Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WEYERHAEUSER CO | wyq2118kearningsrelease.htm |
| EX-99.1 - PRESS RELEASE OF WEYERHAEUSER COMPANY ISSUED JULY 29, 2011 - WEYERHAEUSER CO | wyq2ex-991.htm |
Exhibit 99.2
Weyerhaeuser Company
Q2.2011 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Operations
in millions | Q1 | Q2 | Year-to-date | |||||||||||||||||
March 31, 2011 | June 30, 2011 | June 30, 2010 | June 30, 2011 | June 30, 2010 | ||||||||||||||||
Net sales and revenues | $ | 1,422 | $ | 1,610 | $ | 1,641 | $ | 3,032 | $ | 2,924 | ||||||||||
Cost of products sold | 1,177 | 1,343 | 1,314 | 2,520 | 2,416 | |||||||||||||||
Gross margin | 245 | 267 | 327 | 512 | 508 | |||||||||||||||
Selling, general and administrative expenses | 172 | 145 | 162 | 317 | 318 | |||||||||||||||
Research and development expenses | 7 | 7 | 8 | 14 | 16 | |||||||||||||||
Charges for restructuring, closures and impairments | 4 | 7 | 4 | 11 | 6 | |||||||||||||||
Other operating income, net | (174 | ) | (19 | ) | (2 | ) | (193 | ) | (72 | ) | ||||||||||
Operating income | 236 | 127 | 155 | 363 | 240 | |||||||||||||||
Interest income and other | 11 | 9 | 12 | 20 | 54 | |||||||||||||||
Interest expense, net of capitalized interest | (93 | ) | (117 | ) | (155 | ) | (210 | ) | (261 | ) | ||||||||||
Earnings from continuing operations before income taxes | 154 | 19 | 12 | 173 | 33 | |||||||||||||||
Income taxes | (56 | ) | 4 | (4 | ) | (52 | ) | (42 | ) | |||||||||||
Earnings (loss) from continuing operations | 98 | 23 | 8 | 121 | (9 | ) | ||||||||||||||
Earnings (loss) from discontinued operations, net of income taxes | 1 | (13 | ) | 6 | (12 | ) | 5 | |||||||||||||
Net earnings (loss) | 99 | 10 | 14 | 109 | (4 | ) | ||||||||||||||
Less: net earnings attributable to noncontrolling interests | — | — | — | — | (2 | ) | ||||||||||||||
Net earnings (loss) attributable to Weyerhaeuser common shareholders | $ | 99 | $ | 10 | $ | 14 | $ | 109 | $ | (6 | ) | |||||||||
Per Share Information | ||||||||||||||||||||
Q1 | Q2 | Year-to-date | ||||||||||||||||||
March 31, 2011 | June 30, 2011 | June 30, 2010 | June 30, 2011 | June 30, 2010 | ||||||||||||||||
Earnings (loss) per share attributable to Weyerhaeuser common shareholders, basic and diluted: | ||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | 0.04 | $ | 0.04 | $ | 0.22 | $ | (0.05 | ) | |||||||||
Discontinued operations | — | (0.02 | ) | 0.03 | (0.02 | ) | 0.02 | |||||||||||||
Net earnings (loss) per share | $ | 0.18 | $ | 0.02 | $ | 0.07 | $ | 0.20 | $ | (0.03 | ) | |||||||||
Dividends paid per share | $ | 0.15 | $ | 0.15 | $ | 0.05 | $ | 0.30 | $ | 0.10 | ||||||||||
Weighted average shares outstanding (in thousands): | ||||||||||||||||||||
Basic | 537,140 | 538,599 | 211,600 | 537,873 | 211,521 | |||||||||||||||
Diluted | 540,476 | 541,095 | 212,103 | 540,790 | 211,521 | |||||||||||||||
Common shares outstanding at end of period (in thousands) | 538,408 | 538,640 | 211,609 | 538,640 | 211,609 | |||||||||||||||
Page 1 of 9
Weyerhaeuser Company
Q2.2011 Analyst Package
Preliminary results, subject to audit
Consolidated Balance Sheet
in millions | March 31, 2011 | June 30, 2011 | December 31, 2010 | ||||||||
ASSETS | |||||||||||
Forest Products: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,459 | $ | 877 | $ | 1,466 | |||||
Receivables, less allowances | 505 | 533 | 451 | ||||||||
Inventories | 544 | 513 | 478 | ||||||||
Prepaid expenses | 85 | 115 | 81 | ||||||||
Deferred tax assets | 155 | 167 | 113 | ||||||||
