Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Q1 2009 Earnings Presentation
16 slides from Weyerhaeuser's earnings presentation, May 5, 2009
Slide 1: Earnings Release 1st Quarter 2009
Earnings Release 1st Quarter — 2009 Weyerhaeuser Company May 5, 2009 3065 2009 Q1.ppt • 05/04/2009• 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 z 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 Q1 Consolidated Results
Chart 1 2009 Q1 Consolidated Results 2009 Q1 $ Millions except EPS 2008 2009 Contribution to Pre-Tax Earnings before Special Q4 Q1 Revenues ($ Millions) $1,275 Items Timberlands $62 $40 Net Earnings before Special Items ($ Millions) 1. ($144) Wood Products (199) (176) Cellulose Fibers 65 32 Diluted
Slide 5: Diluted EPS Before Special Items
Chart 2 Diluted EPS Before Special Items A reconciliation to GAAP EPS is available on Chart 3 and at www.weyerhaeuser.com $0.80 $0.60 $0.40 $0.20 $0.03 $0.00 -$0.01 -$0.20 -$0.24 -$0.40 -$0.60 -$0.80 -$0.68 -$1.00 -$0.99 -$1.20 Q1 Q2 Q3 Q4 Q1 2008 2009 3065 2009 Q1.ppt • 05/04/2009• 5
Slide 6: Reconciliation to GAAP
Chart 3 Reconciliation to GAAP $ Millions except EPS Diluted EPS Net Earnings 2008 2009 2008 2009 Q4 Q1 Q4 Q1 Diluted EPS / Net Earnings before Special Items ($0.99) ($0.68) ($209) ($144) Closures, Restructuring and Impairment of Weyerhaeuser (0.15) (0.29) (33) (60) Assets Real Estate Related Charge
Slide 7: Changes in Contribution to Earnings by Segment
Changes in Contribution to Chart 4 Earnings by Segment Earnings Before Special Items, Interest and Taxes ($ millions)1. $50 $0 -$50 -$100 122 -$150 23 (19) (142) -$200 (213) -$250 (22) (33) -$300 2008 Q4 Timberlands Wood Products Cellulose Fibers Real Estate Corp & Other 2009 Q1 1. A reconciliation
Slide 8: Timberlands Segment
Chart 5 Timberlands Segment Timberlands ($ Millions) 2008 Q4 2009 Q1 1st Quarter Notes z Fee harvest declined Third Party Revenues1. $221 $154 z Lower log prices in export and domestic markets z Lower operating costs, primarily for fuel and Inter-Segment Revenues1. $158 $117 silviculture activities
Slide 9: Wood Products Segment
Chart 6 Wood Products Segment 1st Quarter Notes z Sales volumes declined for all product lines Wood Products ($ Millions) 2008 Q4 2009 Q1 z Lower lumber and OSB prices z These were more than offset by cost control Revenues $725 $542 measures, facility closures, and lower log costs z 1st quarter incl
Slide 10: Average 3rd-Party Realizations — OSB and Lumber / Engineered Lumber
Average 3rd-Party Realizations — Chart 7 OSB and Lumber / Engineered Lumber OSB and Lumber Engineered Lumber $/Thousand $/Unit 500 2400 450 2200 Solid Section ($/CCF) 400 Lumber ($/MBF) 2000 1868 1853 1813 1817 350 322 329 1757 1800 287 300 281 250 1600 250 TJI’s ($/MLF) OSB ($/M 3/8”) 1400 200 190
Slide 11: Cellulose Fibers Segment
Chart 8 Cellulose Fibers Segment Cellulose Fibers ($ Millions) 2008 Q4 2009 Q1 1st Quarter Notes z Significant decline in pulp price realizations Revenues $413 $364 z Lower fiber, freight and maintenance costs z 4th quarter included charges of $94 million Contribution to Pre-Tax Earnings ($29) $31 f
Slide 12: Real Estate Segment
Chart 9 Real Estate Segment 1st Quarter Notes Real Estate ($ Millions) 2008 Q4 2009 Q1 z Single-family home closings declined, and average home closing price was lower z Backlog increased slightly Revenues $354 $172 st z 1 quarter included a gain of $6 million from a land condemnation, compared to a
Slide 13: 2009 Q2 Outlook
Chart 10 2009 Q2 Outlook Segment Comments z Harvest levels are expected to increase seasonally, but will remain at curtailed levels. z Export pricing is expected to weaken further. Timberlands z Excluding severance charges, Weyerhaeuser expects 2009 Q2 operating earnings to be comparable to 2009 Q1.
Slide 14: Appendix
Appendix 3065 2009 Q1.ppt • 05/04/2009• 14
Slide 15: 2009 Q1 Earnings Summary
Chart 11 2009 Q1 Earnings Summary $ Millions except EPS 2008 2009 Contribution to Earnings before Special Items Q1 Q2 Q3 Q4 Q1 Timberlands $112 $102 $107 $62 $40 Wood Products (203) (131) (109) (199) (176) Cellulose Fibers 56 43 78 65 32 Containerboard, Packaging & Recycling 4. 97 109 8 0 0 Real Est
Slide 16: Earnings per Share Reconciliation
Chart 12 Earnings per Share Reconciliation 2008 2009 Q1 Q2 Q3 Q4 Q1 Diluted EPS before Special Items ($0.24) $0.03 ($0.01) ($0.99) ($0.68) Closures, Restructuring and Impairment of Weyerhaeuser Assets (0.19) (0.20) (0.16) (0.15) (0.29) Real Estate Related Charges (0.17) (0.98) (0.69) (1.48) (0.21) L