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.
HBSDealer Stock Watch: Thursday’s mixed bag
After a couple downward days on the Stock Watch, decliners slightly outnumbered gainers Thursday.
The biggest percentage swing was scored by TSCO, down 6.3%. USG also took a sharp dive, down 5.95%. Among gainers, DOOR, BECN and BLDR all rose more than 2%.
Eye on Retail: Art Van Furniture opens flagship in Michigan
The fast-growing Art Van Furniture unveiled a new look at its just-opened flagship in Canton, Michigan. It’s the first furniture store to be built “from the ground up” in Michigan in two decades.
The two-story, 70,000-sq.-ft. showroom has a contemporary, open floor plan and a comfortable ambiance that fosters a relaxed shopping experience. A striking glass exterior allows natural light to stream into the space. The first level of the store showcases several of the retailer’s popular departments, including Magnolia Home by Joanna Gaines, Detroit Sofa Co. and Urban, as well as lifestyle galleries. The second level features Art Van PureSleep, Outlet and dining room and bedroom galleries. A custom, 20-foot by 13-foot sculpture is suspended above the escalator at the center of the store.
Art Van Furniture operates 181 locations in nine states under a variety of banners, including Art Van Furniture, Art Van PureSleep, Art Van Flooring, Levin Mattress, Wolf Furniture and others. Founder Art Van Elslander sold the company to private equity firm Thomas H. Lee Partners in January 2017.