Total current assets | 2,748 | 2,205 | 2,589 | ||||||||
Property and equipment, net | 3,151 | 3,083 | 3,217 | ||||||||
Construction in progress | 149 | 137 | 123 | ||||||||
Timber and timberlands at cost, less depletion charged to disposals | 4,003 | 3,987 | 4,035 | ||||||||
Investments in and advances to equity affiliates | 192 | 191 | 194 | ||||||||
Goodwill | 40 | 40 | 40 | ||||||||
Other assets | 424 | 511 | 363 | ||||||||
Restricted assets held by special purpose entities | 914 | 915 | 915 | ||||||||
11,621 | 11,069 | 11,476 | |||||||||
Real Estate: | |||||||||||
Cash and cash equivalents | 4 | 4 | 1 | ||||||||
Receivables, less allowances | 54 | 36 | 51 | ||||||||
Real estate in process of development and for sale | 515 | 535 | 517 | ||||||||
Land being processed for development | 978 | 988 | 974 | ||||||||
Investments in and advances to equity affiliates | 15 | 15 | 16 | ||||||||
Deferred tax assets | 266 | 263 | 266 | ||||||||
Other assets | 119 | 121 | 120 | ||||||||
Consolidated assets not owned | 8 | 8 | 8 | ||||||||
1,959 | 1,970 | 1,953 | |||||||||
Total assets | $ | 13,580 | $ | 13,039 | $ | 13,429 | |||||
LIABILITIES AND EQUITY | |||||||||||
Forest Products: | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 359 | $ | 326 | $ | 340 | |||||
Accrued liabilities | 686 | 712 | 734 | ||||||||
Total current liabilities | 1,045 | 1,038 | 1,074 | ||||||||
Long-term debt | 4,710 | 4,192 | 4,710 | ||||||||
Deferred income taxes | 485 | 533 | 366 | ||||||||
Deferred pension and other postretirement benefits | 908 | 835 | 930 | ||||||||
Other liabilities | 405 | 412 | 393 | ||||||||
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities | 771 | 774 | 772 | ||||||||
8,324 | 7,784 | 8,245 | |||||||||
Real Estate: | |||||||||||
Long-term debt | 348 | 318 | 350 | ||||||||
Other liabilities | 196 | 193 | 212 | ||||||||
Consolidated liabilities not owned | 8 | 8 | 8 | ||||||||
552 | 519 | 570 | |||||||||
Total liabilities | 8,876 | 8,303 | 8,815 | ||||||||
Equity: | |||||||||||
Total Weyerhaeuser shareholders' interest | 4,702 | 4,734 | 4,612 | ||||||||
Noncontrolling interests | 2 | 2 | 2 | ||||||||
Total equity | 4,704 | 4,736 | 4,614 | ||||||||
Total liabilities and equity | $ | 13,580 | $ | 13,039 | $ | 13,429 | |||||
Page 2 of 9
Weyerhaeuser Company
Q2.2011 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
in millions | Q1 | Q2 | Year-to-date | |||||||||||||||||
March 31, 2011 | June 30, 2011 | June 30, 2010 | June 30, 2011 | June 30, 2010 | ||||||||||||||||
Cash flows from operations: | ||||||||||||||||||||
Net earnings (loss) | $ | 99 | $ | 10 | $ | 14 | $ | 109 | $ | (4 | ) | |||||||||
Noncash charges (credits) to income (loss): | ||||||||||||||||||||
Depreciation, depletion and amortization | 123 | 120 | 126 | 243 | 252 | |||||||||||||||
Deferred income taxes, net | 39 | (13 | ) | 56 | 26 | 90 | ||||||||||||||
Pension and other postretirement benefits | 24 | 19 | (10 | ) | 43 | (11 | ) | |||||||||||||
Share-based compensation expense | 14 | 3 | 6 | 17 | 12 | |||||||||||||||
Equity in loss of equity affiliates | 2 | 1 | — | 3 | 3 | |||||||||||||||
Charges for impairment of assets | 1 | 11 | 1 | 12 | 3 | |||||||||||||||
Net gains on dispositions of assets and operations | (156 | ) | (29 | ) | (10 | ) | (185 | ) | (93 | ) | ||||||||||
Foreign exchange transaction gains | (7 | ) | (1 | ) | 10 | (8 | ) | — | ||||||||||||
Change in: | ||||||||||||||||||||
Receivables less allowances | (59 | ) | (10 | ) | (28 | ) | (69 | ) | (115 | ) | ||||||||||
