Chart Plum Creek Legacy News Releases

Plum Creek Timber Company, Inc. Reports Results for Second Quarter 2012

Jul 30, 2012

SEATTLE--(BUSINESS WIRE)--Jul. 30, 2012-- Plum Creek Timber Company, Inc. (NYSE: PCL) today announced second quarter earnings of $36 million, or $0.22 per diluted share, on revenues of $294 million. Earnings for the second quarter of 2011 were $44 million, or $0.27 per diluted share, on revenues of $284 million.

Earnings for the first six months of 2012 were $65 million, or $0.40 per diluted share, on revenues of $631 million. Earnings for the first six months of 2011 were $82 million, or $0.50 per diluted share, on revenues of $559 million.

Adjusted EBITDA, a non-GAAP measure of operating performance, for the first six months of 2012 was $234 million, up from $209 million in the same period of 2011. The company ended the quarter with $260 million in cash and cash equivalents. A reconciliation of adjusted EBITDA to net income and cash flow from operations is provided as an attachment to this release.

“Earnings in our timber and manufacturing businesses improved over the past year,” said Rick Holley, Plum Creek’s president and chief executive officer. “Improving demand for our lumber and panels drove a $4 million improvement in our Manufacturing segment’s second quarter profit compared to 2011. In our resources segments, higher harvest volumes, supplemented by volume from our recent timber deed acquisition, helped drive $8 million of profit growth and a $15 million increase in adjusted EBITDA. In our Real Estate segment, last year’s second quarter sales were anchored by a couple of large conservation transactions making for a challenging comparison. However, our Real Estate segment revenues for this second quarter of $47 million were a bit higher than we initially anticipated. We continue to be on track to grow our adjusted EBITDA by approximately $50 million this year.”

Review of Operations

The Northern Resources segment reported operating income of $4 million for the quarter, up $1 million from the second quarter of 2011. As expected, good harvesting conditions throughout much of the quarter allowed the company to bring more timber to market than the previous year. The sawlog harvest increased approximately 160,000 tons, or 34 percent, and the pulpwood harvest increased approximately 70,000 tons, or 29 percent. Sawlog prices of $71 per ton approximated second quarter of 2011 levels. Average pulpwood prices of $42 per ton were about $2 per ton higher than the same period of 2011.

Operating income in the Southern Resources segment was $22 million, an increase of $7 million from the $15 million reported during the second quarter of 2011. Both sawlog and pulpwood prices were slightly higher (approximately $1 per ton) than the levels reported for the second quarter of 2011. As planned, harvest volumes in 2012 were higher than those in the same period of 2011. The company’s harvest continues to emphasize pulpwood and smaller diameter sawlogs to maximize long-term value of the forest. Pulpwood volumes were up 341,000 tons, or 21%, higher compared to the second quarter of 2011. The sawlog harvest was 406,000 tons, or 36%, higher, than the same period of 2011.

The Real Estate segment reported total revenue of $47 million and operating income of $29 million. Second quarter 2011 Real Estate segment revenue was $79 million, primarily consisting of $62 million of conservation transactions in the South. The second quarter 2011 operating income was $50 million. The 2012 sales consisted of $37 million of smaller rural land sales across the company’s holdings and the completion of a $10 million conservation easement in the state of Maine as part of its Moosehead Lake Concept Plan.

The Manufacturing segment reported $9 million of operating income for the second quarter, compared to the $5 million operating income reported for the second quarter of 2011. Profitability in each of the product lines improved on higher prices and sales volumes. Sales volumes for plywood and medium density fiberboard (MDF) increased 15 percent and 22 percent respectively. Lumber sales volume increased 2 percent and lumber prices increased approximately 4 percent. Plywood prices increased 7 percent and MDF prices improved 2 percent.

Outlook

Business conditions in most of the company’s business segments have improved slowly over the past year. The company expects a slow pace of recovery to continue through the remainder of the year.

The company expects its full-year harvest to approximate 17.5 million tons, including approximately 700,000 tons from our recent timber deed acquisition. This is at the high end of the company’s original harvest projection of 16.5 to 17.5 million tons for 2012. The increase is comprised of pulpwood, primarily the result of increased yields from the thinning of young timber stands.

During the third quarter, harvests in the Northern Resources segment are expected to increase seasonally from their second quarter low while the Southern harvest is expected to be similar to the second quarter’s level.

Third quarter Real Estate segment sales are expected to be between $90 million and $100 million. The company expects full-year Real Estate segment sales to be between $275 million and $325 million.

Manufacturing results are expected to decline slightly from the second quarter’s level.

