ENP Newswire - 04 August 2014
Release date- 01082014 - FEDERAL WAY, Wash - Weyerhaeuser Company (NYSE: WY) today reported second quarter net earnings to common shareholders of $280 million, or 47 cents per diluted share, on net sales from continuing operations of $2.0 billion.
This compares with net earnings of $196 million, or 35 cents per diluted share, on net sales from continuing operations of $1.9 billion for the same period last year.
Earnings for second quarter 2014 include after-tax earnings of $22 million from discontinued operations. Discontinued operations relate to Weyerhaeuser Real Estate Company (WRECO), which was combined with TRI Pointe Homes, Inc. (TRI Pointe) through a Reverse Morris Trust transaction on July 7, 2014. Second quarter results also include net after-tax gains of $24 million from special items, primarily related to a postretirement plan amendment. Excluding discontinued operations and special items, the company reported net earnings of $234 million, or 40 cents per diluted share. This compares with net earnings from continuing operations before special items of $183 million, or 33 cents per diluted share, for second quarter 2013 and $143 million, or 24 cents per diluted share, for first quarter 2014.
'The strong results for each of our businesses in the second quarter reflect our relentless focus on operational excellence,' said Doyle Simons, president and chief executive officer. 'Through the recent divestiture of our homebuilding business and last year's Longview Timber acquisition, we have created a focused forest products company committed to driving operational improvements and fully capitalizing on the continued measured recovery in U.S. housing markets and the overall economy
For more information, please contact:
Analysts - Beth Baum, (253) 924-3815
Media - Anthony Chavez, (253) 924-7148