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Weyerhaeuser Reports Third Quarter Results

- 35 percent increase in earnings compared with second quarter

- Increased quarterly dividend 7 percent

- Completed $700 million share repurchase program announced in 2014, authorized new $500 million program


News provided by

Weyerhaeuser Company

Oct 30, 2015, 03:05 ET

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Weyerhaeuser Company logo.
Weyerhaeuser Company logo.

FEDERAL WAY, Wash., Oct. 30, 2015 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported third quarter net earnings to common shareholders of $180 million, or 35 cents per diluted share. This compares with net earnings of $133 million, or 26 cents per diluted share, for second quarter 2015 and net earnings from continuing operations before special items of $178 million, or 33 cents per diluted share, for the same period last year. Third quarter 2014 net earnings of $1,153 million, or $2.15 per diluted share, included after-tax gains of $975 million from discontinued operations and special items, primarily related to the divestiture of Weyerhaeuser Real Estate Company.

Net sales for the third quarter 2015 totaled $1.8 billion, compared with net sales of $1.8 billion for the second quarter, and $1.9 billion for the third quarter 2014.

"I am very pleased with our third quarter performance, as each of our businesses leveraged operational excellence improvements to drive strong results despite market and global macroeconomic headwinds," said Doyle R. Simons, president and chief executive officer. "In addition, we delivered on our ongoing commitment to return cash to shareholders by increasing our quarterly dividend by 7 percent and have completed the $700 million share repurchase authorized in 2014. We remain relentlessly focused on driving value for our shareholders and fully capitalizing on an improving US housing market."

WEYERHAEUSER FINANCIAL HIGHLIGHTS

2015

2015

2014

(millions, except per share data)

2Q

3Q

3Q

Net sales from continuing operations

$1,807

$1,820

$1,915

Net earnings attributable to Weyerhaeuser common shareholders(1)

$133

$180

$1,153

Weighted average shares outstanding, diluted

520

517

536

Earnings per diluted share

$0.26

$0.35

$2.15

Earnings per diluted share from continuing operations

$0.26

$0.35

$0.35

Net earnings from continuing operations before special items(2)

$133

$180

$178

Earnings per diluted share from continuing operations before special items

$0.26

$0.35

$0.33

Cash and cash equivalents at end of period(3)

$1,121

$1,048

$1,620



(1)

Third quarter 2014 includes net earnings from discontinued operations of $966 million, primarily related to the gain on the divestiture of Weyerhaeuser Real Estate Company.

(2)

There were no special items for the second or third quarter of 2015. Special items for the third quarter of 2014 includes gains on a postretirement plan amendment and restructuring charges related to the company's SG&A cost reduction initiative.

(3)

Cash and cash equivalents at the end of the period exclude discontinued operations.

TIMBERLANDS




FINANCIAL HIGHLIGHTS (millions)

2Q 2015

3Q 2015

Change

Net sales

$336

$326

($10)

Contribution to pre-tax earnings

$127

$126

($1)

3Q 2015 Performance - In the West, fee harvest volumes declined due to fire season logging constraints and log sales realizations decreased due to a shift in mix from export to domestic markets. In the South, higher fee harvest volumes were offset by seasonally higher silviculture costs. Earnings from the disposition of non-strategic timberlands increased by $8 million compared with the second quarter.

4Q 2015 Outlook - Weyerhaeuser expects comparable earnings from the Timberlands segment in the fourth quarter. In the West, the company expects slightly higher fee harvest volumes and improved mix primarily due to increased shipments to Japan. In the South, the company anticipates comparable fee harvest volumes and higher logging costs.

WOOD PRODUCTS



FINANCIAL HIGHLIGHTS (millions)

2Q 2015

3Q 2015

Change

Net sales

$1,004

$1,023

$19

Contribution to pre-tax earnings

$71

$85

$14

3Q 2015 Performance - Sales volumes increased across most product lines, Western log costs declined, and manufacturing costs improved. Higher average sales realizations for oriented strand board were more than offset by lower average sales realizations for lumber.

