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—
Weyerhaeuser Company (NYSE: WY) today
reported a net loss of $175 million for the fourth quarter 2009, or
83 cents per share, on net sales from continuing operations of $1.5
billion. Last year, Weyerhaeuser reported a fourth quarter net loss
of $1.2 billion, or $5.73 per share, on net sales from continuing
operations of $1.8 billion.
For the full year 2009, Weyerhaeuser reported a net loss of $545
million, or $2.58 per share, on net sales from continuing
operations of $5.5 billion. This compares with a net loss of $1.2
billion, or $5.57 per share, on net sales from continuing
operations of $8.1 billion for 2008.
SIGNIFICANT FOURTH QUARTER 2009 AFTER-TAX ITEMS
|
|
After-Tax Gain
(Charge)
($ millions)
|
Gain (Charge)
per share
(dollars)
|
|
Alternative fuel mixture credits
|
$77
|
$0.36
|
|
Real Estate asset impairments, restructuring
and related charges
|
($67)
|
($0.31)
|
|
Forest Products asset impairments, closures,
restructuring and other charges
|
($57)
|
($0.27)
|
|
Loss on early extinguishment of debt
|
($19)
|
($0.09)
|
Excluding these items, the company reported a
net loss of $109 million, or 52 cents per share, in the fourth
quarter of 2009.
SIGNIFICANT FOURTH QUARTER 2008 AFTER-TAX
ITEMS
|
|
After-Tax Gain
(Charge)
($ millions)
|
Gain (Charge)
per share
(dollars)
|
|
Impairment of goodwill
|
($827)
|
($3.91)
|
|
Real estate-related charges
|
($313)
|
($1.48)
|
|
Ownership restructuring of Uruguay assets
|
$149
|
$0.70
|
|
Closure and restructuring activities
|
($33)
|
($0.15)
|
|
Gain on early extinguishment of debt
|
$21
|
$0.10
|
Excluding these items, the company reported a
net loss of $209 million, or 99 cents per share, in the fourth
quarter of 2008.
The weak housing market continues to present
challenges and affect our financial performance, said Dan Fulton,
president and chief executive officer. 2009 has been another tough
year and our financial results are disappointing. Despite difficult
market conditions, we made significant progress this past year to
position ourselves to rebuild revenues and earnings. We cut costs,
reduced production to meet demand, focused on cash generation, and
deferred harvest to preserve the long-term values of our
timberlands. With an eye to the future, we made changes across all
business lines to improve long-term competitiveness, implemented
plans to grow with strategic customers and announced our decision
to convert to a REIT. As we enter 2010, markets continue to be
challenging, but Im confident were positioned to deliver
significantly improved operating performance.
SUMMARY OF FOURTH QUARTER FINANCIAL
HIGHLIGHTS
|
Millions (except per share data)
|
4Q 2009
|
4Q 2008
|
Change
|
|
Net earnings (loss)
|
($175)
|
($1,212)
|
$1,037
|
|
Earnings (loss) per share
|
($0.83)
|
($5.73)
|
$4.90
|
|
Net sales from continuing operations
|
$1,455
|
$1,777
|
($322)
|
SUMMARY OF ANNUAL FINANCIAL
HIGHLIGHTS
|
Millions (except per share data)
|
2009
|
2008
|
Change
|
|
Net earnings (loss)
|
($545)
|
($1,176)
|
$631
|
|
Earnings (loss) per share
|
($2.58)
|
($5.57)
|
$2.99
|
|
Net sales from continuing operations
|
$5,528
|
$8,100
|
($2,572)
|
SEGMENT RESULTS FOR FOURTH QUARTER
Contributions (Charges) to Pre-Tax
Earnings
|
Millions
|
4Q 2009
|
4Q 2008
|
Change
|
|
Timberlands
|
$13
|
$62
|
($49)
|
|
Wood Products
|
($208)
|
($960)
|
$752
|
|
Cellulose Fibers
|
$147
|
($29)
|
$176
|
|
Real Estate
|
($89)
|
($630)
|
$541
|
TIMBERLANDS
|
|
4Q 2009
|
3Q 2009
|
Change
|
|
Contribution to pre-tax earnings
(millions)
|
$13
|
$219
|
($206)
|
4Q 2009 Performance Excluding the
pre-tax items noted below, the segments fourth quarter results
decreased $22 million.
SOURCE