Weyerhaeuser improved 4Q net sales to $1.6 billion

Photo: Weyerhaeuser

Weyerhaeuser Company reported 4Q net earnings of $551 million, on net sales of $1.6 billion. This compares with net earnings of $59 million on net sales of $1.3 billion for the same period last year.

4Q results include after-tax earnings of $489 million from discontinued operations, primarily consisting of gains from the divestiture of the Cellulose Fibers pulp mills and printing papers business, and net after-tax charges of $44 million for special items.

Excluding discontinued operations and special items, the company reported net earnings of $106 million. This compares with net earnings from continuing operations before special items of $81 million for the same period last year and $172 million for 3Q 2016.

For the full year 2016, Weyerhaeuser reported net earnings of $1.005 billion on net sales of $6.4 billion. This compares with net earnings of $462 million on net sales of $5.2 billion for the same period last year. 2016 results include after-tax earnings of $612 million from discontinued operations related to the divested Cellulose Fibers segment.

"2016 was a transformational year for Weyerhaeuser. Through our merger with Plum Creek and the $2.5 billion divestiture of our Cellulose Fibers business, we became a focused timber, land and forest products company and nearly doubled the size of our timberland holdings," said Doyle R. Simons, president and CEO. "In addition to completing these significant portfolio changes, we increased Adjusted EBITDA by nearly 55%, delivered more than $100 million of operational excellence improvements, captured significant merger synergies, and achieved the highest annual Wood Products earnings in over a decade. Finally, we returned cash to shareholders through a $2 billion share repurchase. Entering 2017, we remain strongly committed to driving industry-leading performance, continuing to capture benefits of the merger, and demonstrating disciplined capital allocation to drive superior value for shareholders."

Weyerhaeuser Company is one of the world's largest private owners of timberlands. The company owns over 13 million acres of timberlands, primarily in the U.S.