4Q 2015 Outlook - Weyerhaeuser expects significantly lower earnings from the Wood Products segment in the fourth quarter. The company anticipates seasonally lower sales volumes, reduced operating rates, and additional planned maintenance primarily in oriented strand board. The company also expects lower average sales realizations for lumber and higher average sales realizations for oriented strand board.

CELLULOSE FIBERS



FINANCIAL HIGHLIGHTS (millions)

2Q 2015

3Q 2015

Change

Net sales

$467

$471

$4

Contribution to pre-tax earnings

$27

$79

$52

3Q 2015 Performance - Maintenance costs decreased significantly and production increased due to minimal scheduled maintenance outage days. Input costs declined, offset by lower average sales realizations for pulp and liquid packaging board.

4Q 2015 Outlook - Weyerhaeuser expects lower earnings from the Cellulose Fibers segment in the fourth quarter.  The company anticipates lower average pulp sales realizations, increased scheduled maintenance, and seasonally higher fiber costs.

ABOUT WEYERHAEUSER 
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control nearly 7 million acres of timberlands, primarily in the U.S., and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood and cellulose fibers products. Our company is a real estate investment trust. In 2014, our continuing operations generated $7.4 billion in sales and employed approximately 12,800 people who serve customers worldwide. We are listed on the Dow Jones World Sustainability Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION 
Weyerhaeuser will hold a live webcast and conference call at 7 a.m. Pacific (10 a.m. Eastern) on October 30 to discuss third quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on October 30.

To join the conference call from within North America, dial 877-296-9413 (access code: 28175672) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code: 28175672). Replays will be available for one week at 855-859-2056 (access code: 28175672) from within North America and at 404-537-3406 (access code: 28175672) from outside North America.

FORWARD LOOKING STATEMENTS 
This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations and various assumptions that are subject to risks and uncertainties. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur. If any of the events occur, there is no guarantee what effect they will have on company operations or financial condition. The company will not update these forward-looking statements after the date of this news release.

Some forward-looking statements discuss the company's plans, strategies, expectations and intentions. They use words such as "expects," "may," "will," "believes," "should," "approximately," "anticipates," "estimates," and "plans."  In addition, these words may use the positive or negative or other variations of those and similar words.

This release contains forward-looking statements regarding the company's expectations during the fourth quarter of 2015, including with respect to: earnings; harvest and shipment volumes, and costs in Timberlands; sales volumes, operating rates, planned maintenance, and average sales realizations in Wood Products; and pulp sales realizations, fiber costs, and scheduled maintenance in Cellulose Fibers.

For more information contact:
Analysts - Beth Baum or Denise Merle, 253-924-2058
Media - Anthony Chavez, 253-924-7148

Weyerhaeuser Company

Exhibit 99.2

Q3.2015 Analyst Package


Preliminary results (unaudited)




Consolidated Statement of Operations











in millions

Q2


Q3


Year-to-date


June 30,
2015


September 30,
2015


September 30,
2014


September 30,
2015


September 30,
2014

Net Sales

$         1,807


$              1,820


$              1,915


$              5,348


$              5,615

Cost of products sold

1,474


1,445


1,504


4,304


4,364

Gross margin

333


375


411


1,044


1,251

Selling expenses

28


27


28


83


83

General and administrative expenses

71


60


73


205


249

Research and development expenses

6


6


5


17


19

Charges for restructuring, closures and impairments

—


2


10


16


37

Other operating costs (income), net

(15)


21


(23)


21


(163)

Operating income

243


259


318


702


1,026

Interest income and other

2


4


7


9


27

Interest expense, net of capitalized interest

(88)


(88)


(88)


(259)


(254)

Earnings from continuing operations before income taxes

157


175


237


452


799

Income tax (expense) benefit

(13)


16


(39)


(16)


(148)

Earnings from continuing operations

144


191


198


436


651

Earnings from discontinued operations, net of income taxes

—


—


966


—


998

Net earnings

144


191


1,164


436


1,649

Add: net loss attributable to noncontrolling interests

—


—


—


—


—

Dividends on preference shares

(11)


(11)


(11)


(33)


(33)