Receivable for taxes | 1 | — | (17 | ) | 1 | 551 | ||||||||||||||
Inventories | (66 | ) | 35 | 40 | (31 | ) | (25 | ) | ||||||||||||
Real estate and land | (2 | ) | (32 | ) | (1 | ) | (34 | ) | (37 | ) | ||||||||||
Prepaid expenses | (10 | ) | (4 | ) | 6 | (14 | ) | (7 | ) | |||||||||||
Accounts payable and accrued liabilities | (78 | ) | 3 | (6 | ) | (75 | ) | (53 | ) | |||||||||||
Deposits on land positions and other assets | — | (4 | ) | (6 | ) | (4 | ) | (3 | ) | |||||||||||
Pension contributions | (1 | ) | (4 | ) | (6 | ) | (5 | ) | (138 | ) | ||||||||||
Other | (33 | ) | 11 | 14 | (22 | ) | (58 | ) | ||||||||||||
Net cash from operations | (109 | ) | 116 | 189 | 7 | 367 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Property and equipment | (35 | ) | (39 | ) | (32 | ) | (74 | ) | (78 | ) | ||||||||||
Timberlands reforestation | (12 | ) | (7 | ) | (7 | ) | (19 | ) | (20 | ) | ||||||||||
Redemption of short-term investments | — | — | — | — | 47 | |||||||||||||||
Proceeds from sale of assets and operations | 193 | 3 | 15 | 196 | 130 | |||||||||||||||
Repayments from pension trust | — | — | 96 | — | 146 | |||||||||||||||
Other | 5 | (10 | ) | (8 | ) | (5 | ) | (11 | ) | |||||||||||
Cash from investing activities | 151 | (53 | ) | 64 | 98 | 214 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Notes, commercial paper borrowings and revolving credit facilities, net | — | — | — | — | (3 | ) | ||||||||||||||
Cash dividends | (81 | ) | (80 | ) | (10 | ) | (161 | ) | (21 | ) | ||||||||||
Change in book overdrafts | 3 | (1 | ) | (8 | ) | 2 | (12 | ) | ||||||||||||
Payments on debt | (2 | ) | (548 | ) | (548 | ) | (550 | ) | (565 | ) | ||||||||||
Exercises of stock options | 34 | 3 | — | 37 | — | |||||||||||||||
Other | — | (19 | ) | (1 | ) | (19 | ) | (3 | ) | |||||||||||
Cash from financing activities | (46 | ) | (645 | ) | (567 | ) | (691 | ) | (604 | ) | ||||||||||
Net change in cash and cash equivalents | (4 | ) | (582 | ) | (314 | ) | (586 | ) | (23 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 1,467 | 1,463 | 2,160 | 1,467 | 1,869 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 1,463 | $ | 881 | $ | 1,846 | $ | 881 | $ | 1,846 | ||||||||||
Cash paid (received) during the year for: | ||||||||||||||||||||
Interest, net of amount capitalized | $ | 156 | $ | 91 | $ | 120 | $ | 247 | $ | 273 | ||||||||||
Income taxes | $ | 2 | $ | 13 | $ | (1 | ) | $ | 15 | $ | (445 | ) | ||||||||
Page 3 of 9
Weyerhaeuser Company | Total Company Statistics | |||
Q2.2011 Analyst Package | ||||
Preliminary results, subject to audit | ||||
Special Items Included in Net Earnings
in millions | Q1 | Q2 | Year-to-date | |||||||||||||||||
March 31, 2011 | June 30, 2011 | June 30, 2010 | June 30, 2011 | June 30, 2010 | ||||||||||||||||
Net earnings (loss) | $ | 99 | $ | 10 | $ | 14 | $ | 109 | $ | (6 | ) | |||||||||
Income tax adjustments | — | — | — | — | 31 | |||||||||||||||
Gain on sale of wood products assets | — | — | (5 | ) | — | (31 | ) | |||||||||||||
Loss on early extinguishment of debt | — | 16 | 33 | 16 | 33 | |||||||||||||||
Gain on sale of 82,000 acres of non-strategic timberlands | (96 | ) | — | — | (96 | ) | — | |||||||||||||
Charges for impairments | — | 6 | — | 6 | — | |||||||||||||||
Net earnings before special items | $ | 3 | $ | 32 | $ | 42 | $ | 35 | $ | 27 | ||||||||||
Q1 | Q2 | Year-to-date | ||||||||||||||||||
March 31, 2011 | June 30, 2011 | June 30, 2010 | June 30, 2011 | June 30, 2010 | ||||||||||||||||
