Weyerhaeuser's second-quarter results were broadly in line with expectations, with adjusted earnings per share of $0.13. The core drivers were a rebound in lumber prices and operational resilience, which partially offset inflationary pressures.

Adjusted EBITDA came in at $310 million; Wood Products EBITDA was $129 million, up $58 million quarter-over-quarter; net sales were $1.9 billion.

Stronger lumber prices supported domestic log demand. The company divested 29,000 acres of non-core timberlands in Oregon for $114 million. Construction of the biocarbon facility is scheduled to begin in the fourth quarter, the second solar farm is now operational, and three more are under construction. Monticello is progressing.

Full-year EBITDA guidance for the strategic land business was raised by $25 million to approximately $450 million. Third-quarter Wood Products EBITDA is expected to decline slightly quarter-over-quarter, though lumber pricing trends remain favorable.

Management remains cautious on the housing market in the near term, acknowledging OSB oversupply; however, the long-term housing shortage and data center land opportunities are bright spots.