Weyerhaeuser reports 3Q net sales of $1.9 billion

Weyerhaeuser Company reported 3Q net earnings to common shareholders of $1,153 million on net sales from continuing operations of $1.9 billion.

This compares with net earnings of $157 million on net sales from continuing operations of $1.9 billion for the same period last year, as the company said in the press release received by Lesprom Network.
3Q earnings include $966 million from discontinued operations related to the divestiture of Weyerhaeuser Real Estate Company and $9 million from special items. Excluding these items, the company reported net earnings of $178 million for the 3Q. This compares with net earnings from continuing operations before special items of $136 million for the same period last year and $234 million for 2Q 2014.

"We increased our quarterly dividend by 32% and repurchased $130 million of common shares in the 3Q, demonstrating our strong commitment to returning cash to shareholders," said Doyle Simons, president and CEO. "Our relentless focus on operational excellence resulted in another very good quarter for earnings and cash flow generation, as we continue to drive sustainable performance improvements in each of our businesses."

Timberland division’ sales volumes and realizations for Western logs declined due to seasonally softer domestic market conditions and reduced Chinese demand. In the South, log sales volumes increased and realizations improved slightly.

Earnings from disposition of non-strategic timberlands decreased by $5 million compared with the 2Q.

Wood Products division average realizations for lumber and engineered wood products increased, and Western log costs declined. These improvements were largely offset by lower realizations for oriented strand board.

Cellulose Fibers division’s maintenance costs increased as expected due to an extended planned outage at the company's liquid packaging board facility and additional maintenance outage days within the pulp mill system. These costs were partially offset by higher average price realizations for pulp and liquid packaging board and improved sales volumes.

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900.

LESPROM -  RUSIA - 30 octubre 2014