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Weyerhaeuser Reports 2Q 2014 Results

Earnings from continuing operations before special items rise nearly 65 percent compared with first quarter

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Weyerhaeuser Company 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. Net sales from continuing operations were $1,964 million, up from $1,736  in 1Q 2014 and $1,874 in 2Q 2014.
 
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.
 
“The strong results for each of our businesses in the second quarter reflect our relentless focus on operational excellence,” said Doyle Simons, president and CEO. “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.”

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