Net earnings (loss) per diluted share | $ | 0.18 | $ | 0.02 | $ | 0.07 | $ | 0.20 | $ | (0.03 | ) | |||||||||
Income tax adjustments | — | — | — | — | 0.15 | |||||||||||||||
Gain on sale of wood products assets | — | — | (0.03 | ) | — | (0.15 | ) | |||||||||||||
Loss on early extinguishment of debt | — | 0.03 | 0.16 | 0.03 | 0.16 | |||||||||||||||
Gain on sale of 82,000 acres of non-strategic timberlands | (0.18 | ) | — | — | (0.18 | ) | — | |||||||||||||
Charges for impairments | — | 0.01 | — | 0.01 | — | |||||||||||||||
Net earnings before special items per diluted share | $ | — | $ | 0.06 | $ | 0.20 | $ | 0.06 | $ | 0.13 | ||||||||||
Selected Total Company Items | ||||||||||||||||||||
in millions | Q1 | Q2 | Year-to-date | |||||||||||||||||
March 31, 2011 | June 30, 2011 | June 30, 2010 | June 30, 2011 | June 30, 2010 | ||||||||||||||||
Depreciation, depletion and amortization: | ||||||||||||||||||||
Cost of products sold | $ | 107 | $ | 107 | $ | 109 | $ | 214 | $ | 219 | ||||||||||
Selling, general and administrative expenses | 16 | 13 | 17 | 29 | 33 | |||||||||||||||
Total depreciation, depletion and amortization | $ | 123 | $ | 120 | $ | 126 | $ | 243 | $ | 252 | ||||||||||
Pension and postretirement credits (costs): | ||||||||||||||||||||
Pension and postretirement costs allocated to business segments | $ | (11 | ) | $ | (16 | ) | $ | (12 | ) | $ | (27 | ) | $ | (24 | ) | |||||
Pension and postretirement credits (costs) retained by Corporate segment | (12 | ) | (3 | ) | 22 | (15 | ) | 38 | ||||||||||||
Total company pension and postretirement credits (costs) | $ | (23 | ) | $ | (19 | ) | $ | 10 | $ | (42 | ) | $ | 14 | |||||||
Total decrease (increase) in Forest Products working capital | $ | (192 | ) | $ | (21 | ) | $ | 159 | $ | (213 | ) | $ | 564 | |||||||
Cash spent for capital expenditures | $ | (47 | ) | $ | (46 | ) | $ | (39 | ) | $ | (93 | ) | $ | (98 | ) | |||||
Page 4 of 9
Weyerhaeuser Company | Timberlands Segment | |||
Q2.2011 Analyst Package | ||||
Preliminary results, subject to audit | ||||
Segment Statement of Operations
in millions | Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | ||||||||||||||
Trade sales and revenues (unaffiliated customers) | $ | 230 | $ | 288 | $ | 225 | $ | 518 | $ | 427 | |||||||||
Intersegment sales | 191 | 134 | 123 | 325 | 294 | ||||||||||||||
Total net sales and revenues | 421 | 422 | 348 | 843 | 721 | ||||||||||||||
Cost of products sold | 320 | 296 | 260 | 616 | 537 | ||||||||||||||
Gross margin | 101 | 126 | 88 | 227 | 184 | ||||||||||||||
Selling, general and administrative expenses | 23 | 24 | 23 | 47 | 43 | ||||||||||||||
Research and development expenses | 4 | 4 | 5 | 8 | 9 | ||||||||||||||
Charges for restructuring, closures and impairments | — | — | — | — | 1 | ||||||||||||||
Other operating income, net | (166 | ) | (13 | ) | (9 | ) | (179 | ) | (19 | ) | |||||||||
Operating income | 240 | 111 | 69 | 351 | 150 | ||||||||||||||
Interest income and other | 1 | 1 | 1 | 2 | 1 | ||||||||||||||
Net contribution to earnings | $ | 241 | $ | 112 | $ | 70 | $ | 353 | $ | 151 | |||||||||
Selected Segment Items
Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | |||||||||||||||
Depreciation, depletion and amortization | $ | 31 | $ | 35 | $ | 28 | $ | 66 | $ | 58 | |||||||||
Total increase in working capital | $ | (16 | ) | $ | (40 | ) | $ | (12 | ) | $ | (56 | ) | $ | (24 | ) | ||||
Cash spent for capital expenditures | $ | (14 | ) | $ | (14 | ) | $ | (15 | ) | $ | (28 | ) | $ | (35 | ) | ||||