Net earnings attributable to Weyerhaeuser common shareholders

$            133


$                  180


$              1,153


$                  403


$              1,616


Per Share Information



Q2


Q3


Year-to-date


June 30,
2015


September 30,
2015


September 30,
2014


September 30,
2015


September 30,
2014

Earnings per share attributable to Weyerhaeuser common shareholders, basic:










Continuing operations

$            0.26


$                  0.35


$                  0.35


$                  0.78


$                  1.09

Discontinued operations

—


—


1.82


—


1.76

Net earnings per share

$            0.26


$                  0.35


$                  2.17


$                  0.78


$                  2.85

Earnings per share attributable to Weyerhaeuser common shareholders, diluted:










Continuing operations

$            0.26


$                  0.35


$                  0.35


$                  0.77


$                  1.08

Discontinued operations

—


—


1.80


—


1.75

Net earnings per share

$            0.26


$                  0.35


$                  2.15


$                  0.77


$                  2.83

Dividends paid per common share

$            0.29


$                  0.31


$                  0.29


$                  0.89


$                  0.73

Weighted average shares outstanding (in thousands):










Basic

516,626


514,301


531,913


518,121


567,436

Diluted

519,804


517,088


536,012


521,455


571,503

Common shares outstanding at end of period (in thousands)

514,121


511,033


525,485


511,033


525,485











Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*











in millions

Q2


Q3


Year-to-date


June 30,
2015


September 30,
2015


September 30,
2014


September 30,
2015


September 30,
2014

Net earnings

$             144


$                   191


$                1,164


$                   436


$                1,649

Earnings from discontinued operations, net of income taxes

—


—


(966)


—


(998)

Interest income and other

(2)


(4)


(7)


(9)


(27)

Interest expense, net of capitalized interest

88


88


88


259


254

Income tax expense (benefit)

13


(16)


39


16


148

Operating income

243


259


318


702


1,026

Depreciation, depletion and amortization

118


118


123


359


368

Non-operating pension and postretirement credits

(3)


(2)


(12)


(8)


(33)

Special items

—


—


(15)


13


(103)

Adjusted EBITDA*

$            358


$                  375


$                  414


$              1,066


$              1,258

* Non-GAAP measure - see page 8 for definition.










Weyerhaeuser Company



Q3.2015 Analyst Package





Preliminary results (unaudited)





Consolidated Balance Sheet







in millions

June 30,
2015


September 30,
2015


December 31,
2014


ASSETS






Current assets:






Cash and cash equivalents

$              1,121


$                1,048


$               1,580

Receivables, less allowances

537


545


525

Receivables for taxes

12


14


25

Inventories

603


590


595

Prepaid expenses

82


87


80

Deferred tax assets

162


218


228

Total current assets

2,517


2,502


3,033

Property and equipment, net

2,557


2,484


2,623

Construction in progress

171


231


131

Timber and timberlands at cost, less depletion charged to disposals

6,531


6,507


6,530

Investments in and advances to equity affiliates

176


174


188

Goodwill

40


40


40

Deferred tax assets

2


—


8

Other assets

274


267


289

Restricted financial investments held by variable interest entities

615


615


615

Total assets

$          12,883


$            12,820


$           13,457







LIABILITIES AND EQUITY






Current liabilities:






Accounts payable

$                 343


$                   344


$                  331

Accrued liabilities

576


554


587

Total current liabilities

919


898


918

Long-term debt

4,891


4,891


4,891

Long-term debt (nonrecourse to the company) held by variable interest entities

511


511


511

Deferred income taxes

196


259


206

Deferred pension and other postretirement benefits

1,166


1,106


1,319

Other liabilities

275


277


308

Total liabilities

7,958


7,942


8,153

Total equity

4,925


4,878


5,304

Total liabilities and equity

$          12,883


$            12,820


$           13,457

Weyerhaeuser Company

Q3.2015 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Cash Flows











in millions

Q2


Q3


Year-to-date


June 30,
2015


September 30,
2015


September 30,
2014


September 30,
2015


September 30,
2014

Cash flows from operations:










Net earnings

$        144


$                   191


$                1,164


$             436


$          1,649

Noncash charges (credits) to income:










Depreciation, depletion and amortization

118


118


123


359


375

Deferred income taxes, net

3


(6)


