Newsroom
Weyerhaeuser Reports Third Quarter Results
- Net earnings rise 34 percent compared with third quarter 2012 on 23 percent improvement in net sales
- Acquisition of Longview Timber LLC closed on July 23
Oct 25, 2013
FEDERAL WAY, Wash., Oct. 25, 2013 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported net earnings to common shareholders of $157 million, or 27 cents per diluted share, for the third quarter. This compares with net earnings of $117 million, or 22 cents per diluted share, for the same period last year. Net sales for the third quarter of 2013 totaled $2.2 billion, compared with net sales of $1.8 billion for the third quarter of 2012.
(Logo: http://photos.prnewswire.com/prnh/20120111/AQ34535LOGO)
"Solid operating results in the quarter contributed to a significant improvement in our year-over-year earnings," said Doyle Simons, president and chief executive officer. "In the quarter, we also closed on our previously announced acquisition of Longview Timber and are actively engaged in leveraging our silviculture, logistics and marketing expertise to realize the full potential of this valuable asset. We will continue to focus on improving performance in all of our businesses and generating additional value for our shareholders."
|
WEYERHAEUSER FINANCIAL HIGHLIGHTS |
2013 |
2013 |
2012 |
|
(millions, except per share data) |
2Q |
3Q |
3Q |
|
Net sales |
$2,141 |
$2,181 |
$1,772 |
|
Net earnings attributable to Weyerhaeuser common shareholders |
$196 |
$157 |
$117 |
|
Weighted average shares outstanding, diluted(1) |
558 |
587 |
542 |
|
Earnings per diluted share |
$0.35 |
$0.27 |
$0.22 |
|
Net cash from operations |
$374 |
$343 |
$122 |
|
Net change in cash and cash equivalents(2) |
$1,723 |
($965) |
($253) |
|
Cash and cash equivalents at end of period(2) |
$2,362 |
$1,397 |
$608 |
|
(1) |
Weyerhaeuser's common shares outstanding increased to approximately 578 million basic shares, or 583 million shares on a diluted basis, during the second quarter of 2013 following the issuance of 29 million common shares in conjunction with the acquisition of Longview Timber LLC. The company also issued 13.8 million mandatory convertible preference shares. During the third quarter of 2013, the company issued an additional 4.35 million common shares in connection with the exercise of an overallotment option. |
|
(2) |
During the second and third quarters of 2013, Weyerhaeuser received $2,060 million from the issuance of debt and common and mandatory convertible preference shares related to the acquisition of Longview Timber LLC. These funds are recorded as "Cash and cash equivalents designated for purchase of Longview Timber LLC and the repayment of their acquired debt" on the Consolidated Balance Sheet. During the third quarter of 2013, the company used a portion of these funds to complete the acquisition of Longview Timber LLC. Subsequent to the end of the third quarter, the company used the remaining funds for repayment of Longview Timber indebtedness assumed in the acquisition. |
|
FINANCIAL HIGHLIGHTS (millions) |
2Q 2013 |
3Q 2013 |
Change |
|
Net sales to unaffiliated customers |
$333 |
$353 |
$20 |
|
Intersegment sales |
166 |
194 |
28 |
|
Total net sales |
$499 |
$547 |
$48 |
|
Contribution to earnings |
$114 |
$118 |
$4 |
3Q 2013 Performance – Seasonally lower earnings from the company's legacy Western timberlands were largely offset by a partial quarter of earnings from the Longview Timber acquisition and improved earnings from Southern timberlands. Earnings from disposition of non-strategic timberlands also increased.
In the West, selling prices declined across domestic and export markets, and road and silviculture expenses increased. Seasonally lower fee harvest from legacy Western timberlands was more than offset by a partial quarter of harvest from the Longview Timber acquisition. Southern log realizations were comparable to the second quarter, and fee harvest volumes rose seasonally.
4Q 2013 Outlook - Weyerhaeuser anticipates comparable earnings from the Timberlands segment in the fourth quarter. In the West, the company expects improved domestic log prices and increased fee harvest volumes due to a full quarter of harvest from the Longview Timber acquisition. In the South, Weyerhaeuser anticipates seasonally higher silviculture costs, partially offset by increased fee harvest volumes. The company also expects slightly lower earnings from disposition of non-strategic timberlands.
|
FINANCIAL HIGHLIGHTS (millions) |
2Q 2013 |
3Q 2013 |
Change |
|
Net sales to unaffiliated customers |
$1,065 |
$1,030 |
($35) |
|
Intersegment sales |
18 |
19 |
1 |
|
Total net sales |
$1,083 |
$1,049 |
($34) |
|
Contribution to earnings |
$136 |
$79 |
($57) |
3Q 2013 Performance - Average selling prices for oriented strand board declined 26 percent compared with the second quarter, and selling prices for lumber fell 7 percent. These declines were partially offset by improved average selling prices for engineered wood products, higher sales volumes across all product lines, and lower Western log costs.
4Q 2013 Outlook - Weyerhaeuser anticipates lower earnings from the Wood Products segment in the fourth quarter due to seasonally weaker sales volumes and higher log costs.
|
FINANCIAL HIGHLIGHTS (millions) |
2Q 2013 |
3Q 2013 |
Change |
|
Net sales |
$476 |
$474 |
($2) |
|
Contribution to earnings |
$57 |
$47 |
($10) |
3Q 2013 Performance - Costs associated with completion of a scheduled annual maintenance outage for liquid packaging operations were higher than anticipated. Fiber costs rose due to wet weather in the South, and chemical costs also increased. These factors more than offset a slight improvement in average pulp price realizations due to mix.
4Q 2013 Outlook - Weyerhaeuser expects significantly higher earnings from the Cellulose Fibers segment in the fourth quarter. The company anticipates modestly higher average pulp sales realizations and volumes, lower chemical costs, improved productivity for liquid packaging operations, and slightly lower maintenance expense.
|
FINANCIAL HIGHLIGHTS (millions) |
2Q 2013 |
3Q 2013 |
Change |
|
Net sales |
$267 |
$324 |
$57 |
|
Contribution to earnings |
$14 |
$33 |
$19 |
3Q 2013 Performance - Home closings increased seasonally to 768 single-family homes and average margins on homes closed improved, primarily due to mix. Third quarter results include earnings of $9 million from land and lot sales, compared with earnings of $2 million in the second quarter.