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | |||||||||||||||
Gain on sale of 82,000 acres of non-strategic timberlands | $ | 152 | $ | — | $ | — | $ | 152 | $ | — | |||||||||
Segment Statistics
Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | |||||||||||||||||
Third Party Net Sales and Revenue (millions) | Logs: | ||||||||||||||||||||
West | $ | 110 | $ | 152 | $ | 125 | $ | 262 | $ | 207 | |||||||||||
South | 41 | 49 | 37 | 90 | 64 | ||||||||||||||||
Canada | 7 | 1 | — | 8 | 9 | ||||||||||||||||
Total Logs | 158 | 202 | 162 | 360 | 280 | ||||||||||||||||
Pay as cut timber sales | 8 | 8 | 9 | 16 | 17 | ||||||||||||||||
Timberlands exchanges and dispositions | 21 | 39 | 13 | 60 | 48 | ||||||||||||||||
Higher and better use land sales | 4 | 2 | 7 | 6 | 12 | ||||||||||||||||
Minerals, oil and gas | 14 | 15 | 16 | 29 | 31 | ||||||||||||||||
Products from international operations | 17 | 21 | 17 | 38 | 32 | ||||||||||||||||
Other products | 8 | 1 | 1 | 9 | 7 | ||||||||||||||||
Total | $ | 230 | $ | 288 | $ | 225 | $ | 518 | $ | 427 | |||||||||||
Logs Third Party Sales Realizations (per cubic meter) | West | $ | 100.20 | $ | 109.42 | $ | 97.92 | $ | 105.36 | $ | 91.96 | ||||||||||
South | $ | 41.22 | $ | 40.59 | $ | 44.38 | $ | 40.88 | $ | 43.87 | |||||||||||
Canada | $ | 34.73 | $ | 42.79 | $ | 30.05 | $ | 35.55 | $ | 33.81 | |||||||||||
International | $ | 18.61 | $ | 21.41 | $ | 19.33 | $ | 20.08 | $ | 19.87 | |||||||||||
Logs Third Party Sales Volumes (cubic meters, thousands) | West | 1,095 | 1,391 | 1,276 | 2,486 | 2,251 | |||||||||||||||
South | 1,005 | 1,211 | 827 | 2,216 | 1,461 | ||||||||||||||||
Canada | 194 | 23 | 15 | 217 | 274 | ||||||||||||||||
International | 72 | 79 | 68 | 151 | 146 | ||||||||||||||||
Total | 2,366 | 2,704 | 2,186 | 5,070 | 4,132 | ||||||||||||||||
Logs Fee Depletion (cubic meters, thousands) | West | 1,611 | 1,747 | 1,404 | 3,358 | 2,835 | |||||||||||||||
South | 2,180 | 2,355 | 1,881 | 4,535 | 4,021 | ||||||||||||||||
International | 98 | 221 | 89 | 319 | 181 | ||||||||||||||||
Total | 3,889 | 4,323 | 3,374 | 8,212 | 7,037 | ||||||||||||||||
Page 5 of 9
Weyerhaeuser Company | Wood Products Segment | |||
Q2.2011 Analyst Package | ||||
Preliminary results, subject to audit | ||||
Segment Statement of Operations
in millions | Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | ||||||||||||||
Trade sales and revenues (unaffiliated customers) | $ | 624 | $ | 702 | $ | 789 | $ | 1,326 | $ | 1,393 | |||||||||
Intersegment sales | 21 | 24 | 20 | 45 | 36 | ||||||||||||||
Total net sales and revenues | 645 | 726 | 809 | 1,371 | 1,429 | ||||||||||||||
Cost of products sold | 630 | 723 | 743 | 1,353 | 1,359 | ||||||||||||||
Gross margin | 15 | 3 | 66 | 18 | 70 | ||||||||||||||
Selling, general and administrative expenses | 55 | 54 | 72 | 109 | 140 | ||||||||||||||
Research and development expenses | 1 | 1 | 2 | 2 | 3 | ||||||||||||||
Charges for restructuring, closures and impairments | 2 | 13 | 1 | 15 | 2 | ||||||||||||||
Other operating income, net | (5 | ) | (4 | ) | (5 | ) | (9 | ) | (51 | ) | |||||||||
Operating loss | (38 | ) | (61 | ) | (4 | ) | (99 | ) | (24 | ) | |||||||||
Interest income and other | 2 | — | 1 | 2 | 2 | ||||||||||||||
Net contribution to earnings | $ | (36 | ) | $ | (61 | ) | $ | (3 | ) | $ | (97 | ) | $ | (22 | ) | ||||
Selected Segment Items
Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | |||||||||||||||
Depreciation, depletion and amortization | $ | 40 | $ | 37 | $ | 45 | $ | 77 | $ | 90 | |||||||||