“Our operations are performing well and we look forward to continued growth in the second half of the year, but believe a stronger recovery in the nation’s economy is more likely in 2013,” continued Holley. “We’re maintaining our earnings guidance for the year at $1.00 to $1.25 per share. We expect to report third quarter earnings between $0.32 and $0.37 per share.

“We continue to manage the company to maximize the long-term value of our shareholders’ investment. To accomplish this, nothing is more important than continued disciplined capital allocation. We will continue to evaluate all our opportunities to maximize shareholder value through share repurchase, debt reduction, or timberland acquisition; whatever creates the most value for our shareholders,” concluded Holley.

Earnings Conference Call and Supplemental Information

Plum Creek will hold a conference call today, Jul. 30, at 5:00 p.m. ET (2:00 p.m. PT). A live webcast of the conference call may be accessed through Plum Creek’s Internet site at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.plumcreek.com&esheet=50358359&lan=en-US&anchor=www.plumcreek.com&index=1&md5=fbd4bc921096151381c4233b3ce490e6 by clicking on the “Investors” link.

Investors without Internet access should dial 1-800-572-9852 at least 10 minutes prior to the start of the call, referencing Plum Creek’s earnings conference call. Those wishing to access the call from outside the United States and Canada should dial 1-706-645-9676, also referencing Plum Creek’s earnings conference call. Replay of the call will be available for 48 hours after completion of the live call and can be accessed at 1-855-859-2056 or 1-404-537-3406 (international calls), using the code 21136767.

Supplemental financial information for Plum Creek operations, including statistical data and reconciliations to non-GAAP measures is available in the Investors section of Plum Creek’s website at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.plumcreek.com&esheet=50358359&lan=en-US&anchor=www.plumcreek.com&index=2&md5=73e71b8224ee23695426eb97f5f5253a.

Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 6.5 million acres of timberlands in major timber producing regions of the United States and wood products manufacturing facilities in the Northwest. For more information, visit www.plumcreek.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995 as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "may," "will," "should," "seek," "approximately," "intends," "plans," "estimates," or "anticipates," or the negative of those words or other comparable terminology. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the cyclical nature of the forest products industry, our ability to harvest our timber, our ability to execute our acquisition strategy, the market for and our ability to sell or exchange non-strategic timberlands and timberland properties that have higher and better uses, and various regulatory constraints. These and other risks, uncertainties and assumptions are detailed from time to time in our filings with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, and the Securities Act of 1933, as amended. It is likely that if one or more of the risks materializes, or if one or more assumptions prove to be incorrect, the current expectations of Plum Creek and its management will not be realized. Forward-looking statements are not guarantees of performance, and speak only as of the date made, and neither Plum Creek nor its management undertakes any obligation to update or revise any forward-looking statements.

 
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
   
(In Millions, Except Per Share Amounts) Six Months Ended June 30,
2012 2011
REVENUES:
Timber $ 312 $ 267
Real Estate 147 141
Manufacturing 161 141
Other 11   10
Total Revenues 631   559
 
COSTS AND EXPENSES:
Cost of Goods Sold:
Timber 244 208
Real Estate 84 49
Manufacturing 143 128
Other 1   1
Total Cost of Goods Sold 472 386
Selling, General and Administrative 55   53
Total Costs and Expenses 527   439
 
Other Operating Income (Expense), net 1   3
 
Operating Income 105 123
 
Equity Earnings from Timberland Venture 28 30
 
Interest Expense, net:
Interest Expense (Debt Obligations to Unrelated Parties) 40 41
Interest Expense (Note Payable to Timberland Venture) 29   29
Total Interest Expense, net 69 70
 
Income before Income Taxes 64 83
 
Provision (Benefit) for Income Taxes (1 ) 1
   
Net Income $ 65   $ 82
 
PER SHARE AMOUNTS:
 
Net Income per Share – Basic $ 0.40 $ 0.51
Net Income per Share – Diluted $ 0.40 $ 0.50
 
Weighted-Average Number of Shares Outstanding
– Basic 161.4 161.9
– Diluted 161.7 162.2
 
 
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
   
(In Millions, Except Per Share Amounts) Quarter Ended June 30,
2012 2011
REVENUES:
Timber $ 157 $ 126
Real Estate 47 79
Manufacturing 85 74
Other 5   5
Total Revenues 294   284
 
COSTS AND EXPENSES:
Cost of Goods Sold:
Timber 123 101
Real Estate 16 27
Manufacturing 73 67
Other 1   1
Total Cost of Goods Sold 213 196
Selling, General and Administrative 27   25
Total Costs and Expenses 240   221
 