At the end of the third quarter the backlog of homes sold, but not closed, totaled 1,435 units, compared with 1,055 units one year ago.
4Q 2013 Outlook - Weyerhaeuser expects significantly higher earnings from single-family homebuilding in the fourth quarter. Single-family closing volumes should increase to over 1,100 homes. The company anticipates higher average closing prices and higher selling-related expenses due to the additional closing volumes.
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control nearly 7 million acres of timberlands, primarily in the U.S., and manage another 14 million acres under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood and cellulose fibers products, and we develop real estate, primarily as a builder of single-family homes. Our company is a real estate investment trust. In 2012, we generated $7.1 billion in sales and employed approximately 13,200 people who serve customers worldwide. We are listed on the Dow Jones World Sustainability Index. Our common stock trades on the New York Stock Exchange under the symbol WY.
EARNINGS CALL INFORMATION
Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on Oct. 25 to discuss third quarter results.
To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on Oct. 25.
To join the conference call from within North America, dial 877-296-9413 (access code – 86490025) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code – 86490025). Replays will be available for two weeks at 855-859-2056 (access code – 86490025) from within North America and at 404-537-3406 (access code – 86490025) from outside North America.
FORWARD LOOKING STATEMENTS
This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur. If any of the events occur, there is no guarantee what effect they will have on company operations or financial condition. The company will not update these forward-looking statements after the date of this news release.
Some forward-looking statements discuss the company's plans, strategies and intentions. They use words such as "expects," "may," "will," "believes," "should," "approximately," "anticipates," "estimates," and "plans." In addition, these words may use the positive or negative or other variations of those terms.
This release contains forward-looking statements regarding the company's expectations during the fourth quarter of 2013, including with respect to earnings, domestic and export log prices, fee harvest levels and realizations, silviculture costs, dispositions of non-strategic timberlands, average selling prices and sales volumes across the Wood Products product lines, average sales realizations and volumes for pulp and liquid packaging board, chemical and maintenance costs, productivity for liquid packaging operations, single-family closing volumes, average home closing prices and mix, and selling-related expenses.
Major risks, uncertainties and assumptions that affect the company's businesses and may cause actual results to differ from these forward-looking statements, include, but are not limited to:
- the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages, and strength of the U.S. dollar;
- market demand for the company's products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;
- performance of the company's manufacturing operations, including maintenance requirements;
- the level of competition from domestic and foreign producers;
- the successful execution of internal performance plans, including restructurings and cost reduction initiatives;
- raw material prices;
- energy prices;
- the effect of weather;
- the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;
- transportation costs;
- federal tax policies;
- the effect of forestry, land use, environmental and other governmental regulations;
- legal proceedings;
- performance of pension fund investments and related derivatives;
- the effect of timing of retirements and changes in the market price of company stock on charges for stock-based compensation;
- changes in accounting principles; and
- other factors described under "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q.
The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan and China. It is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the euro and the Canadian dollar, and the relative value of the euro and the yen. Restrictions on international trade or tariffs imposed on imports also may affect the company.
For more information contact:
Analysts - Kathryn McAuley (253) 924-2058
Media - Anthony Chavez (253) 924-7148
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Exhibit 99.2 | |||||||||
|
Weyerhaeuser Company | |||||||||
|
Q3.2013 Analyst Package |
|||||||||
|
Preliminary results, subject to audit |
|||||||||
|
Consolidated Statement of Operations | |||||||||
|
in millions |
Q2 |
Q3 |
Year-to-date | ||||||
|
