10.31.14
Weyerhaeuser Company reported third quarter net earnings to common shareholders of $1,153 million, or $2.15 per diluted share, on net sales from continuing operations of $1.9 billion. This compares with net earnings of $157 million, or 27 cents per diluted share, on net sales from continuing operations of $1.9 billion for the same period last year.
Third quarter 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, or 33 cents per diluted share for the third quarter. This compares with net earnings from continuing operations before special items of $136 million for the same period last year and $234 million for second quarter 2014.
“We increased our quarterly dividend by 32% and repurchased $130 million of common shares in the third quarter, 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.”
Weyerhaeuser expects earnings from the Wood Products segment in the fourth quarter to be significantly lower than the third quarter, and comparable to fourth quarter 2013. The company anticipates weaker realizations in lumber and oriented strand board, and seasonally lower sales volumes across all product lines. Weyerhaeuser expects significantly higher earnings from the Cellulose Fibers segment in the fourth quarter due to reduced maintenance expense.
Third quarter 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, or 33 cents per diluted share for the third quarter. This compares with net earnings from continuing operations before special items of $136 million for the same period last year and $234 million for second quarter 2014.
“We increased our quarterly dividend by 32% and repurchased $130 million of common shares in the third quarter, 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.”
Weyerhaeuser expects earnings from the Wood Products segment in the fourth quarter to be significantly lower than the third quarter, and comparable to fourth quarter 2013. The company anticipates weaker realizations in lumber and oriented strand board, and seasonally lower sales volumes across all product lines. Weyerhaeuser expects significantly higher earnings from the Cellulose Fibers segment in the fourth quarter due to reduced maintenance expense.