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. Were
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.
Weyerhaeusers 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 years
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
Copyright © 1996 Weyerhaeuser. All rights reserved.
|