June 30, 2013 |
September 30, 2013 |
September 30, 2012 |
September 30, 2013 |
September 30, 2012 | |||||
|
Net Sales |
$ 2,141 |
$ 2,181 |
$ 1,772 |
$ 6,273 |
$ 5,059 | ||||
|
Cost of products sold |
1,664 |
1,728 |
1,424 |
4,925 |
4,230 | ||||
|
Gross margin |
477 |
453 |
348 |
1,348 |
829 | ||||
|
Selling expenses |
54 |
56 |
49 |
161 |
138 | ||||
|
General and administrative expenses |
108 |
112 |
107 |
338 |
310 | ||||
|
Research and development expenses |
8 |
8 |
8 |
23 |
23 | ||||
|
Charges for restructuring, closures and impairments |
6 |
2 |
10 |
12 |
26 | ||||
|
Other operating income, net |
(10) |
(2) |
(28) |
(30) |
(147) | ||||
|
Operating income |
311 |
277 |
202 |
844 |
479 | ||||
|
Interest income and other |
10 |
21 |
15 |
42 |
38 | ||||
|
Interest expense, net of capitalized interest |
(81) |
(95) |
(87) |
(258) |
(260) | ||||
|
Earnings before income taxes |
240 |
203 |
130 |
628 |
257 | ||||
|
Income taxes |
(42) |
(36) |
(13) |
(119) |
(15) | ||||
|
Net earnings |
198 |
167 |
117 |
509 |
242 | ||||
|
Dividends on preference shares |
(2) |
(10) |
— |
(12) |
— | ||||
|
Net earnings attributable to Weyerhaeuser common shareholders |
$ 196 |
$ 157 |
$ 117 |
$ 497 |
$ 242 | ||||
|
Per Share Information | |||||||||
|
Q2 |
Q3 |
Year-to-date | |||||||
|
June 30, 2013 |
September 30, 2013 |
September 30, 2012 |
September 30, 2013 |
September 30, 2012 | |||||
|
Basic earnings per share attributable to Weyerhaeuser common shareholders |
$ 0.35 |
$ 0.27 |
$ 0.22 |
$ 0.89 |
$ 0.45 | ||||
|
Diluted earnings per share attributable to Weyerhaeuser common shareholders |
$ 0.35 |
$ 0.27 |
$ 0.22 |
$ 0.88 |
$ 0.45 | ||||
|
Dividends paid per common share |
$ 0.20 |
$ 0.22 |
$ 0.15 |
$ 0.59 |
$ 0.45 | ||||
|
Weighted average shares outstanding (in thousands): |
|||||||||
|
Basic |
552,855 |
582,828 |
539,094 |
560,505 |
538,146 | ||||
|
Diluted |
557,588 |
587,179 |
542,311 |
565,383 |
540,694 | ||||
|
Common shares outstanding at end of period (in thousands) |
577,874 |
582,578 |
540,672 |
582,578 |
540,672 | ||||
|
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items* | |||||||||
|
in millions |
Q2 |
Q3 |
Year-to-date | ||||||
|
June 30, 2013 |
September 30, 2013 |
September 30, 2012 |
September 30, 2013 |
September 30, 2012 | |||||
|
Net earnings |
$ 198 |
$ 167 |
$ 117 |
$ 509 |
$ 242 | ||||
|
Interest income and other |
(10) |
(21) |
(15) |
(42) |
(38) | ||||
|
Interest expense, net of capitalized interest |
81 |
95 |
87 |
258 |
260 | ||||
|
Income taxes |
42 |
36 |
13 |
119 |
15 | ||||
|
Operating income |
311 |
277 |
202 |
844 |
479 | ||||
|
Depreciation, depletion and amortization |
111 |
120 |
112 |
343 |
338 | ||||
|
Non-operating pension and postretirement costs |
10 |
11 |
7 |
31 |
21 | ||||
|
Special items |
— |
— |
— |
— |
(95) | ||||
|
Capitalized interest included in cost of products sold |
13 |
10 |
6 |
32 |
28 | ||||
|
Adjusted EBITDA, excluding special items* |
$ 445 |
$ 418 |
$ 327 |
$ 1,250 |
$ 771 | ||||
|
* Non-GAAP measure |
|||||||||
|
Weyerhaeuser Company |
|||||
|
Q3.2013 Analyst Package |
|||||
|
Preliminary results, subject to audit |
|||||
|
Consolidated Balance Sheet | |||||
|
in millions |
June 30, 2013 |
September 30, 2013 |
December 31, 2012 | ||
|
ASSETS |
|||||
|
Forest Products: |
|||||
|
Current assets: |
|||||
|
Cash and cash equivalents |
$ 908 |
$ 898 |
$ 893 | ||
|
Receivables, less allowances |
589 |
586 |
474 | ||
|
Receivables for taxes |
43 |
31 |
95 | ||
|
Inventories |
561 |
533 |
531 | ||
|
Prepaid expenses |
96 |
114 |
83 | ||
|
Deferred tax assets |
144 |
113 |
65 | ||
|
Restricted financial investments held by variable interest entities |
— |
— |
184 | ||
|
Total current assets |
2,341 |
2,275 |
2,325 | ||
|
Property and equipment, net |
2,706 |
2,709 |
2,859 | ||
|
Construction in progress |
72 |
101 |
50 | ||
|
Timber and timberlands at cost, less depletion charged to disposals |
3,949 |
6,603 |
3,961 | ||
|
Cash and cash equivalents designated for the purchase of Longview Timber LLC and the repayment of their acquired debt |
1,450 |
494 |
— | ||
|
Investments in and advances to equity affiliates |
186 |
186 |
192 | ||
|
Goodwill |
42 |
42 |
40 | ||
|
Deferred tax assets |
64 |
66 |
189 | ||
|
Other assets |
349 |
325 |
358 | ||
|
Restricted financial investments held by variable interest entities |
615 |
615 |
615 | ||
|
11,774 |
13,416 |
10,589 | |||
|
Real Estate: |
|||||
|
Cash and cash equivalents |
4 |
5 |
5 | ||
|
Receivables, less allowances |
74 |
77 |
72 | ||
|
Real estate in process of development and for sale |
783 |
851 |
682 | ||
|
Land being processed for development |
940 |
932 |
927 | ||
|
Investments in and advances to equity affiliates |
20 |
20 |
21 | ||
|
Deferred tax assets |
201 |
195 |
202 | ||
|
Other assets |
112 |
113 |
94 | ||
|
2,134 |
2,193 |
2,003 | |||
|