45


10


170

Pension and other postretirement benefits

11


11


(13)


32


(104)

Share-based compensation expense

8


6


9


22


29

Charges for impairment of assets

—


1


—


14


1

Net gains on dispositions of assets

(5)


(9)


(1,002)


(30)


(1,048)

Foreign exchange transaction (gains) losses

(8)


20


13


41


15

Change in:










Receivables less allowances

(10)


(15)


20


(41)


(28)

Receivable for taxes

12


(3)


13


11


77

Inventories

42


6


8


(9)


(46)

Real estate and land

—


—


(26)


—


(133)

Prepaid expenses

9


—


6


(2)


6

Accounts payable and accrued liabilities

66


(22)


21


(47)


(76)

Deposits on land positions and other assets

—


—


7


—


15

Pension and postretirement contributions

(19)


(20)


(22)


(59)


(85)

Other

(5)


4


(13)


(12)


(33)

Net cash from operations

366


282


353


725


784











Cash flows from investing activities:










Property and equipment

(99)


(106)


(105)


(276)


(239)

Timberlands reforestation

(9)


(6)


(7)


(33)


(32)

Acquisition of timberlands

—


(2)


—


(34)


—

Net proceeds from Real Estate Divestiture, net of cash divested

—


—


707


—


707

Proceeds from sale of assets

4


1


4


7


24

Other

12


—


25


12


25

Cash from investing activities

(92)


(113)


624


(324)


485











Cash flows from financing activities:










Net proceeds from issuance of Weyerhaeuser Real Estate
Company (WRECO) debt

—


—


—


—


887

Deposit of WRECO debt proceeds into escrow

—


—


—


—


(887)

Cash dividends on common shares

(149)


(159)


(154)


(460)


(411)

Cash dividends on preference shares

(11)


(11)


(11)


(22)


(22)

Change in book overdrafts

—


—


(11)


—


(17)

Payments on debt

—


—


—


—


—

Exercises of stock options

4


4


30


29


84

Repurchase of common stock

(154)


(77)


(123)


(484)


(123)

Other

(1)


1


4


4


5

Cash from financing activities

(311)


(242)


(265)


(933)


(484)











Net change in cash and cash equivalents

(37)


(73)


712


(532)


785

Cash and cash equivalents at beginning of period

1,158


1,121


908


1,580


835

Cash and cash equivalents at end of period

$     1,121


$                1,048


$                1,620


$          1,048


$          1,620

Cash paid (received) during the year for:










Interest, net of amount capitalized

$          58


$                   118


$                   100


$             290


$             253

Income taxes

$            4


$                     (1)


$                       5


$                4


$             (40)

Weyerhaeuser Company

Total Company Statistics

Q3.2015 Analyst Package

Preliminary results (unaudited)


Special Items Included in Net Earnings











in millions

Q2


Q3


Year-to-date


June 30,
2015


September 30,
2015


September 30,
2014


September 30,
2015


September 30,
2014

Net earnings attributable to Weyerhaeuser common shareholders

$          133


$                  180


$              1,153


$                  403


$              1,616

Restructuring, impairments and other charges

—


—


6


9


24

Gain on sale of non-strategic asset

—


—


—


—


(14)

Gain on postretirement plan amendment

—


—


(15)


—


(73)

Net earnings attributable to Weyerhaeuser common shareholders before special items

133


180


1,144


412


1,553

Earnings from discontinued operations, net of income taxes

—


—


(966)


—


(998)

Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items

$          133


$                  180


$                  178


$                  412


$                  555












Q2


Q3


Year-to-date


June 30,
2015


September 30,
2015


September 30,
2014


September 30,
2015


September 30,
2014

Net earnings per diluted share attributable to Weyerhaeuser common shareholders

$         0.26


$                 0.35


$                 2.15


$                 0.77


$                 2.83

Restructuring, impairments and other charges

—


—


0.01


0.02


0.04

Gain on sale of non-strategic asset

—


—


—


—


(0.02)

Gain on postretirement plan amendment

—


—


(0.03)


—


(0.13)

Net earnings per diluted share attributable to Weyerhaeuser common shareholders before special items

