Weyerhaeuser sales down

Weyerhaeuser Company had net sales of $1.9 billion for the first quarter of 2023, a decrease of 40% from net sales of $3.1 billion in the first quarter of 2022. Sales for the wood products segment were down 1% year over year to $1,331 million. Sales realizations for lumber and oriented strand board decreased 9% and 20%, respectively, compared with fourth quarter averages. Sales and production volumes for lumber were significantly higher than the fourth quarter which had one month of operations affected by the work stoppage at mills in the northwest U.S. For oriented strand board, sales volumes were significantly higher due to increased production and improved transportation networks. Sales realizations and sales volumes were lower for most engineered wood products due to softening demand. Raw material costs were lower, primarily for oriented strand board. Overall, the company had net earnings of $151 million for the quarter, down from net earnings of $771 million in the year-ago period and $171 million in the fourth quarter of 2022.