Total assets |
$ 13,908 |
$ 15,609 |
$ 12,592 | ||
|
LIABILITIES AND EQUITY |
|||||
|
Forest Products: |
|||||
|
Current liabilities: |
|||||
|
Notes payable |
$ 2 |
$ 2 |
$ — | ||
|
Current maturities of long-term debt |
163 |
— |
340 | ||
|
Current maturities of long-term debt (nonrecourse to the company) held by variable interest entities |
— |
— |
161 | ||
|
Accounts payable |
341 |
362 |
329 | ||
|
Accrued liabilities |
573 |
623 |
570 | ||
|
Total current liabilities |
1,079 |
987 |
1,400 | ||
|
Long-term debt |
3,842 |
5,459 |
3,842 | ||
|
Long-term debt (nonrecourse to the company) held by variable interest entities |
511 |
511 |
511 | ||
|
Deferred income taxes |
38 |
44 |
— | ||
|
Deferred pension and other postretirement benefits |
1,785 |
1,727 |
1,930 | ||
|
Other liabilities |
446 |
438 |
499 | ||
|
7,701 |
9,166 |
8,182 | |||
|
Real Estate: |
|||||
|
Long-term debt |
109 |
109 |
109 | ||
|
Long-term debt (nonrecourse to the company) held by variable interest entities |
4 |
5 |
1 | ||
|
Other liabilities |
188 |
212 |
187 | ||
|
301 |
326 |
297 | |||
|
Total liabilities |
8,002 |
9,492 |
8,479 | ||
|
Equity: |
|||||
|
Total Weyerhaeuser shareholders' interest |
5,868 |
6,078 |
4,070 | ||
|
Noncontrolling interests |
38 |
39 |
43 | ||
|
Total equity |
5,906 |
6,117 |
4,113 | ||
|
Total liabilities and equity |
$ 13,908 |
$ 15,609 |
$ 12,592 | ||
|
Weyerhaeuser Company |
|||||||||
|
Q3.2013 Analyst Package |
|||||||||
|
Preliminary results, subject to audit |
|||||||||
|
Consolidated Statement of Cash Flows | |||||||||
|
in millions |
Q2 |
Q3 |
Year-to-date | ||||||
|
June 30, 2013 |
September 30, 2013 |
September 30, 2012 |
September 30, 2013 |
September 30, 2012 | |||||
|
Cash flows from operations: |
|||||||||
|
Net earnings |
$ 198 |
$ 167 |
$ 117 |
$ 509 |
$ 242 | ||||
|
Noncash charges (credits) to income: |
|||||||||
|
Depreciation, depletion and amortization |
111 |
120 |
112 |
343 |
338 | ||||
|
Deferred income taxes, net |
23 |
24 |
62 |
73 |
69 | ||||
|
Pension and other postretirement benefits |
28 |
27 |
19 |
79 |
(39) | ||||
|
Share-based compensation expense |
10 |
12 |
10 |
34 |
28 | ||||
|
Charges for impairment of assets |
2 |
2 |
7 |
5 |
19 | ||||
|
Net gains on dispositions of assets |
(14) |
(21) |
(22) |
(42) |
(39) | ||||
|
Foreign exchange transaction (gains) losses |
4 |
(2) |
(10) |
6 |
(8) | ||||
|
Change in: |
|||||||||
|
Receivables less allowances |
45 |
8 |
(10) |
(112) |
(33) | ||||
|
Receivable for taxes |
22 |
12 |
(91) |
64 |
(75) | ||||
|
Inventories |
32 |
36 |
(22) |
— |
(34) | ||||
|
Real estate and land |
(62) |
(58) |
(47) |
(179) |
(95) | ||||
|
Prepaid expenses |
(1) |
(2) |
2 |
(16) |
(18) | ||||
|
Accounts payable and accrued liabilities |
34 |
77 |
14 |
45 |
23 | ||||
|
Deposits on land positions and other assets |
(9) |
(1) |
(11) |
(11) |
11 | ||||
|
Pension and postretirement contributions |
(32) |
(35) |
(41) |
(104) |
(109) | ||||
|
Other |
(17) |
(23) |
33 |
(38) |
49 | ||||
|
Net cash from operations |
374 |
343 |
122 |
656 |
329 | ||||
|
Cash flows from investing activities: |
|||||||||
|
Property and equipment |
(47) |
(69) |
(75) |
(151) |
(197) | ||||
|
Timberlands reforestation |
(8) |
(7) |
(5) |
(28) |
(22) | ||||
|
Acquisition of Longview Timber LLC, net of cash acquired |
— |
(1,581) |
— |
(1,581) |
— | ||||
|
Proceeds from sale of assets |
8 |
1 |
12 |
15 |
36 | ||||
|
Proceeds of investments (payments of liabilities) held by special purpose entities |
22 |
— |
(97) |
22 |
(97) | ||||
|
Other |
(4) |
9 |
(1) |
5 |
(1) | ||||
|
Cash from investing activities |
(29) |
(1,647) |
(166) |
(1,718) |
(281) | ||||
|
Cash flows from financing activities: |
|||||||||
|
Net proceeds from issuance of common shares(1) |
781 |
116 |
— |
897 |
— | ||||
|
Net proceeds from issuance of preference shares(1) |
669 |
— |
— |
669 |
— | ||||
|
Net proceeds from issuance of debt(1) |
— |
494 |
— |
494 |
— | ||||
|
Cash dividends on common shares |
(109) |
(128) |
(81) |
(330) |
(242) | ||||
|
Change in book overdrafts |
4 |
1 |
(12) |
8 |
(32) | ||||
|
Payments on debt |
(21) |
(163) |
(181) |
(340) |
(187) | ||||
|
Exercises of stock options |
51 |
9 |
66 |
141 |
73 | ||||
|
Other |
3 |
10 |
(1) |
22 |
(5) | ||||
|
Cash from financing activities |
1,378 |
339 |
(209) |
1,561 |
(393) | ||||
|
Net change in cash and cash equivalents |
1,723 |
(965) |
(253) |
499 |
(345) | ||||
|
Cash and cash equivalents at beginning of period |
639 |
2,362 |
861 |
898 |
953 | ||||
|
Cash and cash equivalents at end of period |
$ 2,362 |
$ 1,397 |
$ 608 |
$ 1,397 |
$ 608 | ||||
|
Cash paid (received) during the year for: |
|||||||||
|
Interest, net of amount capitalized |
$ 55 |
$ 109 |
$ 122 |
$ 275 |
$ 290 | ||||
|
Income taxes |
$ (4) |
$ 2 |
$ 1 |
$ (4) |
$ (14) | ||||
|
Noncash investing and financing activity: acquisition of Longview Timber LLC, debt assumed |
