Weyerhaeuser Company reported 3Q net earnings to common shareholders of $227 million, or $0.30 per diluted share, on net sales of $1.7 billion. This compares with net earnings of $180 million, or $0.35 per diluted share, on net sales of $1.4 billion for the same period last year, as the company said in the press release received by Lesprom Network.
3Q results include after-tax earnings of $65 million from discontinued operations, which included a net gain of $41 million on the divestiture of the liquid packaging board business. 3Q results also include net after-tax charges of $10 million from special items.
Excluding discontinued operations and special items, the company reported net earnings of $172 million, or $0.23 per diluted share for the 3Q. This compares with net earnings from continuing operations before special items of $121 million for the same period last year and $130 million for 2Q 2016.
"Our employees delivered strong results in the quarter as Timberlands drove improved performance through merger synergies and Wood Products reported its best 3Q in over a decade," said Doyle R. Simons, president and CEO. "We also completed our $2 billion accelerated share repurchase and closed the sale of our liquid packaging business. We remain committed to driving value for shareholders through a focused portfolio, industry leading performance, and disciplined capital allocation. The integration with Plum Creek continues to go very well and we are confident we will fully capture the cost and operational synergies from the merger."
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900.
