Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Q4 2009 Earnings Presentation
16 slides from Weyerhaeuser's earnings presentation, Feb 5, 2010
Slide 1: Earnings Release 4th Quarter 2009
Earnings Release 4th Quarter — 2009 Weyerhaeuser Company February 5, 2010 3065 2009 Q4.ppt • 02/04/2010• 1
Slide 2: Forward-looking Statement
Forward-looking Statement 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 acc
Slide 3: Statements Relating to Non-GAAP Financial Measures
Statements Relating to Non-GAAP Financial Measures During the course of this presentation, certain non-U.S. GAAP financial information will be presented. A reconciliation of those numbers to U.S. GAAP financial measures is included in this presentation which is available on the company’s website a
Slide 4: 2009 Q4 Consolidated Results
Chart 1 2009 Q4 Consolidated Results 2009 Q4 $ Millions except EPS 2009 2009 Contribution to Pre-Tax Earnings before Special Q3 Q4 Revenues ($ Millions) $1,455 Items Timberlands $58 $28 Net Earnings before Special Items ($ Millions) 1. ($109) Wood Products (92) (123) Cellulose Fibers 44 34 Earnings
Slide 5: Diluted EPS Before Special Items
Chart 2 Diluted EPS Before Special Items A reconciliation to GAAP EPS is available on Chart 12 and at www.weyerhaeuser.com $0.80 $0.60 $0.40 $0.20 $0.03 $0.00 -$0.01 -$0.20 -$0.24 -$0.26 -$0.40 -$0.60 -$0.59 -$0.52 -$0.80 -$0.68 -$1.00 -$0.99 -$1.20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 3065 2009 Q4.ppt
Slide 6: Reconciliation to GAAP
Chart 3 Reconciliation to GAAP $ Millions except EPS EPS Net Earnings 2009 2009 2009 2009 Q3 Q4 Q3 Q4 EPS / Net Earnings before Special Items ($0.26) ($0.52) ($56) ($109) Alternative Fuel Mixture Credits 0.35 0.36 74 77 Real Estate Asset Impairments, Restructuring, and Related (0.16) (0.31) (33) (67
Slide 7: Changes in Contribution to Earnings by Segment
Chart 4 Changes in Contribution to Earnings by Segment Earnings Before Special Items, Interest and Taxes ($ millions)1. $50 15 $0 (30) 20 -$50 (31) (10) (25) (61) -$100 2009 Q3 Timberlands Wood Products Cellulose Fibers Real Estate Corp & Other 2009 Q4 1. A reconciliation before Special Items to GAA
Slide 8: Timberlands Segment
Chart 5 Timberlands Segment 4th Quarter Notes Timberlands ($ Millions) 2009 Q3 2009 Q4 Additional harvest deferrals Third Party Revenues1. $188 $149 Lower sales of non-strategic timberlands Higher logging costs on lower volumes Inter-Segment Revenues1. $94 $79 4th quarter includes special ch
Slide 9: Wood Products Segment
Chart 6 Wood Products Segment 4th Quarter Notes Wood Products ($ Millions) 2009 Q3 2009 Q4 Lower sales volumes and prices in nearly all product lines Revenues $588 $510 Additional downtime to match lower seasonal and market demand Contribution to Pre-Tax Earnings ($97) ($208) 4th quarter inclu
Slide 10: Average 3rd-Party Realizations — OSB and Lumber / Engineered Lumber
Chart 7 Average 3rd-Party Realizations — OSB and Lumber / Engineered Lumber OSB and Lumber Engineered Lumber $/Thousand $/Unit 500 2400 450 2200 Solid Section ($/CCF) 400 Lumber ($/MBF) 2000 1868 1853 1813 1817 350 322 329 1757 1771 1750 1754 1800 287 300 281 281 273 250 255 1600 250 OSB ($/M 3/8”)
Slide 11: Cellulose Fibers Segment
Chart 8 Cellulose Fibers Segment 4th Quarter Notes Cellulose Fibers ($ Millions) 2009 Q3 2009 Q4 Improved sales realizations for pulp and liquid packaging products Revenues $390 $408 Increased fiber and energy costs Lower production and increased maintenance Contribution to Pre-Tax Earnings $1
Slide 12: Real Estate Segment
Chart 9 Real Estate Segment 4th Quarter Notes Real Estate ($ Millions) 2009 Q3 2009 Q4 Significant seasonal increase in closings Increase in average home closing price due to mix Revenues $196 $337 Increased selling expenses due to higher volumes Contribution to Pre-Tax Earnings ($64) ($89)
Slide 13: 2010 Q1 Outlook
Chart 10 2010 Q1 Outlook Segment Comments Excluding the effect of non-strategic land sales, Weyerhaeuser expects 2010 Q1 operating earnings to be comparable to 2009 Q4. Timberlands We will continue to defer harvest volumes. The company expects improved log sales realizations to be offset by hi
Slide 14: Appendix
Appendix 3065 2009 Q4.ppt • 02/04/2010• 14
Slide 15: Earnings Summary
Chart 11 Earnings Summary 2008 2009 $ Millions except EPS Contribution to Earnings before Special Items Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Timberlands $112 $102 $107 $62 $40 $71 $58 $28 Wood Products (203) (131) (109) (199) (176) (147) (92) (123) Cellulose Fibers 56 43 78 65 32 (7) 44 34 Containerboard, Packag
Slide 16: Earnings per Share Reconciliation
Chart 12 Earnings per Share Reconciliation 2008 2009 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Diluted EPS before Special Items ($0.24) $0.03 ($0.01) ($0.99) ($0.68) ($0.59) ($0.26) ($0.52) Alternative Fuel Mixture Credits 0.34 0.35 0.36 Real Estate Related Charges (0.17) (0.98) (0.69) (1.48) (0.21) (0.17) (0.16) (0.