$ — |
$ 1,070 |
$ — |
$ 1,070 |
$ — | ||||
|
(1)During second and third quarter 2013, we received $2,060 million in cash related to the issuance of common shares, mandatory convertible preference shares and debt related to the acquisition of Longview Timber LLC. We have recorded this cash as "Cash and cash equivalents designated for the purchase of Longview Timber LLC and the repayment of their acquired debt" on our Consolidated Balance Sheet. | |||||||||
|
Total Company Statistics | |||||||||
|
Weyerhaeuser Company | |||||||||
|
Q3.2013 Analyst Package |
|||||||||
|
Preliminary results, subject to audit |
|||||||||
|
Special Items Included in Net Earnings | |||||||||
|
in millions |
Q2 |
Q3 |
Year-to-date | ||||||
|
June 30, 2013 |
September 30, 2013 |
September 30, 2012 |
September 30, 2013 |
September 30, 2012 | |||||
|
Net earnings attributable to Weyerhaeuser common shareholders |
$ 196 |
$ 157 |
$ 117 |
$ 497 |
$ 242 | ||||
|
Restructuring, impairments and other charges |
— |
— |
— |
— |
10 | ||||
|
Gain on postretirement plan amendment |
— |
— |
— |
— |
(67) | ||||
|
Tax settlements |
— |
— |
— |
— |
(8) | ||||
|
Gain on sale of property |
— |
— |
— |
— |
(4) | ||||
|
Net earnings attributable to Weyerhaeuser common shareholders before special items |
$ 196 |
$ 157 |
$ 117 |
$ 497 |
$ 173 | ||||
|
Q2 |
Q3 |
Year-to-date | |||||||
|
June 30, 2013 |
September 30, 2013 |
September 30, 2012 |
September 30, 2013 |
September 30, 2012 | |||||
|
Net earnings per diluted share attributable to Weyerhaeuser common shareholders |
$ 0.35 |
$ 0.27 |
$ 0.22 |
$ 0.88 |
$ 0.45 | ||||
|
Restructuring, impairments and other charges |
— |
— |
— |
— |
0.02 | ||||
|
Gain on postretirement plan amendment |
— |
— |
— |
— |
(0.12) | ||||
|
Tax settlements |
— |
— |
— |
— |
(0.02) | ||||
|
Gain on sale of property |
— |
— |
— |
— |
(0.01) | ||||
|
Net earnings per diluted share attributable to Weyerhaeuser common shareholders before special items |
$ 0.35 |
$ 0.27 |
$ 0.22 |
$ 0.88 |
$ 0.32 | ||||
|
Selected Total Company Items | |||||||||
|
in millions |
Q2 |
Q3 |
Year-to-date | ||||||
|
June 30, 2013 |
September 30, 2013 |
September 30, 2012 |
September 30, 2013 |
September 30, 2012 | |||||
|
Depreciation, depletion and amortization: |
|||||||||
|
Cost of products sold |
$ 102 |
$ 110 |
$ 102 |
$ 315 |
$ 307 | ||||
|
Selling, general and administrative expenses |
9 |
10 |
10 |
28 |
31 | ||||
|
Total depreciation, depletion and amortization |
$ 111 |
$ 120 |
$ 112 |
$ 343 |
$ 338 | ||||
|
Pension and postretirement costs: |
|||||||||
|
Pension and postretirement costs allocated to business segments |
$ 16 |
$ 16 |
$ 12 |
$ 46 |
$ 39 | ||||
|
Pension and postretirement costs not allocated |
10 |
11 |
7 |
31 |
21 | ||||
|
Total company pension and postretirement costs |
$ 26 |
$ 27 |
$ 19 |
$ 77 |
$ 60 | ||||
|
Total decrease (increase) in Forest Products working capital(1) |
$ 161 |
$ 138 |
$ (29) |
$ (35) |
$ (74) | ||||
|
Cash spent for capital expenditures |
$ (55) |
$ (76) |
$ (80) |
$ (179) |
$ (219) | ||||
|
(1)Working capital does not include cash balances. |
|||||||||
|
Weyerhaeuser Company |
Timberlands Segment | |||||||||
|
Q3.2013 Analyst Package |
||||||||||
|
Preliminary results, subject to audit |
||||||||||
|
Segment Statement of Operations | ||||||||||
|
in millions |
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | |||||
|
Sales to unaffiliated customers |
$ 333 |
$ 353 |
$ 267 |
$ 979 |
$ 779 | |||||
|
Intersegment sales |
166 |
194 |
162 |
584 |
498 | |||||
|
Total net sales |
499 |
547 |
429 |
1,563 |
1,277 | |||||
|
Cost of products sold |
365 |
407 |
336 |
1,167 |
1,002 | |||||
|
Gross margin |
134 |
140 |
93 |
396 |
275 | |||||
|
Selling expenses |
2 |
3 |
3 |
8 |
7 | |||||
|
General and administrative expenses |
25 |
27 |
21 |
77 |
65 | |||||
|
Research and development expenses |
5 |
4 |
4 |
13 |
13 | |||||
|
Charges for restructuring, closures and impairments |
— |
— |
— |
2 |
— | |||||
|
Other operating income, net |
(11) |
(11) |
(14) |
(37) |
(35) | |||||
|
Operating income |
113 |
117 |
79 |
333 |
225 | |||||
|
Interest income and other |
1 |
1 |
1 |
3 |
2 | |||||
|
Net contribution to earnings |
$ 114 |
$ 118 |
$ 80 |
$ 336 |
$ 227 | |||||
|
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items* | ||||||||||
|
in millions |
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | |||||
|
Operating income |
$ 113 |
$ 117 |
$ 79 |
$ 333 |
$ 225 | |||||
|
Depreciation, depletion and amortization |
34 |
45 |
35 |
115 |
104 | |||||
|
Adjusted EBITDA, excluding special items* |
$ 147 |
$ 162 |
$ 114 |
$ 448 |
$ 329 | |||||
|
* Non-GAAP measure |
||||||||||
|
Selected Segment Items | ||||||||||
|
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | ||||||
|
Total decrease (increase) in working capital(1) |
