FEDERAL WAY, Wash. - Weyerhaeuser Company (NYSE: WY) today reported second quarter net earnings to common shareholders of $157 million, or $0.21 per diluted share, on net sales from continuing operations of $1.7 billion. This compares with net earnings of $133 million, or $0.26 per diluted share, on net sales from continuing operations of $1.3 billion for the same period last year.
Second quarter results include after-tax earnings of $38 million from discontinued operations. Discontinued operations include the entirety of the company's Cellulose Fibers segment, which is comprised of pulp mills, a liquid packaging board facility, and a printing papers joint venture. Second quarter results also include net after-tax charges of $11 million from special items. Excluding these items, the company reported net earnings of $130 million, or $0.17 per diluted share for the second quarter. This compares with net earnings from continuing operations before special items of $114 million for the same period last year and $126 million for first quarter of 2016.
"Our businesses delivered solid second quarter operating results, with Wood Products capitalizing on improving markets and ongoing operational excellence initiatives to report its strongest quarter in over a decade," said Doyle R. Simons, president and CEO. "During the quarter we also announced the sale of our pulp and liquid packaging board facilities, repurchased over $830 million of common shares, and made strong progress on merger integration activities. Going forward, we remain relentlessly focused on successfully integrating Plum Creek, and fully capturing cost and operational synergies to drive superior value for our shareholders."
For more information, see weyerhauser.com.
Have something to say? Share your thoughts with us in the comments below.