Weyerhaeuser: 2Q EPS above JPMe, Consensus; Continues to Execute Well Across All Fronts Despite Choppier Macro Waters

研报英文原文证据摘录

Weyerhaeuser: 2Q EPS above JPMe, Consensus; Continues to Execute Well Across All Fronts Despite Choppier Macro Waters

J P M O R G A N North America Equity Research

30 July 2026

Weyerhaeuser

2Q EPS above JPMe, Consensus; Continues to Overweight

Execute Well Across All Fronts Despite Choppier Macro WY, WY US

Waters Price (30 Jul 26):$23.50

Consumer Finance

After Thursday’s close, WY reported 2Q EPS (before special items) that came in Hong Zhang AC

ahead of both our estimate and the Street. Operationally, all three operating segments (1-212) 622-6416

came in higher than expected and contributed to roughly half the beat compared to our hongliang.zhang@jpmorgan.com

forecast, with the remainder driven by a $15.0 million tax benefit in the quarter (we J.P. Morgan Securities LLC

were forecasting an expense). On the positive side, lumber prices continue to remain

elevated ($543/MBF spot as of July 24) despite what we imagine to be continued tepid

underlying housing demand and lumber/OSB adjusted EBITDA sensitivities to

changes in sales realizations are expected to return to normal in 3Q as well (we were

expecting a more gradual normalization). Additionally, WY also raised its FY

Strategic Land Solutions adjusted EBITDA guidance as well by $25.0 million on

strong performance from the Natural Resources and Climate Solutions sub-segments.

On the negative side, lumber and OSB EBITDA margins came in below expectations

with OSB margins turning negative this quarter, and management’s expectations for

“slightly lower” QoQ Wood Products EBITDA would indicate that higher input/

manufacturing costs continue to be a headwind in the near term. Lastly, the company's

3Q implied Timberlands adjusted EBITDA guidance of “ slightly higher” was

arguably below what we are currently forecasting.