$ (21) |
$ 31 |
$ 19 |
$ — |
$ 16 | |||||
|
Cash spent for capital expenditures |
$ (18) |
$ (16) |
$ (17) |
$ (52) |
$ (44) | |||||
|
(1)Working capital does not include cash balances. |
||||||||||
|
Segment Statistics | ||||||||||
|
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | ||||||
|
Third Party Net Sales (millions) |
Logs: |
|||||||||
|
West |
$ 208 |
$ 213 |
$ 132 |
$ 598 |
$ 408 | |||||
|
South |
65 |
66 |
60 |
192 |
166 | |||||
|
Canada |
2 |
6 |
5 |
15 |
14 | |||||
|
Total logs |
275 |
285 |
197 |
805 |
588 | |||||
|
Pay as cut timber sales |
4 |
2 |
3 |
7 |
9 | |||||
|
Chip sales |
2 |
2 |
4 |
7 |
14 | |||||
|
Timberlands exchanges |
14 |
28 |
24 |
44 |
39 | |||||
|
Higher and better use land sales |
5 |
2 |
4 |
10 |
13 | |||||
|
Minerals, oil and gas |
9 |
9 |
8 |
26 |
22 | |||||
|
Products from international operations |
22 |
24 |
26 |
68 |
80 | |||||
|
Other products |
2 |
1 |
1 |
12 |
14 | |||||
|
Total |
$ 333 |
$ 353 |
$ 267 |
$ 979 |
$ 779 | |||||
|
Logs Third Party Sales Realizations (per cubic meter) |
West |
$ 115.11 |
$ 104.73 |
$ 89.28 |
$ 108.33 |
$ 94.09 | ||||
|
South |
$ 43.47 |
$ 43.32 |
$ 42.04 |
$ 43.42 |
$ 41.26 | |||||
|
Canada |
$ 36.38 |
$ 38.77 |
$ 35.23 |
$ 37.38 |
$ 35.74 | |||||
|
International |
$ 25.00 |
$ 25.07 |
$ 23.76 |
$ 24.75 |
$ 23.45 | |||||
|
Logs Third Party Sales Volumes (cubic meters, thousands) |
West |
1,812 |
2,037 |
1,480 |
5,523 |
4,339 | ||||
|
South |
1,507 |
1,514 |
1,430 |
4,420 |
4,012 | |||||
|
Canada |
38 |
141 |
133 |
383 |
392 | |||||
|
International |
77 |
100 |
99 |
245 |
259 | |||||
|
Total |
3,434 |
3,792 |
3,142 |
10,571 |
9,002 | |||||
|
Logs Fee Harvest Volumes (cubic meters, thousands) |
West |
1,921 |
2,305 |
1,784 |
6,221 |
5,294 | ||||
|
South |
2,828 |
2,928 |
2,809 |
8,589 |
8,311 | |||||
|
International |
167 |
415 |
198 |
779 |
531 | |||||
|
Total |
4,916 |
5,648 |
4,791 |
15,589 |
14,136 | |||||
|
Wood Products Segment | ||||||||||
|
Weyerhaeuser Company | ||||||||||
|
Q3.2013 Analyst Package |
||||||||||
|
Preliminary results, subject to audit |
||||||||||
|
Segment Statement of Operations | ||||||||||
|
in millions |
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | |||||
|
Sales to unaffiliated customers |
$ 1,065 |
$ 1,030 |
$ 816 |
$ 3,083 |
$ 2,226 | |||||
|
Intersegment sales |
18 |
19 |
18 |
55 |
58 | |||||
|
Total net sales |
1,083 |
1,049 |
834 |
3,138 |
2,284 | |||||
|
Cost of products sold |
884 |
905 |
713 |
2,559 |
2,032 | |||||
|
Gross margin |
199 |
144 |
121 |
579 |
252 | |||||
|
Selling expenses |
24 |
24 |
23 |
74 |
65 | |||||
|
General and administrative expenses |
36 |
37 |
31 |
109 |
89 | |||||
|
Research and development expenses |
1 |
2 |
2 |
4 |
4 | |||||
|
Charges for restructuring, closures and impairments |
1 |
1 |
2 |
2 |
5 | |||||
|
Other operating costs (income), net |
1 |
1 |
4 |
(3) |
8 | |||||
|
Operating income |
136 |
79 |
59 |
393 |
81 | |||||
|
Interest income and other |
— |
— |
— |
— |
1 | |||||
|
Net contribution to earnings |
$ 136 |
$ 79 |
$ 59 |
$ 393 |
$ 82 | |||||
|
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items* | ||||||||||
|
in millions |
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | |||||
|
Operating income |
$ 136 |
$ 79 |
$ 59 |
$ 393 |
$ 81 | |||||
|
Depreciation, depletion and amortization |
31 |
31 |
33 |
93 |
100 | |||||
|
Special items |
— |
— |
— |
— |
(6) | |||||
|
Adjusted EBITDA, excluding special items* |
$ 167 |
$ 110 |
$ 92 |
$ 486 |
$ 175 | |||||
|
* Non-GAAP measure |
||||||||||
|
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax) | ||||||||||
|
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | ||||||
|
Gain on sale of property |
$ — |
$ — |
$ — |
$ — |
$ 6 | |||||
|
Total |
$ — |
$ — |
$ — |
$ — |
$ 6 | |||||
|
Selected Segment Items | ||||||||||
|
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | ||||||
|
Total decrease (increase) in working capital(1) |
$ 75 |
$ 74 |
$ (21) |
$ (45) |
$ (128) | |||||
|
Cash spent for capital expenditures |
$ (16) |
$ (26) |
$ (16) |
$ (52) |
$ (37) | |||||
|
(1)Working capital does not include cash balances. |
||||||||||
|
Segment Statistics | ||||||||||
|
in millions, except for third-party sales realizations |
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | |||||
|
Structural Lumber (board feet) |
Third party net sales |
$ 502 |
$ 480 |
$ 363 |
$ 1,433 |
$ 1,024 | ||||
|
Third party sales realizations |
$ 434 |
$ 404 |
$ 359 |
$ 425 |
$ 341 | |||||
|
Third party sales volumes(1) |
1,156 |
1,189 |
1,013 |
3,370 |
3,006 | |||||
|
Production volumes |
1,053 |
1,040 |
945 |
3,114 |
2,907 | |||||
|
Outside purchase volumes |
77 |
92 |
69 |
271 |
148 | |||||
|
Engineered Solid Section (cubic feet) |
Third party net sales |
$ 84 |
$ 97 |
$ 76 |
$ 263 |
$ 211 | ||||
|
Third party sales realizations |
$ 1,920 |