0.26


—


2.13


0.79


2.72

Earnings from discontinued operations, net of income taxes

—


—


(1.80)


—


(1.75)

Net earnings from continuing operations per diluted share attributable to Weyerhaeuser common shareholders before special items

$         0.26


$                 0.35


$                 0.33


$                 0.79


$                 0.97


Selected Total Company Items


in millions

Q2


Q3


Year-to-date


June 30,
2015


September 30,
2015


September 30,
2014


September 30,
2015


September 30,
2014

Depreciation, depletion and amortization:










Cost of products sold

$            116


$                   116


$                   117


$                   350


$                   351

Selling, general and administrative expenses

2


2


6


9


17

Total depreciation, depletion and amortization

$            118


$                   118


$                   123


$                   359


$                   368











Pension and postretirement costs:










Pension and postretirement costs allocated to business segments

$              14


$                     13


$                     11


$                     40


$                     33

Pension and postretirement credits not allocated

(3)


(2)


(12)


(8)


(33)

Total company pension and postretirement costs

$              11


$                     11


$                     (1)


$                     32


$                     —











Total decrease (increase) in working capital(1)

$            161


$                   (79)


$                   106


$                   (25)


$                   (15)

Cash spent for capital expenditures

$          (108)


$                 (112)


$                 (112)


$                 (309)


$                 (267)

(1) Working capital does not include cash balances.










Weyerhaeuser Company

Timberlands Segment

Q3.2015 Analyst Package

Preliminary results (unaudited)














Segment Statement of Operations












in millions


Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Sales to unaffiliated customers

$         336


$         326


$           364


$        1,013


$        1,138

Intersegment sales

187


210


218


625


642

Total net sales

523


536


582


1,638


1,780

Cost of products sold

385


401


432


1,191


1,262

Gross margin

138


135


150


447


518

Selling expenses

1


1


2


4


6

General and administrative expenses

21


21


23


64


72

Research and development expenses

4


3


4


10


11

Charges for restructuring, closures and impairments

—


—


1


—


1

Other operating income, net

(15)


(16)


(16)


(46)


(42)

Operating income

127


126


136


415


470

Interest income and other

—


—


—


—


—

Net contribution to earnings

$        127


$        126


$          136


$          415


$          470












Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*












in millions


Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Operating income

$        127


$        126


$          136


$          415


$          470

Depreciation, depletion and amortization

51


51


51


155


154

Adjusted EBITDA*

$        178


$        177


$          187


$          570


$          624

* Non-GAAP measure - see page 8 for definition.





















Selected Segment Items












in millions


Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Total decrease (increase) in working capital(1)

$           52


$          (12)


$             25


$             14


$           (19)

Cash spent for capital expenditures

$          (17)


$          (17)


$           (19)


$           (58)


$           (56)

(1) Working capital does not include cash balances.





















Segment Statistics













Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Third Party 
Net Sales 
(millions)

Logs:










West

$         221


$         196


$           227


$           627


$           745

South

58


64


69


180


191

Canada

3


6


5


17


12

Total logs

282


266


301


824


948

Chip sales

4


4


4


12


9

Timberlands exchanges

5


12


17


42


49

Higher and better use land sales

3


4


4


9


14

Minerals, oil and gas

5


7


10


19


25

Products from international operations

25


20


22


69


72

Other products

12


13


6


38


21

Total

$         336


$         326


$           364


$        1,013


$        1,138

Logs
Third Party Sales
Realizations
(per cubic meter)

West

$      94.70


$      93.44


$      102.23


$        95.63


$      108.64

South

$      45.20


$      45.96


$        45.30


$        45.51


$        45.12

Canada

$      35.43


$      35.50


$        37.75


$        35.15


$        36.65

International

$      22.63


$      18.71


$        19.95


$        20.29


$        17.88

Logs
Third Party Sales
Volumes
(cubic meters, thousands)

West

2,330


2,104


2,223


6,554


6,859

South

1,295


1,396


1,500


3,962


4,224

Canada

75


159


152


479


338

International

179


175


170


504


456

Total

3,879


3,834


4,045


11,499


11,877

Logs
Fee Harvest Volumes
(cubic meters, thousands)

