Weyerhaeuser's 1996
3rd-quarter earnings
On October 15, 1996, Weyerhaeuser
reported net earnings of $119.7 million, or 60
cents per common share for the third quarter of
1996 compared with net earnings of $279.3 million
or $1.37 cents per common share before a special
charge of $184.5 reported in the third quarter of
1995.
Net sales in the third quarter of
1996 were $2.9 billion, down six percent from the
$3 billion recorded for the comparable quarter of
1995.
Third quarter results brought
year-to-date earnings per common share to $1.84,
down 49 percent compared to 1995 record earnings
of $3.58 for the same period of last year before
the special charge. Net earnings year to date
were $364.9 million on sales of $8.3 billion
compared to $732.6 million in earnings before the
special charge on sales of $8.7 billion for the
same period of 1995.
"Our 1996 third quarter
results reflected strong lumber prices in both
domestic and Japanese markets, and improving pulp
prices," said John W. Creighton Jr.,
president and chief executive officer of
Weyerhaeuser. "The higher volumes and lower
operating costs achieved by our business
improvement plans help offset continuing weak
pricing in paper and packaging products.
Operating earnings for the
Timberlands and Wood Products segment were $210
million for the third quarter of 1996 compared
with $195.8 million for the third quarter of
1995.
Third quarter 1996 Pulp, Paper
and Packaging segment operating earnings were
$78.8 million compared with $364.5 million for
the year-ago quarter.
Third quarter earnings for the
Weyerhaeuser Real Estate Company and Weyerhaeuser
Financial Services Inc. were $5.2 million
compared to a loss of $2.9 million before a
special charge in the third quarter of 1995.
Weyerhaeuser also announced that
it has repurchased 9.6 million shares of the 10
million shares of stock authorized for repurchase
by the Weyerhaeuser Company Board of Directors in
April 1995. The company said that the board has
increased the authorization by an additional one
million to a total of 11 million shares to offset
shares issued in conjunction with a recent
acquisition.
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 worlds largest private
owner of merchantable softwood timber and
producer of softwood lumber and market pulp. It
is also one of North Americas largest
producers of forest products and recyclers of
office wastepaper, newspaper and corrugated
boxes.
about
weyerhaeuser | online
businesses | home | top of page
Copyright © 1996 Weyerhaeuser. All rights reserved.
|