Q4 profit more than doubles at Weyerhaeuser


21 January 2005 – Federal Way (WA): Weyerhaeuser has posted an impressive Q4, with net earnings more than doubling on the back of big improvements at its pulp, paper and real estate business.

Net earnings for the quarter soared to $199 million, or EPS of $0.82, up from $92 million, or EPS of $0.41, in the year ago quarter.

Net sales were at $5.9 billion for the quarter, up from $5.1 billion in Q4 2003.

For the full year, the company reported net earnings of $1.3 billion, on net sales of $22.7 billion. This compared to $277 million, on net sales of $19.9 billion, for the full year 2003.

Steve Rogel, chairman and CEO, said: "Out strong performance for the year demonstrates that our focus on customers, efficiency and financial management has created a competitive Weyerhaeuser that can deliver strong shareholder returns."

But he added that delayed maintenance costs and poor weather undercut net income, and that these factors would carry over into 2005. "As we look to Q1, we are concerned about the impact unusually bad weather may have on our results," he said.