Federal Way, Wash.-based Weyerhaeuser reported net earnings of $385 million on net sales of $7.1 billion for the full year 2012. This compares with net earnings of $331 million on net sales from continuing operations of $6.2 billion for the full year 2011.
The company reported net earnings of $143 million for the fourth quarter, compared with net earnings of $65 million for the same period last year. Net sales for the fourth quarter of 2012 totaled $2.0 billion, compared with net sales of $1.6 billion for the fourth quarter of 2011.
“As I look forward to 2013, I am excited by the opportunity to build on the momentum of this past year,” said Dan Fulton, president and CEO. “In 2012, we began to realize the results of our work to position the company to capture the benefits of an improving housing market. As a result, our bottom line improved significantly, the board increased the dividend, and our total shareholder return exceeded 50%, one of the best in our industry."
Fourth-quarter net sales totaled $298 million in the timberlands segment, up from $267 million in the third quarter of 2012. Net sales were $832 million in the wood products segment, up from $816 million in the third quarter. Net sales totaled $463 million in the cellulose fibers segment, up from $459 million.
Weyerhaeuser anticipates a slight profit from single-family homebuilding in the first quarter of 2013. Home closings should decline seasonally to approximately 500 homes, with margins comparable with fourth quarter.