Other Operating Income (Expense), net 1  
 
Operating Income 55 63
 
Equity Earnings from Timberland Venture 15 16
 
Interest Expense, net:
Interest Expense (Debt Obligations to Unrelated Parties) 19 20
Interest Expense (Note Payable to Timberland Venture) 15   15
Total Interest Expense, net 34 35
 
Income before Income Taxes 36 44
 
Provision (Benefit) for Income Taxes
   
Net Income $ 36   $ 44
 
PER SHARE AMOUNTS:
 
Net Income per Share – Basic $ 0.22 $ 0.27
Net Income per Share – Diluted $ 0.22 $ 0.27
 
Weighted-Average Number of Shares Outstanding
– Basic 161.5 162.0
– Diluted 161.7 162.3
 
 
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
   
June 30, December 31,
(In Millions, Except Per Share Amounts) 2012 2011
ASSETS
Current Assets:
Cash and Cash Equivalents $ 260 $ 254
Accounts Receivable 36 28
Inventories 46 48
Deferred Tax Asset 6 6
Assets Held for Sale 76 103
Other Current Assets 15   15  
439 454
 
Timber and Timberlands, net 3,431 3,377
Property, Plant and Equipment, net 131 138
Equity Investment in Timberland Venture 201 201
Deferred Tax Asset 18 17
Investment in Grantor Trusts (at Fair Value) 37 36
Other Assets 37   36  
Total Assets $ 4,294   $ 4,259  
 
LIABILITIES
Current Liabilities:
Current Portion of Long-Term Debt $ 176 $ 352
Line of Credit 451 348
Accounts Payable 24 25
Interest Payable 26 26
Wages Payable 11 20
Taxes Payable 13 9
Deferred Revenue 36 27
Other Current Liabilities 8   8  
745 815
 
Long-Term Debt 1,467 1,290
Note Payable to Timberland Venture 783 783
Other Liabilities 97   108  
Total Liabilities 3,092   2,996  
 
Commitments and Contingencies
 
STOCKHOLDERS’ EQUITY
Preferred Stock, $0.01 Par Value, Authorized Shares – 75.0, Outstanding – None
Common Stock, $0.01 Par Value, Authorized Shares – 300.6, Outstanding (net of Treasury Stock) – 161.5 at June 30, 2012 and 161.3 at December 31, 2011 2 2
Additional Paid-In Capital 2,269 2,261
Retained Earnings (Accumulated Deficit) (99 ) (28 )
Treasury Stock, at Cost, Common Shares – 26.9 at June 30, 2012 and 26.9 at December 31, 2011 (938 ) (937 )
Accumulated Other Comprehensive Income (Loss) (32 ) (35 )
Total Stockholders’ Equity 1,202   1,263  
Total Liabilities and Stockholders’ Equity $ 4,294   $ 4,259  
 
 
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
   
Six Months Ended June 30,
(In Millions) 2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 65 $ 82
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation, Depletion and Amortization 56 44
Basis of Real Estate Sold 75 43
Equity Earnings from Timberland Venture (28 ) (30 )
Distributions from Timberland Venture 28 28
Deferred Income Taxes (1 ) 4
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) (5 ) 12
Timber Deed Acquired (98 )
Pension Plan Contributions (7 )
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds (35 )
Other Working Capital Changes (2 ) 4
Other 6   5  
Net Cash Provided By Operating Activities 89   157  
 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital Expenditures (Excluding Timberland Acquisitions) (35 ) (28 )
Timberlands and Minerals Acquired (13 ) (12 )
Other (1 )  
Net Cash Used In Investing Activities (49 ) (40 )
 
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends (136 ) (136 )
Borrowings on Line of Credit 1,129 555
Repayments on Line of Credit (1,026 ) (494 )
Debt Issuance Costs (3 )
Principal Payments and Retirement of Long-Term Debt (49 )
Proceeds from Stock Option Exercises 3 9
Acquisition of Treasury Stock (1 ) (1 )
Net Cash Used In Financing Activities (34 ) (116 )
 
Increase (Decrease) In Cash and Cash Equivalents 6 1
Cash and Cash Equivalents:
Beginning of Period 254 252
   
End of Period $ 260   $ 253  
 
 
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
   
Quarter Ended June 30,
(In Millions) 2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 36 $ 44
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation, Depletion and Amortization 29 22
Basis of Real Estate Sold 12 24
Equity Earnings from Timberland Venture (15 ) (16 )
Deferred Income Taxes 1
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) (3 ) 5
Pension Plan Contributions (7 )
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds (35 )
Other Working Capital Changes 28 34
Other 3   2  
Net Cash Provided By Operating Activities 83   81  
 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital Expenditures (Excluding Timberland Acquisitions) (17 ) (16 )
Timberlands and Minerals Acquired (11 ) (12 )
Net Cash Used In Investing Activities (28 ) (28 )
 