West

2,811


2,666


2,656


8,388


8,419

South

2,912


3,008


2,950


8,652


8,531

International

219


200


232


658


730

Total

5,942


5,874


5,838


17,698


17,680

Weyerhaeuser Company

Wood Products Segment

Q3.2015 Analyst Package


Preliminary results (unaudited)















Segment Statement of Operations  












in millions


Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Sales to unaffiliated customers

$        1,004


$        1,023


$        1,048


$        2,950


$         3,023

Intersegment sales

22


20


20


61


60

Total net sales

1,026


1,043


1,068


3,011


3,083

Cost of products sold

903


914


910


2,646


2,640

Gross margin

123


129


158


365


443

Selling expenses

23


23


22


69


70

General and administrative expenses

26


21


31


74


98

Research and development expenses

1


1


—


2


3

Charges for restructuring, closures and impairments

—


1


—


1


2

Other operating costs (income), net

2


(2)


—


1


(1)

Operating income

71


85


105


218


271

Interest income and other

—


—


—


—


—

Net contribution to earnings

$            71


$            85


$          105


$         218


$           271












Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*












in millions


Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Operating income

$            71


$            85


$          105


$         218


$           271

Depreciation, depletion and amortization

27


26


30


79


89

Adjusted EBITDA*

$            98


$          111


$          135


$         297


$           360

* Non-GAAP measure - see page 8 for definition.





















Selected Segment Items












in millions


Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Total decrease (increase) in working capital(1)

$             42


$             23


$             41


$           (34)


$             (67)

Cash spent for capital expenditures

(60)


(60)


(56)


(165)


(112)

(1) Working capital does not include cash balances.





















Segment Statistics












in millions, except for third-party sales realizations

Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Structural Lumber
(board feet)

Third party net sales

$           450


$           455


$           500


$        1,339


$         1,442

Third party sales realizations

$           383


$           372


$           431


$           385


$            430

Third party sales volumes(1)

1,175


1,224


1,162


3,474


3,357

Production volumes

1,087


1,087


1,049


3,217


3,139

Outside purchase volumes

98


92


91


279


251

Engineered Solid
Section
(cubic feet)

Third party net sales

$           113


$           116


$           104


$           323


$            308

Third party sales realizations

$        2,032


$        2,043


$        2,031


$        2,016


$         1,989

Third party sales volumes(1)

5.6


5.6


5.1


16


15.5

Production volumes

5.6


5.2


5.2


15.8


15.8

Outside purchase volumes

—


—


—


—


2.3

Engineered
I-joists
(lineal feet)

Third party net sales

$             76


$             79


$             74


$           216


$            214

Third party sales realizations

$        1,502


$        1,520


$        1,540


$        1,511


$         1,489

Third party sales volumes(1)

50


52


49


143


144

Production volumes

48


50


50


141


149

Outside purchase volumes

1


2


1


4


5

Oriented Strand
Board
(square feet 3/8')

Third party net sales

$           147


$           151


$           157


$           435


$            464

Third party sales realizations

$           191


$           194


$           215


$           194


$            223

Third party sales volumes(1)

771


778


732


2,249


2,079

Production volumes

700


746


717


2,150


2,055

Outside purchase volumes

82


77


52


223


156

Softwood Plywood
(square feet 3/8')

Third party net sales

$             36


$             33


$             42


$           102


$            107

Third party sales realizations

$           354


$           330


$           381


$           349


$            355

Third party sales volumes(1)

101


100


110


290


302

Production volumes

63


67


72


191


191

Outside purchase volumes

27


27


31


91


100


(1) Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

Weyerhaeuser Company

Cellulose Fibers Segment

Q3.2015 Analyst Package


Preliminary results (unaudited)















Segment Statement of Operations












in millions


Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Total net sales

$        467


$        471


$        503


$         1,385


$         1,454

Cost of products sold

417


371


427


1,182


1,198

Gross margin

50


100


76


203


256

Selling expenses

4


3


3


10


11

General and administrative expenses

17


16


18


50


58

Research and development expenses

1


2


1


5


5

Other operating income, net

(6)


(5)


(6)


(19)


(23)

Operating income

34


84


60


157


205

Interest income and other

(7)


(5)


(1)


(18)


(1)

Net contribution to earnings

$          27


$          79


$          59


$            139


$            204












Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*












in millions


Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Operating income

$           34


$           84


$           60


$             157


$             205

Depreciation, depletion and amortization

38


39


39


116


116

Adjusted EBITDA*

$          72


$        123


$          99


$            273


$            321

* Non-GAAP measure - see page 8 for definition.





















