steadily The continued particularly the market.
improvement, year X.XX For the million, X% U.S. ago. starts with the housing totaled a compared year,
fundamental economic formations continue U.S. The household serve X.X%, well housing. unemployment low incomes wages highest demand forward, levels of support low, at is extremely Homebuilder historical continued since XXXX. for Looking new sale activity. are XX-year rate the Real at household and level to in favorable average, builders increasing. housing at at sentiment growth are more a above and rates is inventory for shift products remain existing homes is affordable mortgage to the significant and the The
by challenges notwithstanding to will governed housing faced include years. supply-side bring do to labor it These upside availability, positive difficult we However, on housing be expect of these same a availability, to continue for burdens that affordable that the more and fundamentals, regulatory market. the make demand we many of lot number
infrastructure for that eight this X.X unadjusted the nine have increased run basis sign of a on enter housing XXXX, we exceeded a can As of last rate activity. supply-side starts months, level million support
continued in Our housing. growth is modest outlook U.S. for
additional just single-family primarily the X.X driven starts anticipate improvement over we million XXXX, For with by activity.
before million logs $XXX Timberlands, and $XX Japanese quarter million, results. adjusted realizations export Turning with million special seven. charts for EBITDA to increased $XX Average were EBITDA. the and and increased Timberlands earnings items to five with our forestry quarter. expenses road and domestic third fourth seasonally begin Western sales lower. discussion compared contributed now to quarter business fourth through the I'll Timberlands
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in additional driving is to millers U.S. reduction seek a log Japan addition, In supply. to Japanese Canadian saw exports some log
the quarter in from year the million pressure In China, a to European the increased salvaged meters. the competition logs X% at Chinese downward. logs for relatively ports abundant pricing U.S. Total continued and market spruce fourth inventories ended X.X as cubic at during weakened quarter log balanced
share the about Through XX% grow. log of in compared logs November, to XXXX. spruce comprised European with softwood year-to-date However, only European of China's X% has imports, continued
Our China the export compared with fourth volumes decreased, declined. quarter and quarter sales realizations third
ago capture year continues higher in with Although realizations log fairly Compared domestic margin and due Japan. total hold opportunities. volume sales logs choosing our demand for the flex decreased to up export our the to volumes China quarter, Western and export China well, revenue to lower to significantly market to we're
to the with million, Southern compared south, third Moving quarter. $X Timberlands the EBITDA decreased
remained supplies with log fourth quarter average October, well our quickly log X%. supplied due to normalized in tighten decreased wet but thereafter more favorable briefly conditions. Mill and through operating Southern weather, realizations inventories the
the harvest volumes compared Fee quarter. third X%, with declined
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logs. Southern operate export minimal On our yellow XX% to due ongoing the volumes, at side, we business tariff to the export Southern continued pine log Chinese on
results with Southern harvest Southern This by average volumes overall $X quarter fee partially offset was realizations. by lower log Timberlands higher to and the higher million, decreased EBITDA due quarter, costs. road saw Comparing year ago fourth
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the full-year, of generated XXXX. million increase of the EBITDA, from For $XXX million an segment $XX
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realizations to the were lumber average comparable Our quarter. third
mix in which a weighted Southern more to wide is production yellow width published Our decrease pricing. heavily X% saw pine,
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excellence. to to operational turn like now I’d
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and six bottom $XX it Products defined achieved has years black captured improvements ago. as at million Wood of we now the
product manufacturing from Wood three primary Strand in reducing improving mix cost Oriented and increasing Lumber improvements recovery our XXXX for distribution Our and areas; Lumber mill Board, Products log system. unit initiatives and came across in in
efforts, a focus Wood our integrated operations. and has through segment, our collaboration we've business by to opportunities captured begun each performance OpEx. Timberlands Beyond we to been Products individual increasing business value also between cross also identify initiatives OpEx but to within business’ improved drive Historically, on generate OpEx
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company-wide at fresh improvement since to OpEx for Our of improvement of magnitude and our means incredible over an so but this that operational billion well delivered harder become success we're has company. $X.X is a taking This margin means level achievement, look time, it this program opportunities margin excellence capture, traditional over what XXXX. of also
and functions. will are operational enter to on excellence value measure include also improve we Weyerhaeuser. improvements, As margin we excellence activities be we that been focused and continue and XXXX, across management drive define but businesses to we and evolving has cost efficiencies future at OpEx Operational discipline are and expanding how
Our improvements as calling X.X, four will OpEx across components we're continued to our company. drive it, main include
by improvement. margin First top both OpEx initiatives These is capturing familiar are bottom improving valuable focused line. at margin on the and the
value. our fertilization targeted thinning activities example future. drive is recognize highest quality and good Second in the to These that is reforestation value and the at A on future working programs levels initiatives of completeness. improved execute
improves this value over timberlands time. know the of We our
higher on aimed avoidance. initiatives. focus increases. would simplifying as cost employee optimized And might Third and manual use improvements turnover efficiency. that or work avoiding automating business procurement at or fourth such resources. Examples is category costs is reducing processes. things include is initiatives enable of cost our include Examples This will value These future
every opportunities four the include really further to and the Together, working of our and creates from has to categories breadth I'm potential excited that to business more additional across $XX OpEx targeting and these look company. the key it about sharing to In as of our $XX OpEx improvements areas forward we’re drive OpEx function X.X I XXXX, about the culture. progresses. our year million million together these initiatives expand
Russell to financial our some now items will over to outlook. and quarter turn first it I discuss
