Weyerhaeuser narrows losses in Q4
Weyerhaeuser reported a fourth quarter 2019 net loss of $14 million compared to a fourth quarter 2018 net loss of $93 million.
For the full year, the Seattle, Wa.-based forest products giant posted a net loss of $76 million compared to a net income of $748 million in 2018.
Weyerhaeuser’s fourth quarter 2019 results include an $80 million noncash impairment charge related to the sale of its Montana timberlands, a $48 million gain on the sale of its Michigan timberlands and a $5 million pension settlement charge. Full-year 2019 includes net after-tax charges of $361 million for special items, the company reported.
Sales for the fourth quarter fell 5.4% to $1.54 billion from sales of $1.63 billion during the same period a year ago. Full-year sales dropped more than 12% to $6.55 billion from sales of $7.48 billion in 2018.
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The bottom line: Weyerhaeuser reports a $76 million loss for 2019, compared to profits of $748 million in the prior year.
Devin Stockfish
What the CEO said: “Our 2019 performance reflects strong execution across all businesses despite significant headwinds from a sluggish housing market, global trade uncertainty, and persistently challenged commodity prices," said Devin W. Stockfish, president and CEO.
“Entering 2020, we are encouraged by the recent pickup in U.S. housing activity, and we expect modest growth will drive improvement across our markets as the year progresses. We remain focused on creating value for shareholders through industry-leading operating performance and disciplined capital allocation,” Stockfish added.
Company info: Weyerhaeuser’s full 2019 fourth quarter report and year-end results can be found here.
For the full year, the Seattle, Wa.-based forest products giant posted a net loss of $76 million compared to a net income of $748 million in 2018.
Weyerhaeuser’s fourth quarter 2019 results include an $80 million noncash impairment charge related to the sale of its Montana timberlands, a $48 million gain on the sale of its Michigan timberlands and a $5 million pension settlement charge. Full-year 2019 includes net after-tax charges of $361 million for special items, the company reported.
Sales for the fourth quarter fell 5.4% to $1.54 billion from sales of $1.63 billion during the same period a year ago. Full-year sales dropped more than 12% to $6.55 billion from sales of $7.48 billion in 2018.
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The bottom line: Weyerhaeuser reports a $76 million loss for 2019, compared to profits of $748 million in the prior year.
Devin StockfishWhat the CEO said: “Our 2019 performance reflects strong execution across all businesses despite significant headwinds from a sluggish housing market, global trade uncertainty, and persistently challenged commodity prices," said Devin W. Stockfish, president and CEO.
“Entering 2020, we are encouraged by the recent pickup in U.S. housing activity, and we expect modest growth will drive improvement across our markets as the year progresses. We remain focused on creating value for shareholders through industry-leading operating performance and disciplined capital allocation,” Stockfish added.
Company info: Weyerhaeuser’s full 2019 fourth quarter report and year-end results can be found here.