Selected Segment Items












in millions


Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Total decrease (increase) in working capital(1)

$             6


$         (24)


$           39


$               22


$               33

Cash spent for capital expenditures

(31)


(27)


(36)


(85)


(97)

(1) Working capital does not include cash balances.





















Segment Statistics














Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Pulp
(air-dry metric tons)

Third party net sales (millions)

$         368


$         383


$         408


$          1,111


$          1,154

Third party sales realizations

$         823


$         818


$         858


$             831


$             843

Third party sales volumes (thousands)

448


468


474


1,337


1,368

Production volumes (thousands)

422


477


465


1,341


1,391

Liquid
Packaging
Board
(metric tons)

Third party net sales (millions)

$           84


$           74


$           80


$             232


$             247

Third party sales realizations

$      1,218


$      1,168


$      1,307


$          1,194


$          1,275

Third party sales volumes (thousands)

69


63


62


194


194

Production volumes (thousands)

64


68


53


192


195

Weyerhaeuser Company

Unallocated Items

Q3.2015 Analyst Package


Preliminary results (unaudited)














Unallocated items are gains or charges not related to or allocated to an individual operating segment. They include a portion of items such as: share-based compensation, pension and postretirement costs, foreign exchange transaction gains and losses associated with financing and the elimination of intersegment profit in inventory and the LIFO reserve.











Contribution to Earnings











in millions

Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Unallocated corporate function expenses

$          (7)


$           (4)


$          (3)


$           (20)


$           (17)

Unallocated share-based compensation

1


6


1


10


(2)

Unallocated pension & postretirement credits

3


2


35


8


146

Foreign exchange gains (losses)

9


(20)


(14)


(40)


(16)

Elimination of intersegment profit in inventory and LIFO

18


3


12


9


(8)

Other

(13)


(23)


(14)


(55)


(23)

Operating income (loss)

11


(36)


17


(88)


80

Interest income and other

9


9


8


27


28

Net contribution to earnings from continuing operations(1)

$        20


$        (27)


$        25


$          (61)


$         108


(1) We have reclassified certain results from the prior periods to present the results of operations discontinued in 2014 separately.
Our reclassifications had no effect on net earnings or Weyerhaeuser shareholders' interest.





















Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*











in millions

Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Operating income (loss)

$        11


$        (36)


$        17


$          (88)


$            80

Depreciation, depletion and amortization

2


2


3


9


9

Non-operating pension and postretirement credits

(3)


(2)


(12)


(8)


(33)

Special items

—


—


(15)


13


(103)

Adjusted EBITDA*

$        10


$        (36)


$         (7)


$          (74)


$          (47)

* Non-GAAP measure - see below for definition.




















Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)











in millions

Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Gain on postretirement plan amendment

$         —


$           —


$         23


$            —


$           113

Restructuring, impairments and other charges

—


—


(8)


(13)


(32)

Gain on sale of non-strategic asset

—


—


—


—


22

Total

$         —


$          —


$        15


$          (13)


$         103











Unallocated Selected Items











in millions

Q2.2015


Q3.2015


Q3.2014


YTD.2015


YTD.2014

Total decrease (increase) in working capital(1)

$         61


$         (66)


$           1


$         (132)


$             38

Cash spent for capital expenditures

$         —


$           —


$          (1)


$             (1)


$             (2)

(1) Working capital does not include cash balances.




















*Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income from continuing operations adjusted for depreciation, depletion, amortization, pension and postretirement costs not allocated to business segments (primarily interest cost, expected return on plan assets, amortization of actuarial loss and amortization of prior service cost/credit), special items and discontinued operations. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.

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SOURCE Weyerhaeuser Company

Related Links

http://www.weyerhaeuser.com

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