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends (68 ) (68 )
Borrowings on Line of Credit 370 310
Repayments on Line of Credit (370 ) (298 )
Proceeds from Stock Option Exercises   2  
Net Cash Used In Financing Activities (68 ) (54 )
 
Increase (Decrease) In Cash and Cash Equivalents (13 ) (1 )
Cash and Cash Equivalents:
Beginning of Period 273 254
   
End of Period $ 260   $ 253  
 
 
PLUM CREEK TIMBER COMPANY, INC.
SEGMENT DATA
(UNAUDITED)
   
Six Months Ended June 30,
(In Millions) 2012 2011
Revenues:
Northern Resources $ 120 $ 99
Southern Resources 202 173
Real Estate 147 141
Manufacturing 161 141
Other 11 10
Eliminations (10 ) (5 )
Total Revenues $ 631   $ 559  
 
Operating Income (Loss):
Northern Resources $ 10 $ 10
Southern Resources 43 34
Real Estate 59 88
Manufacturing 13 9
Other (A) 9 11
Other Costs and Eliminations, net (29 ) (29 )
Total Operating Income $ 105   $ 123  
 
Adjusted EBITDA by Segment: (B)
Northern Resources $ 23 $ 21
Southern Resources 76 58
Real Estate 135 132
Manufacturing 20 15
Other 9 11
Other Costs and Eliminations, net (29 ) (28 )
Total $ 234   $ 209  
 

(A)

During the first six months of 2011, the company received a payment of $2 million for

the settlement of a dispute that related to certain mineral rights. This amount is
reported as Other Operating Gain/(Loss) in our Other Segment and is included in Other
Operating Income (Expense), net in the Consolidated Statements of Income.
 

(B)

Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of

Adjusted EBITDA to operating income and net cash provided by operating activities.
 
 
PLUM CREEK TIMBER COMPANY, INC.
SEGMENT DATA
(UNAUDITED)
   
Quarter Ended June 30,
(In Millions) 2012 2011
Revenues:
Northern Resources $ 56 $ 44
Southern Resources 105 84
Real Estate 47 79
Manufacturing 85 74
Other 5 5
Eliminations (4 ) (2 )
Total Revenues $ 294   $ 284  
 
Operating Income (Loss):
Northern Resources $ 4 $ 3
Southern Resources 22 15
Real Estate 29 50
Manufacturing 9 5
Other 4 4
Other Costs and Eliminations, net (13 ) (14 )
Total Operating Income $ 55   $ 63  
 
Adjusted EBITDA by Segment: (A)
Northern Resources $ 10 $ 8
Southern Resources 40 27
Real Estate 42 75
Manufacturing 12 8
Other 4 4
Other Costs and Eliminations, net (13 ) (13 )
Total $ 95   $ 109  
 

(A)

Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of

Adjusted EBITDA to operating income and net cash provided by operating activities.
 
Plum Creek Timber Company, Inc
Segment Data - Adjusted EBITDA
Reconciliation of Operating Income and Net Cash
Provided by Operating Activities
(Unaudited)

We define Adjusted EBITDA as earnings from continuing operations, excluding equity method earnings, and before interest, taxes, depreciation, depletion, amortization, and basis in lands sold. Adjusted EBITDA is not considered a measure of financial performance under U.S. generally accepted accounting principles (U.S. GAAP) and the items excluded from Adjusted EBITDA are significant components of our consolidated financial statements.

We present Adjusted EBITDA as a supplemental performance measure because we believe it facilitates operating performance comparisons from period to period, and each business segment’s contribution to that performance, by eliminating non-cash charges to earnings, which can vary significantly by business segment. These non-cash charges include timber depletion, depreciation of fixed assets and the basis in lands sold. We also use Adjusted EBITDA as a supplemental liquidity measure because we believe it is useful in measuring our ability to generate cash. In addition, we believe Adjusted EBITDA is commonly used by investors, lenders and rating agencies to assess our financial performance.

