logo
Plus   Neg
Share
Email

Weyerhaeuser Reinitiates Dividend

While reporting higher third-quarter earnings and sales, Weyerhaeuser Co. (WY) on Friday said it is reinitiating a quarterly dividend that was temporarily suspended in May amid the coronavirus pandemic.

For the fourth quarter 2020, the board of directors has declared a quarterly base cash dividend of $0.17 per share.

Further, the private owner of timberlands is also implementing a new dividend framework to enhance its ability to return cash to shareholders across a variety of market conditions.

The new dividend framework includes two components, such as sustainable quarterly base cash dividend and variable supplemental dividend. The company expects to supplement its quarterly base dividend with an additional return of cash, as appropriate, to achieve a targeted total annual return to shareholders of 75 to 80 percent of annual Adjusted Funds Available for Distribution.

The company noted that demand for housing and wood products has proven resilient over the past several months.

Looking ahead for the fourth quarter, timberlands segment expects sequentially higher earnings and Adjusted EBITDA in the fourth quarter.

Devin Stockfish, president and chief executive officer, said, "Entering the fourth quarter, Weyerhaeuser is operating from a strong financial position, and we are increasingly confident that the recent strength in U.S. housing will continue notwithstanding ongoing macroeconomic headwinds."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
General Electric Co. filed a lawsuit against Siemens Energy AG, accusing the German power distribution company of stealing trade secrets for gas turbines. Siemens Energy allegedly used the information to get at least nine contracts to supply gas turbines to public utilities, and also covered up improper business gains. Following a court ruling, the U.S. Food and Drug Administration postponed the effective date for tobacco manufacturing companies to display new health warnings on cigarette packets and in advertisements, by additional 90 days. The warnings with color images is to promote greater public understanding of the negative health consequences of smoking. JPMorgan Chase & Co (JPM) reported strong results in the fourth quarter of 2020, with net profit up 42% largely driven by credit reserve releases of $2.9 billion. The Group said it ended the year with a CET1 ratio of 13.1% and capital above $200 billion, providing with meaningful capacity to further...
RELATED NEWS
Follow RTT