For Immediate Release |
For More Information E-Mail. |
January 22, 1996 |
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Weyerhaeuser Reports Lower Earnings, Sales
for 1996
Weyerhaeuser Company today reported net
earnings for 1996 of $463 million or $2.34 per
common share. This compares with 1995 net
earnings of $983 million or $4.83 per common
share, before a special charge. Net sales in 1996
were $11.1 billion, compared to $11.8 billion in
1995.
"1996 was a year of mixed results,"
said President Jack Creighton. "Lower prices
for Pulp, Paper and Packaging products were in
sharp contrast with the 1995 record levels,
accounting for the decline in our 1996 earnings.
Timberlands and Wood Products, driven by solid
demand in the United States and Japan, enjoyed
continued good results despite weak panel
markets. Tight supplies and disruptions related
to the countervailing duties on imports from
Canada contributed to strong lumber
results."
Fourth-quarter net earnings for 1996 were $98
million, or 50 cents per common share, compared
with the prior years fourth-quarter
earnings of $251 million or $1.25 per common
share. Net sales in fourth quarter 1996 were $2.8
billion, down from the $3.1 billion for the
comparable quarter of 1995.
Operating earnings for Timberlands and Wood
Products for 1996 were $805 million, compared to
$808 million for the previous year. 1996 fourth
quarter operating earnings were $226 million,
compared with $183 million in the year-ago
quarter.
The companys Pulp, Paper and Packaging
businesses had operating earnings of $307 million
for the year, down from $1.18 billion for all of
1995. For the fourth quarter of 1996, earnings
were $31 million, compared to $304 million in the
comparable quarter of 1995.
The companys Real Estate and Financial
Services businesses earned $43 million in 1996,
compared with $13 million, before a special
charge, for the prior year. Those businesses
reported $22 million in earnings for the fourth
quarter of 1996, compared with $12 million in the
year-ago quarter.
"We begin 1997 with unsettled markets in
many of our businesses," Creighton said.
"But we are well positioned to benefit when
market conditions improve in our Pulp, Paper and
Packaging businesses."
Weyerhaeuser Company is one of the largest
integrated forest products companies in the
world. Its principal segments are timberlands and
wood products; pulp, paper and packaging; and
real estate and financial services. It is the
world's largest private owner of merchantable
softwood timber and producer of market pulp. It
is one of North America's largest producers of
forest products and recyclers of office
wastepaper, newspaper and corrugated boxes.
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