A reconciliation of Adjusted EBITDA to net income and net cash from operating activities, the most directly comparable U.S. GAAP performance and liquidity measures, is provided in the following schedules:

 
  Six Months Ended June 30, 2012 (In Millions)
     
Depreciation, Depletion Basis of Real Adjusted
Operating Income and Amortization Estate Sold EBITDA
By Segment
Northern Resources $ 10 $ 13 $ $ 23
Southern Resources 43 33 76
Real Estate 59 1 75 135
Manufacturing 13 7 20
Other 9 9
Other Costs and Eliminations (30 ) (30 )
Other Unallocated Operating Income (Expense), net 1       1  
Total $ 105   $ 54   $ 75   $ 234  
 
Reconciliation to Net Income(1)
Interest Expense (69 )
(Provision) / Benefit for Income Taxes 1
Equity Earnings from Timberland Venture 28  
Net Income $ 65  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 89
Interest Expense 69
Amortization of Debt Costs (2 )
Provision / (Benefit) for Income Taxes (1 )
Working Capital Changes 2
Distribution from Timberland Venture (28 )
Deferred Income Taxes 1
Deferred Revenue from Long-Term Gas Leases 5
Timber Deed Acquired 98
Pension Plan Contributions 7
Other (6 )
Adjusted EBITDA $ 234  
 
 
Six Months Ended June 30, 2011 (In Millions)
     
Depreciation, Depletion Basis of Real Adjusted
Operating Income and Amortization Estate Sold EBITDA
By Segment
Northern Resources $ 10 $ 11 $ $ 21
Southern Resources 34 24 58
Real Estate 88 1 43 132
Manufacturing 9 6 15
Other 11 11
Other Costs and Eliminations (30 ) 1 (29 )
Other Unallocated Operating Income (Expense), net 1       1  
Total $ 123   $ 43   $ 43   $ 209  
 
Reconciliation to Net Income(1)
Interest Expense (70 )
(Provision) / Benefit for Income Taxes (1 )
Equity Earnings from Timberland Venture 30  
Net Income $ 82  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 157
Interest Expense 70
Amortization of Debt Costs (1 )
Provision / (Benefit) for Income Taxes 1
Working Capital Changes 31
Distribution from Timberland Venture (28 )
Deferred Income Taxes (4 )
Deferred Revenue from Long-Term Gas Leases (12 )
Other (5 )
Adjusted EBITDA $ 209  
 

(1) Includes reconciling items not allocated to segments for financial reporting purposes.

 
 
Quarters Ended June 30, 2012 (In Millions)
     
Depreciation, Depletion Basis of Real Adjusted
Operating Income and Amortization Estate Sold EBITDA
By Segment
Northern Resources $ 4 $ 6 $ $ 10
Southern Resources 22 18 40
Real Estate 29 1 12 42
Manufacturing 9 3 12
Other 4 4
Other Costs and Eliminations (14 ) (14 )
Other Unallocated Operating Income (Expense), net 1       1  
Total $ 55   $ 28   $ 12   $ 95  
 
Reconciliation to Net Income(1)
Interest Expense (34 )
(Provision) / Benefit for Income Taxes
Equity Earnings from Timberland Venture 15  
Net Income $ 36  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 83
Interest Expense 34
Amortization of Debt Costs (1 )
Provision / (Benefit) for Income Taxes
Working Capital Changes (28 )
Deferred Revenue from Long-Term Gas Leases 3
Pension Plan Contributions 7
Other (3 )
Adjusted EBITDA $ 95  
 
 
 
Quarters Ended June 30, 2011 (In Millions)
 
Depreciation, Depletion Basis of Real Adjusted
Operating Income and Amortization Estate Sold EBITDA
By Segment
Northern Resources $ 3 $ 5 $ $ 8
Southern Resources 15 12 27
Real Estate 50 1 24 75
Manufacturing 5 3 8
Other 4 4
Other Costs and Eliminations (14 ) 1 (13 )
Other Unallocated Operating Income (Expense), net        
Total $ 63   $ 22   $ 24   $ 109  
 
Reconciliation to Net Income(1)
Interest Expense (35 )
(Provision) / Benefit for Income Taxes
Equity Earnings from Timberland Venture 16  
Net Income $ 44  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 81
Interest Expense 35
Provision / (Benefit) for Income Taxes
Working Capital Changes 1
Deferred Income Taxes (1 )
Deferred Revenue from Long-Term Gas Leases (5 )
Other (2 )
Adjusted EBITDA $ 109  
 

(1) Includes reconciling items not allocated to segments for financial reporting purposes.

 

Click Here for 2nd Quarter 2012 Financial Supplements (in PDF)


Source: Plum Creek Timber Company, Inc.

Plum Creek Timber Company, Inc.
Investors: John Hobbs, 1-800-858-5347
Media: Kathy Budinick, 1-888-467-3751

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