$ 1,963 |
$ 1,800 |
$ 1,913 |
$ 1,806 | |||||
|
Third party sales volumes(1) |
4.4 |
4.9 |
4.2 |
13.7 |
11.7 | |||||
|
Production volumes |
4.6 |
4.6 |
4.3 |
13.8 |
11.8 | |||||
|
Outside purchase volumes |
0.4 |
0.3 |
0.4 |
1.6 |
1.6 | |||||
|
Engineered I-joists (lineal feet) |
Third party net sales |
$ 60 |
$ 68 |
$ 53 |
$ 184 |
$ 143 | ||||
|
Third party sales realizations |
$ 1,358 |
$ 1,428 |
$ 1,248 |
$ 1,364 |
$ 1,246 | |||||
|
Third party sales volumes(1) |
44 |
48 |
43 |
135 |
115 | |||||
|
Production volumes |
42 |
44 |
39 |
130 |
110 | |||||
|
Outside purchase volumes |
1 |
2 |
3 |
6 |
7 | |||||
|
Oriented Strand Board (square feet 3/8') |
Third party net sales |
$ 224 |
$ 188 |
$ 169 |
$ 648 |
$ 418 | ||||
|
Third party sales realizations |
$ 332 |
$ 246 |
$ 268 |
$ 309 |
$ 227 | |||||
|
Third party sales volumes(1) |
675 |
762 |
630 |
2,094 |
1,838 | |||||
|
Production volumes |
663 |
725 |
642 |
2,050 |
1,869 | |||||
|
Outside purchase volumes |
56 |
49 |
60 |
173 |
140 | |||||
|
Softwood Plywood (square feet 3/8') |
Third party net sales |
$ 41 |
$ 38 |
$ 34 |
$ 115 |
$ 83 | ||||
|
Third party sales realizations |
$ 378 |
$ 344 |
$ 356 |
$ 364 |
$ 334 | |||||
|
Third party sales volumes(1) |
108 |
108 |
95 |
315 |
249 | |||||
|
Production volumes |
63 |
62 |
54 |
186 |
155 | |||||
|
Outside purchase volumes |
33 |
40 |
39 |
115 |
93 | |||||
|
(1)Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business. |
|
Weyerhaeuser Company |
Cellulose Fibers Segment | |||||||||
|
Q3.2013 Analyst Package |
||||||||||
|
Preliminary results, subject to audit |
||||||||||
|
Segment Statement of Operations | ||||||||||
|
in millions |
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | |||||
|
Total net sales |
$ 476 |
$ 474 |
$ 459 |
$ 1,424 |
$ 1,391 | |||||
|
Cost of products sold |
394 |
406 |
364 |
1,224 |
1,175 | |||||
|
Gross margin |
82 |
68 |
95 |
200 |
216 | |||||
|
Selling expenses |
5 |
5 |
4 |
14 |
13 | |||||
|
General and administrative expenses |
21 |
21 |
19 |
62 |
56 | |||||
|
Research and development expenses |
2 |
2 |
2 |
6 |
6 | |||||
|
Other operating income, net |
(5) |
(6) |
(5) |
(18) |
(18) | |||||
|
Operating income |
59 |
46 |
75 |
136 |
159 | |||||
|
Interest income and other |
(2) |
1 |
3 |
(1) |
3 | |||||
|
Net contribution to earnings |
$ 57 |
$ 47 |
$ 78 |
$ 135 |
$ 162 | |||||
|
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items* | ||||||||||
|
in millions |
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | |||||
|
Operating income |
$ 59 |
$ 46 |
$ 75 |
$ 136 |
$ 159 | |||||
|
Depreciation, depletion and amortization |
39 |
38 |
37 |
116 |
110 | |||||
|
Adjusted EBITDA, excluding special items* |
$ 98 |
$ 84 |
$ 112 |
$ 252 |
$ 269 | |||||
|
* Non-GAAP measure |
||||||||||
|
Selected Segment Items | ||||||||||
|
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | ||||||
|
Total decrease (increase) in working capital(1) |
$ 12 |
$ 19 |
$ (20) |
$ 24 |
$ 49 | |||||
|
Cash spent for capital expenditures |
$ (17) |
$ (28) |
$ (45) |
$ (62) |
$ (134) | |||||
|
(1)Working capital does not include cash balances. |
||||||||||
|
Segment Statistics | ||||||||||
|
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | ||||||
|
Pulp (air-dry metric tons) |
Third party net sales (millions) |
$ 369 |
$ 371 |
$ 354 |
$ 1,111 |
$ 1,069 | ||||
|
Third party sales realizations |
$ 797 |
$ 805 |
$ 818 |
$ 799 |
$ 818 | |||||
|
Third party sales volumes (thousands) |
462 |
460 |
432 |
1,389 |
1,306 | |||||
|
Production volumes (thousands) |
463 |
457 |
453 |
1,365 |
1,308 | |||||
|
Liquid Packaging Board (tons) |
Third party net sales (millions) |
$ 86 |
$ 83 |
$ 84 |
$ 254 |
$ 257 | ||||
|
Third party sales realizations |
$ 1,079 |
$ 1,082 |
$ 1,155 |
$ 1,080 |
$ 1,171 | |||||
|
Third party sales volumes (thousands) |
81 |
76 |
74 |
235 |
220 | |||||
|
Production volumes (thousands) |
77 |
67 |
77 |
222 |
220 | |||||
|
Weyerhaeuser Company |
Real Estate Segment | ||||||||
|
Q3.2013 Analyst Package |
|||||||||
|
Preliminary results, subject to audit |
|||||||||
|
Segment Statement of Operations | |||||||||
|
in millions |
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | ||||
|
Total net sales |
$ 267 |
$ 324 |
$ 230 |
$ 787 |
$ 663 | ||||
|
Cost of products sold |
210 |
248 |
175 |
618 |
536 | ||||
|
Gross margin |
57 |
76 |
55 |
169 |
127 | ||||
|
Selling expenses |
23 |
24 |
19 |
65 |
53 | ||||
|
General and administrative expenses |
19 |
20 |
17 |
57 |
49 | ||||
|
Charges for restructuring, closures and impairments |
3 |
1 |
3 |
5 |
5 | ||||
|
Other operating income, net |
(1) |
(1) |
— |
(2) |
(1) | ||||
|
Operating income |
13 |
32 |
16 |
44 |
21 | ||||
|
Interest income and other |
1 |
1 |
1 |
3 |
3 | ||||
|
Net contribution to earnings |
$ 14 |
$ 33 |
$ 17 |
$ 47 |
$ 24 | ||||
|
