Server: Microsoft-IIS/2.0 Date: Thu, 20 Nov 1997 21:46:26 GMT Content-Type: text/html Accept-Ranges: bytes Last-Modified: Tue, 18 Nov 1997 23:34:36 GMT Content-Length: 6620 1996 2nd-quarter Earnings

 

Weyerhaeuser's 1996
2nd-quarter earnings

Weyerhaeuser reported net earnings of $103.2 million, or 52 cents per common share for the second quarter of 1996 as compared with net earnings of $246.7 million or $1.21 per common share reported in the second quarter of 1995. Net sales in the second quarter of 1996 were $2.9 billion, down 4 percent from the $3 billion recorded for the comparable quarter of 1995.

These results brought 1996 first half earnings per common share to $1.24, down 44 percent from the $2.21 per common share earned in the first half of 1995. Net earnings for the 1996 first half were $245 million on net sales of $5.5 billion as compared to $453 million on net sales of $5.7 billion for the same period of 1995.

"Our 1996 second quarter results reflected lower prices for most pulp, paper and packaging products compared with the second quarter of 1995," said John W. Creighton, Jr., president and chief executive officer of Weyerhaeuser.

"We began to see improvements in pulp and paper shipments in the second quarter. In April, selective price increases were announced in some paper products, and on July 1 we raised our selling price for most grades of pulp. We’re encouraged by these increases and if such trends continue, we will see improvements in the Pulp, Paper and Packaging results in the next quarter. However, considerable uncertainty remains around growth in world markets, particularly in Europe, which is key to the rate of improvement," Creighton added.

Weyerhaeuser’s Pulp, Paper and Packaging segment operating earnings were $35 million for the second quarter of 1996 compared with $305 million for the second quarter of 1995.

Timberlands and Wood Products segment operating earnings were $217 million for the second quarter of 1996, compared with $188 million for the year-ago quarter.

"Our Timberlands and Wood Products segment realized better earnings in the second quarter of 1996 compared to last year primarily because of higher lumber prices and improved operating performance. Structural panels realizations were lower than last year’s levels because new oriented strandboard capacity continues to dampen prices. Lumber markets are strong, but uncertain, given the recent increases in mortgage interest rates and their potential impact on construction activity," Creighton said.

Weyerhaeuser Real Estate Company and Weyerhaeuser Financial Services earned $5.5 million in the quarter, compared with $0.7 million in the year-ago quarter.

about weyerhaeuser | online businesses | home | top of page

 

 

 

USE OF THIS SITE INDICATES YOUR AGREEMENT TO THE 
LEGAL TERMS AND RESTRICTIONS CONTAINED HEREIN.  
Copyright © 1996 Weyerhaeuser. All rights reserved.