Weyerhaeuser Reports Fourth Quarter Earnings of $194 Million On Net Sales of $4 Billion
Press release from the issuing company
FEDERAL WAY, Wash.---Jan. 24, 2001--Weyerhaeuser Company (NYSE:WY) today announced fourth-quarter earnings of $194 million, or 88 cents per share.
This compares with $174 million, or 79 cents per share, for the same period last year.
Net sales for the fourth quarter were $4 billion compared with $3.6 billion last year.
For the year, Weyerhaeuser reported earnings of $840 million, or $3.72 per share, compared with $527 million, or $2.56 per share, in 1999. Net sales for the year were a record $16 billion due to improved pulp and paper markets and the additions of the MacMillan Bloedel and Trus Joist operations. This compares with net sales of $12.8 billion the prior year.
The 2000 earnings include a nonrecurring item related to a nationwide settlement of hardboard siding claims. Earnings before this charge were $922 million, or $4.08 per share. Net earnings before nonrecurring items in 1999 were $681 million, or $3.31 per share. Results for 2000 reflect 53 weeks of operations compared with 52 weeks in 1999.
"Our results reflect the quality and commitment of Weyerhaeuser people to take the steps necessary to create a global leader in our industry while maintaining their focus on safety and our customers," said Steven R. Rogel, chairman, president and chief executive officer. "I'm particularly proud that we have produced these results while successfully integrating more than 13,000 employees from MacMillan Bloedel and Trus Joist into our company.
"As we ended the year, market conditions were mixed for our product lines," Rogel continued. "Our outlook for the first quarter remains cautious as we are seeing signs of a slower domestic economy and weaker Asian markets. However, lower interest rates should help maintain the current level of housing starts throughout the year. The company's focus in 2001will remain on improving operational efficiencies, streamlining delivery of internal support services and continuing to capture the synergies of the MacMillan Bloedel and Trus Joist acquisitions."
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