Total decrease (increase) in working capital | $ | (117 | ) | $ | 45 | $ | 51 | $ | (72 | ) | $ | (83 | ) | ||||||
Cash spent for capital expenditures | $ | (6 | ) | $ | (8 | ) | $ | (5 | ) | $ | (14 | ) | $ | (7 | ) | ||||
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | |||||||||||||||
Gain on sale of assets | $ | — | $ | — | $ | 8 | $ | — | $ | 52 | |||||||||
Charges for impairments | — | 9 | — | 9 | — | ||||||||||||||
Total | $ | — | $ | 9 | $ | 8 | $ | 9 | $ | 52 | |||||||||
Segment Statistics
in millions, except for third-party sales realizations | Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | ||||||||||||||||
Structural Lumber (board feet) | Third Party Net Sales and Revenue | $ | 260 | $ | 290 | $ | 308 | $ | 550 | $ | 549 | ||||||||||
Third Party Sales Realizations | $ | 315.26 | $ | 300.84 | $ | 347.89 | $ | 307.50 | $ | 333.42 | |||||||||||
Third Party Sales Volumes | 826 | 963 | 884 | 1,788 | 1,645 | ||||||||||||||||
Production Volumes | 893 | 903 | 846 | 1,796 | 1,647 | ||||||||||||||||
Engineered Solid Section (cubic feet) | Third Party Net Sales and Revenue | $ | 62 | $ | 71 | $ | 79 | $ | 133 | $ | 145 | ||||||||||
Third Party Sales Realizations | $ | 1,851.05 | $ | 1,904.83 | $ | 1,784.77 | $ | 1,879.54 | $ | 1,749.96 | |||||||||||
Third Party Sales Volumes | 3 | 4 | 4 | 7 | 8 | ||||||||||||||||
Production Volumes | 4 | 3 | 4 | 7 | 8 | ||||||||||||||||
Engineered I-joists (lineal feet) | Third Party Net Sales and Revenue | $ | 33 | $ | 48 | $ | 49 | $ | 81 | $ | 97 | ||||||||||
Third Party Sales Realizations | $ | 1,266.51 | $ | 1,258.14 | $ | 1,178.95 | $ | 1,261.55 | $ | 1,133.90 | |||||||||||
Third Party Sales Volumes | 26 | 38 | 41 | 64 | 85 | ||||||||||||||||
Production Volumes | 30 | 34 | 41 | 64 | 82 | ||||||||||||||||
Oriented Strand Board (square feet 3/8') | Third Party Net Sales and Revenue | $ | 85 | $ | 89 | $ | 116 | $ | 174 | $ | 182 | ||||||||||
Third Party Sales Realizations | $ | 192.16 | $ | 178.43 | $ | 266.28 | $ | 184.91 | $ | 236.50 | |||||||||||
Third Party Sales Volumes | 445 | 498 | 437 | 943 | 771 | ||||||||||||||||
Production Volumes | 494 | 518 | 468 | 1,012 | 846 | ||||||||||||||||
Softwood Plywood (square feet 3/8') | Third Party Net Sales and Revenue | $ | 17 | $ | 16 | $ | 23 | $ | 33 | $ | 39 | ||||||||||
Third Party Sales Realizations | $ | 263.83 | $ | 271.01 | $ | 312.95 | $ | 267.37 | $ | 291.15 | |||||||||||
Third Party Sales Volumes | 63 | 61 | 75 | 124 | 135 | ||||||||||||||||
Production Volumes | 53 | 48 | 64 | 101 | 112 | ||||||||||||||||
Hardwood Lumber (board feet) | Third Party Net Sales and Revenue | $ | 58 | $ | 63 | $ | 64 | $ | 121 | $ | 118 | ||||||||||
Third Party Sales Realizations | $ | 845.42 | $ | 858.51 | $ | 833.30 | $ | 852.15 | $ | 824.30 | |||||||||||
Third Party Sales Volumes | 69 | 73 | 76 | 142 | 142 | ||||||||||||||||
Production Volumes | 58 | 62 | 61 | 120 | 120 | ||||||||||||||||
Page 6 of 9
Weyerhaeuser Company | Cellulose Fibers Segment | |||
Q2.2011 Analyst Package | ||||
Preliminary results, subject to audit | ||||
Segment Statement of Operations
in millions | Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | ||||||||||||||
Total net sales and revenues | $ | 506 | $ | 526 | $ | 468 | $ | 1,032 | $ | 878 | |||||||||
Cost of products sold | 400 | 422 | 375 | 822 | 742 | ||||||||||||||
Gross margin | 106 | 104 | 93 | 210 | 136 | ||||||||||||||
Selling, general and administrative expenses | 22 | 24 | 20 | 46 | 40 | ||||||||||||||
