Weyerhaeuser profits, sales rise in Q4

Weyerhaeuser, the forest products and timberlands giant, reported fourth quarter 2017 net sales increased 16% to $1.8 billion from net sales of $1.6 billion in the fourth quarter 2016.

For the full year, Weyerhaeuser posted net sales of $7.2 billion – a 12.5% increase from 2016 net sales of $6.4 billion.

The Seattle, Wash.-based company also reported fourth quarter net earnings of $271 million compared to net earnings of $62 million in the fourth quarter 2016. Net earnings from continuing operations for the year totaled $582 million, up 40% from net earnings from continuing operations of $415 million in 2016.

Weyerhaeuser said full year 2017 results include net after-tax charges of $290 million from special items. Excluding the items, the company reported net earnings from continuing operations before special items of $872 million compared with net earnings from continuing operations before special items of $534 million for the full year 2016.

In 2017 Weyerhaeuser “simplified and optimized” its portfolio, according to CEO and president Doyle Simons, by divesting its Uruguay operations, exiting the Twin Creeks joint timberlands venture, and selling 100,000 acres of Southern timberland for collective proceeds of more than $700 million.

Fourth quarter results include a $99 million gain from the 100,000 acre sale.

“Going forward, we expect continued growth in the U.S. housing market and we remain relentlessly focused on improving performance through operational excellence, fully capitalizing on strengthening market conditions, and driving value for shareholders through disciplined capital allocation," Simons said.