Top-News
Freitag,
28.04.2017 09:05
von
PR Newswire
| Aufrufe: 118
Weyerhaeuser reports first quarter results
Baumstämme mit einem Wald im Hintergrund. (Symbolbild)
© catalby / iStock / Getty Images Plus / Getty Images
http://www.gettyimages.de/
PR Newswire
SEATTLE, April 28, 2017
SEATTLE, April 28, 2017 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported first quarter net earnings to common shareholders of $157 million, or 21 cents per diluted share, on net sales of $1.7 billion. This compares with earnings from continuing operations of $61 million, or 8 cents per diluted share, on net sales of $1.4 billion for the same period last year.
Excluding an after-tax special item of $10 million for merger-related costs, the company reported net earnings of $167 million, or 22 cents per diluted share for the first quarter. This compares with net earnings from continuing operations before special items of $126 million for the same period last year and $106 million for fourth quarter 2016.
"I am very pleased with our first quarter performance, as our employees capitalized on operational excellence improvements, merger-related synergies and strengthening market conditions to deliver outstanding results," said Doyle R. Simons, president and chief executive officer. "In addition, we achieved our increased $125 million run-rate merger cost synergy target. Looking forward, we remain relentlessly focused on leveraging merger synergies and operational improvements to drive industry leading performance and superior value for our shareholders."
WEYERHAEUSER FINANCIAL HIGHLIGHTS
Weyerhaeuser merged with Plum Creek Timber Company, Inc. (Plum Creek) on February 19, 2016. The financial statements presented within this release include Plum Creek financial results from February 19, 2016 forward.
During 2016, Weyerhaeuser sold its Cellulose Fibers businesses. Results for the Cellulose Fibers segment are presented as discontinued operations.
| WEYERHAEUSER FINANCIAL HIGHLIGHTS | 2016 | | 2017 | | 2016 | | |||
| (millions, except per share data) | 4Q | | 1Q | | 1Q | | |||
| Net sales | $1,596 | | $1,693 | | $1,405 | | |||
| Earnings from continuing operations | $62 | | $157 | | $61 | | |||
| Net earnings attributable to Weyerhaeuser common shareholders | $551 | | $157 | | $70 | | |||
| Earnings per diluted share from continuing operations | $0.08 | | $0.21 | | $0.08 | | |||
| Net earnings per diluted share | $0.73 | | $0.21 | | $0.11 | | |||
| | | | | | | | |||
| Weighted average shares outstanding, diluted(1) | 753 | | 755 | | 635 | | |||
| Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items(2) | $106 | | $167 | | $126 | | |||
| Net earnings from continuing operations per diluted share attributable to Weyerhaeuser common shareholders before special items | $0.14 | | $0.22 | | $0.20 | | |||
| | | | | | | | |||
| Adjusted EBITDA(3) | $400 | | $454 | | $336 | | |||
| | | | | | | | |||
| (1) In first quarter 2016, Weyerhaeuser issued approximately 279 million shares in conjunction with the Plum Creek merger. During 2016, Weyerhaeuser repurchased approximately 68 million shares to complete our $2 billion accelerated repurchase commitment, part of the $2.5 billion repurchase authorization announced in conjunction with the merger transaction. In third quarter 2016, the company issued approximately 23 million shares as a result of the conversion of its mandatory convertible preference shares. | |||||||||
| (2) Special items for first quarter 2017 include after-tax charges of $10 million for Plum Creek merger-related costs. Fourth quarter 2016 includes after-tax special charges of $24 million for a tax adjustment, $11 million for Plum Creek merger-related costs and non-cash charges of $9 million related to legacy real estate projects. First quarter 2016 after-tax special items include $98 million of Plum Creek merger related costs and a $22 million gain on the sale of the company's Federal Way headquarters campus. | |||||||||
| (3) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income from continuing operations, adjusted for depreciation, depletion, amortization, basis of real estate sold, unallocated pension service costs and special items. Adjusted EBITDA excludes results from joint ventures. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results. A reconciliation of Adjusted EBITDA to GAAP earnings is included within this release. | |||||||||
| | | | | | | | | | |
TIMBERLANDS
| FINANCIAL HIGHLIGHTS (millions) | 4Q 2016 | | 1Q 2017 | | Change |
| Net sales | $672 | | $688 | | $16 |
| Contribution to pre-tax earnings | $123 | | $148 | | $25 |
| Adjusted EBITDA | $223 | | $242 | | $19 |
1Q 2017 Performance - In the West, domestic and export sales realizations increased compared to the fourth quarter as wet weather limited domestic log supply and customer demand remained strong. Fee harvest volumes increased, and logging and road costs decreased as harvest activity shifted into lower elevation tracts. In the South, fee harvest volumes decreased and average sales realizations declined slightly due to a higher proportion of pulpwood sales. The Timberlands segment continued to benefit from merger-related operational synergies during the quarter.
2Q 2017 Outlook - Weyerhaeuser anticipates second quarter earnings and Adjusted EBITDA from the Timberlands segment will be comparable to the second quarter of 2016. In the West, the company expects average sales realizations to increase slightly in the second quarter compared with the first quarter, more than offset by lower harvest volumes and higher logging, road and silviculture costs. In the South, the company anticipates seasonally higher silviculture costs compared with first quarter, partially offset by higher harvest volumes. Average log sales realizations in the South are anticipated to be roughly comparable to first quarter levels.
REAL ESTATE, ENERGY & NATURAL RESOURCES
| FINANCIAL HIGHLIGHTS (millions) | 4Q 2016 | | 1Q 2017 | | Change |
| Net sales | $102 | | $53 | | ($49) |
| Contribution to pre-tax earnings | $13 | | $26 | | $13 |
| Pre-tax charge for special items | $14 | | $0 | | ($14) |
| Contribution to pre-tax earnings before special items | $27 | | $26 | | ($1) |
| Adjusted EBITDA | $90 | | $43 | | ($47) |
1Q 2017 Performance - First quarter Real Estate sales decreased seasonally compared with the fourth quarter. Earnings before special items were comparable due to a lower average land basis on the mix of properties sold. Energy & Natural Resources earnings and Adjusted EBITDA were similar to the fourth quarter.
Werbung
Mehr Nachrichten zur Weyerhaeuser Company Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
-1
Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink.
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.