Research and development expenses | 2 | 2 | 2 | 4 | 4 | ||||||||||||||
Other operating income, net | (5 | ) | (3 | ) | (5 | ) | (8 | ) | (7 | ) | |||||||||
Operating income | 87 | 81 | 76 | 168 | 99 | ||||||||||||||
Interest income and other | (1 | ) | (1 | ) | (2 | ) | (2 | ) | (6 | ) | |||||||||
Net contribution to earnings | $ | 86 | $ | 80 | $ | 74 | $ | 166 | $ | 93 | |||||||||
Selected Segment Items
Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | |||||||||||||||
Depreciation, depletion and amortization | $ | 36 | $ | 35 | $ | 36 | $ | 71 | $ | 72 | |||||||||
Total decrease (increase) in working capital | $ | 20 | $ | (32 | ) | $ | (24 | ) | $ | (12 | ) | $ | (34 | ) | |||||
Cash spent for capital expenditures | $ | (26 | ) | $ | (23 | ) | $ | (19 | ) | $ | (49 | ) | $ | (54 | ) | ||||
Segment Statistics
Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | |||||||||||||||||
Pulp (air-dry metric tons) | Third Party Net Sales and Revenue (millions) | $ | 398 | $ | 409 | $ | 354 | $ | 807 | $ | 675 | ||||||||||
Third Party Sales Realizations | $ | 912.12 | $ | 960.04 | $ | 856.22 | $ | 935.81 | $ | 808.56 | |||||||||||
Third Party Sales Volumes (thousands) | 436 | 426 | 413 | 862 | 835 | ||||||||||||||||
Production Volumes (thousands) | 437 | 410 | 414 | 847 | 851 | ||||||||||||||||
Liquid Packaging Board (tons) | Third Party Net Sales and Revenue (millions) | $ | 85 | $ | 93 | $ | 90 | $ | 178 | $ | 161 | ||||||||||
Third Party Sales Realizations | $ | 1,148.29 | $ | 1,194.46 | $ | 1,091.14 | $ | 1,171.86 | $ | 1,073.47 | |||||||||||
Third Party Sales Volumes (thousands) | 74 | 77 | 83 | 151 | 150 | ||||||||||||||||
Production Volumes (thousands) | 67 | 80 | 81 | 147 | 150 | ||||||||||||||||
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Weyerhaeuser Company | Real Estate Segment | |||
Q2.2011 Analyst Package | ||||
Preliminary results, subject to audit | ||||
Segment Statement of Operations
in millions | Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | ||||||||||||||
Total net sales and revenues | $ | 160 | $ | 191 | $ | 257 | $ | 351 | $ | 408 | |||||||||
Cost of products sold | 126 | 147 | 189 | 273 | 310 | ||||||||||||||
Gross margin | 34 | 44 | 68 | 78 | 98 | ||||||||||||||
Selling, general and administrative expenses | 35 | 36 | 41 | 71 | 75 | ||||||||||||||
Charges for restructuring, closures and impairments | 1 | 1 | 2 | 2 | 3 | ||||||||||||||
Other operating costs, net | — | — | 1 | — | 2 | ||||||||||||||
Operating income (loss) | (2 | ) | 7 | 24 | 5 | 18 | |||||||||||||
Interest income and other | 1 | 1 | 3 | 2 | 42 | ||||||||||||||
Loss attributable to noncontrolling interests | — | — | — | — | (2 | ) | |||||||||||||
Net contribution to earnings | $ | (1 | ) | $ | 8 | $ | 27 | $ | 7 | $ | 58 | ||||||||
Selected Segment Items
Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | |||||||||||||||
Depreciation and amortization | $ | 3 | $ | 3 | $ | 5 | $ | 6 | $ | 8 | |||||||||
Cash spent for capital expenditures | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | $ | (1 | ) | ||||||
Segment Statistics
Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | |||||||||||||||
Net sales and revenues: | |||||||||||||||||||
Single-family housing | $ | 152 | $ | 180 | $ | 233 | $ | 332 | $ | 376 | |||||||||
Land | 7 | 11 | 23 | 18 | 30 | ||||||||||||||
Other | 1 | — | 1 | 1 | 2 | ||||||||||||||
Total net sales and revenue | $ | 160 | $ | 191 | $ | 257 | $ | 351 | $ | 408 | |||||||||
