Weyerhaeuser Company reported 1Q net earnings to common shareholders of $90 million, or 17 cents per diluted share, on net sales of $1.7 billion. This compares with net earnings of $183 million, or 31 cents per diluted share, on net sales from continuing operations of $1.7 billion for the same period last year.
Excluding after-tax charges of $9 million for special items, the company reported net earnings of $99 million, or 19 cents per diluted share for the 1Q. This compares with net earnings from continuing operations before special items of $143 million for the same period last year and $145 million for 4Q 2014.
"We are pleased with our first quarter performance in Timberlands and Wood Products, as operational excellence efforts resulted in higher earnings compared with the fourth quarter in both businesses despite weaker market conditions," said Doyle Simons, president and CEO. "Our Cellulose Fibers business was challenged by a strengthening U.S. dollar, West Coast port disruptions, and a slower than expected restart of our largest fluff mill after a scheduled maintenance outage in the quarter. We repurchased over $250 million of common shares in the quarter, and have now completed 65% of our authorization. We look forward to an improving spring selling season and continue to expect measured growth in U.S. housing starts."
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. The company owns and controls nearly 7 million acres of timberlands, primarily in the U.S., and manage additional timberlands under long-term licenses in Canada.