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items* | |||||||||
|
in millions |
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | ||||
|
Operating income |
$ 13 |
$ 32 |
$ 16 |
$ 44 |
$ 21 | ||||
|
Depreciation, depletion and amortization |
3 |
4 |
3 |
10 |
8 | ||||
|
Capitalized interest included in cost of products sold |
12 |
9 |
5 |
28 |
22 | ||||
|
Adjusted EBITDA, excluding special items* |
$ 28 |
$ 45 |
$ 24 |
$ 82 |
$ 51 | ||||
|
* Non-GAAP measure |
|||||||||
|
Selected Segment Items | |||||||||
|
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | |||||
|
Cash from operations |
$ (56) |
$ (2) |
$ (24) |
$ (129) |
$ (13) | ||||
|
Cash spent for capital expenditures |
$ (2) |
$ (5) |
$ (1) |
$ (9) |
$ (2) | ||||
|
Segment Statistics | |||||||||
|
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | |||||
|
Net sales: |
|||||||||
|
Single-family housing |
$ 257 |
$ 305 |
$ 229 |
$ 745 |
$ 550 | ||||
|
Land |
10 |
18 |
1 |
39 |
109 | ||||
|
Other |
— |
1 |
— |
3 |
4 | ||||
|
Total net sales |
$ 267 |
$ 324 |
$ 230 |
$ 787 |
$ 663 | ||||
|
Single-family homes sold |
943 |
765 |
637 |
2,528 |
2,098 | ||||
|
Single-family homes closed |
636 |
768 |
615 |
1,867 |
1,472 | ||||
|
Single-family homes sold but not closed (backlog) |
1,438 |
1,435 |
1,055 |
1,435 |
1,055 | ||||
|
Single-family cancellation rate |
14.6 % |
15.7 % |
18.3 % |
14.2 % |
14.6 % | ||||
|
Single-family buyer traffic |
20,080 |
16,370 |
17,894 |
54,214 |
49,843 | ||||
|
Single-family average price of homes closed (in thousands) |
$ 405 |
$ 397 |
$ 372 |
$ 399 |
$ 374 | ||||
|
Single-family gross margin(1) |
21.6 % |
22.3 % |
23.3 % |
21.4 % |
20.5 % | ||||
|
(1)Single-family gross margin equals revenue less cost of sales and period costs. |
|
Weyerhaeuser Company |
Unallocated Items | ||||||||
|
Q3.2013 Analyst Package | |||||||||
|
Preliminary results, subject to audit | |||||||||
|
Unallocated items are gains or charges not related to or allocated to an individual operating segment. They include a portion of items such as: share-based compensation, pension and postretirement costs, foreign exchange transaction gains and losses associated with financing and the elimination of intersegment profit in inventory and the LIFO reserve. | |||||||||
|
Contribution to Earnings | |||||||||
|
in millions |
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | ||||
|
Unallocated corporate function expenses |
$ (3) |
$ (2) |
$ (5) |
$ (8) |
$ (14) | ||||
|
Unallocated share-based compensation |
5 |
(1) |
(7) |
(3) |
(13) | ||||
|
Unallocated pension & postretirement costs |
(10) |
(11) |
(7) |
(31) |
(21) | ||||
|
Foreign exchange gains (losses) |
(4) |
2 |
11 |
(6) |
9 | ||||
|
Elimination of intersegment profit in inventory and LIFO |
8 |
25 |
(10) |
9 |
(24) | ||||
|
Other |
(6) |
(10) |
(9) |
(23) |
56 | ||||
|
Operating income (loss) |
(10) |
3 |
(27) |
(62) |
(7) | ||||
|
Interest income and other |
10 |
18 |
10 |
37 |
29 | ||||
|
Net contribution to earnings |
$ — |
$ 21 |
$ (17) |
$ (25) |
$ 22 | ||||
|
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items* | |||||||||
|
in millions |
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | ||||
|
Operating income (loss) |
$ (10) |
$ 3 |
$ (27) |
$ (62) |
$ (7) | ||||
|
Depreciation, depletion and amortization |
4 |
2 |
4 |
9 |
16 | ||||
|
Non-operating pension and postretirement costs |
10 |
11 |
7 |
31 |
21 | ||||
|
Special items |
— |
— |
— |
— |
(89) | ||||
|
Capitalized interest included in cost of products sold |
1 |
1 |
1 |
4 |
6 | ||||
|
Adjusted EBITDA, excluding special items* |
$ 5 |
$ 17 |
$ (15) |
$ (18) |
$ (53) | ||||
|
* Non-GAAP measure - see below for definition. |
|||||||||
|
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax) | |||||||||
|
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | |||||
|
Gain on postretirement plan amendment |
$ — |
$ — |
$ — |
$ — |
$ 103 | ||||
|
Restructuring, impairments and other charges |
— |
— |
— |
— |
(14) | ||||
|
Total |
$ — |
$ — |
$ — |
$ — |
$ 89 | ||||
|
Unallocated Selected Items | |||||||||
|
Q2.2013 |
Q3.2013 |
Q3.2012 |
YTD.2013 |
YTD.2012 | |||||
|
Total decrease (increase) in working capital(1) |
$ 95 |
$ 14 |
$ (7) |
$ (14) |
$ (11) | ||||
|
Cash spent for capital expenditures |
$ (2) |
$ (1) |
$ (1) |
$ (4) |
$ (2) | ||||
|
(1)Working capital does not include cash balances. |
|||||||||
|
*Adjusted EBITDA excluding special items is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA excluding special items, as we define it, is operating income adjusted for depreciation, depletion, amortization, special items and interest included in cost of products sold. Adjusted EBITDA excluding special items should not be considered in isolation from and is not intended to represent an alternative to our results computed under GAAP. | |||||||||
SOURCE Weyerhaeuser Company