Single-family homes sold | 535 | 521 | 491 | 1,056 | 1,111 | ||||||||||||||
Single-family homes closed | 363 | 459 | 625 | 822 | 1,018 | ||||||||||||||
Single-family homes sold but not closed (backlog) | 611 | 673 | 743 | 673 | 743 | ||||||||||||||
Single-family average price of homes closed (in thousands) | $ | 419 | $ | 391 | $ | 371 | $ | 404 | $ | 369 | |||||||||
Single-family home gross margin - excluding impairments (1) | 21.7 | % | 22.4 | % | 23.9 | % | 22.0 | % | 22.2 | % | |||||||||
(1) | Single-family gross margin excluding impairments equals revenue less cost of sales and period costs (other than impairments and deposit write-offs). |
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Weyerhaeuser Company | Corporate & Other Segment | |||
Q2.2011 Analyst Package | ||||
Preliminary results, subject to audit | ||||
Segment Statement of Operations
in millions | Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | ||||||||||||||
Trade sales and revenues (unaffiliated customers) | $ | 58 | $ | 66 | $ | 66 | $ | 124 | $ | 118 | |||||||||
Intersegment sales | 3 | 5 | 5 | 8 | 9 | ||||||||||||||
Total net sales and revenues | 61 | 71 | 71 | 132 | 127 | ||||||||||||||
Cost of products sold | 63 | 71 | 48 | 134 | 90 | ||||||||||||||
Gross margin | (2 | ) | — | 23 | (2 | ) | 37 | ||||||||||||
Selling, general and administrative expenses | 44 | 14 | 13 | 58 | 34 | ||||||||||||||
Research and development expenses | — | — | (1 | ) | — | — | |||||||||||||
Charges for restructuring, closures and impairments | 1 | 2 | 1 | 3 | — | ||||||||||||||
Other operating costs (income), net (1) | 2 | 14 | 11 | 16 | (2 | ) | |||||||||||||
Operating income (loss) | (49 | ) | (30 | ) | (1 | ) | (79 | ) | 5 | ||||||||||
Interest income and other | 8 | 8 | 9 | 16 | 15 | ||||||||||||||
Net contribution to earnings | $ | (41 | ) | $ | (22 | ) | $ | 8 | $ | (63 | ) | $ | 20 | ||||||
(1) | Other operating costs for second quarter and year-to-date 2011 include charges of $13 million related to businesses we have divested in prior years and are included in discontinued operations. |
Selected Segment Items
Q1.2011 | Q2.2011 | Q2.2010 | YTD.2011 | YTD.2010 | |||||||||||||||
Depreciation, depletion and amortization | $ | 13 | $ | 10 | $ | 12 | $ | 23 | $ | 24 | |||||||||
Total decrease (increase) in working capital | $ | (79 | ) | $ | 6 | $ | 144 | $ | 73 | $ | 705 | ||||||||
Cash spent for capital expenditures | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | $ | (1 | ) | ||||||
Share-based compensation expense (income) | $ | 16 | $ | (5 | ) | $ | (4 | ) | $ | 11 | $ | (1 | ) | ||||||
Foreign exchange gains (losses) | $ | 6 | $ | 1 | $ | (8 | ) | $ | 7 | $ | 1 | ||||||||
Pension and postretirement credits (costs) retained by Corporate segment | $ | (12 | ) | $ | (3 | ) | $ | 22 | $ | (15 | ) | $ | 38 | ||||||
Corporate and Other includes results of our transportation operations, certain gains or charges that are not related to an individual operating segment and the portion of items such as share-based compensation, pension and postretirement costs, foreign exchange transaction gains and losses and other general and administrative expenses that are not allocated to the business segments. We sold our five short line railroads at the end of 2010. We entered into an agreement to sell Westwood Shipping Lines, our last transportation business, in a transaction that is subject to regulatory approval and is expected to close in the third quarter.
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