FEDERAL WAY, WA - Weyerhaeuser Company (NYSE: WY) today reported fourth quarter net earnings attributable to common shareholders of $166 million, or 31 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings of $43 million, or 7 cents per diluted share, on net sales of $1.8 billion from continuing operations for the same period last year.

Earnings for the fourth quarter of 2014 include net after-tax gains of $21 million from special items. Excluding these items, the company reported net earnings of $145 million, or 27 cents per diluted share. This compares with net earnings from continuing operations before special items of $111 million, or 19 cents per diluted share for the same period last year.

For the full year 2014, Weyerhaeuser reported net earnings attributable to common shareholders of $1.8 billion, or $3.18 per diluted share, on net sales from continuing operations of $7.4 billion. This compares with net earnings of $540 million, or 95 cents per diluted share, on net sales from continuing operations of $7.3 billion for the same period last year.

Full year 2014 includes after-tax earnings of $998 million from discontinued operations related to the divestiture of Weyerhaeuser Real Estate Company and $84 million from special items. Excluding these items, the company reported net earnings of $700 million, or $1.25 per diluted share. This compares with net earnings from continuing operations before special items of $572 million, or 99 cents per diluted share, for the full year 2013.

"In 2014, we demonstrated our commitment to driving shareholder value," said Doyle Simons, president and chief executive officer. "During the year, we divested our homebuilding business to become a focused forest products company, achieved our 2014 operational excellence targets and made significant progress on our multi-year initiatives, and improved earnings from continuing operations by more than 20 percent compared with 2013. In addition, we increased our dividend by 32 percent and completed nearly 30 percent of a newly authorized $700 million share repurchase program. For 2015, we remain relentlessly focused on driving operational excellence to fully capitalize on our improving markets and delivering value to our shareholders."

⁽¹⁾ Includes net earnings from discontinued operations.
⁽²⁾ Weyerhaeuser's weighted average common shares outstanding decreased during the third quarter of 2014 due to retirement of approximately 59 million shares tendered under the exchange offer associated with the divestiture of Weyerhaeuser Real Estate Company. During the third and fourth quarters of 2014, Weyerhaeuser repurchased approximately 6 million common shares. At the end of the fourth quarter the company had approximately 524 million common shares outstanding.
⁽³⁾ Special items for 2014 include gains on a postretirement plan amendment and restructuring charges related to the company's SG&A cost reduction initiative. Special Items for 2013 are primarily related to restructuring, impairments and other charges, partially offset by tax adjustments.
⁽⁴⁾ Net change in cash and equivalents, and cash and cash equivalents at the end of the period exclude discontinued operations for all time periods presented. Third quarter 2014 includes $707 million related to the divestiture of Weyerhaeuser Real Estate Company.

4Q 2014 Performance - Western fee harvest volumes increased and log realizations improved in domestic and Japanese markets. These improvements were partially offset by weaker demand and pricing for Chinese export logs. In the South, fee harvest volumes increased and realizations improved slightly. Earnings from disposition of non-strategic timberlands decreased by $16 million compared with the third quarter.

1Q 2015 Outlook - Weyerhaeuser expects significantly higher earnings from the Timberlands segment in the first quarter. In the West, the company anticipates improved domestic volumes and realizations, partially offset by lower export log volumes. Western logging and road building costs should decline seasonally. In the South, the company expects lower fee harvest volumes due to seasonally wet weather. The company anticipates higher earnings from the disposition of non-strategic timberlands in the first quarter of 2015 compared to the fourth quarter 2014.

4Q 2014 Performance - Average realizations for lumber and oriented strand board decreased, and sales volumes declined seasonally across all product lines. Per unit manufacturing costs increased due to seasonally lower production volumes.

1Q 2015 Outlook - Weyerhaeuser expects significantly higher earnings from the Wood Products segment in the first quarter. The company expects slightly improved average realizations for lumber and oriented strand board, and higher sales and production volumes across all product lines, partially offset by higher log costs.

4Q 2014 Performance - Average pulp price realizations increased, and sales volumes fell slightly. In liquid packaging board, lower realizations and lower shipment volumes as a result of West Coast port slowdowns were offset by lower maintenance costs and higher production rates following completion of an extended outage that occurred primarily in the third quarter.

1Q 2015 Outlook - Weyerhaeuser expects significantly lower earnings from the Cellulose Fibers segment in the first quarter. The company anticipates reduced pulp price realizations, higher maintenance expense, and decreased shipment volumes for liquid packaging board due to continuing West Coast port slowdowns, partially offset by higher liquid packaging board realizations due to mix.

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.