Weyerhaeuser’s Q1 includes Plum Creek merger, loss of earnings

Weyerhaeuser Company reported first-quarter net earnings of $70 million, compared with net earnings of $90 million in the same period last year.

Net sales totaled $1.8 billion, compared with net sales of $1.7 billion in last year’s first quarter.

Excluding after-tax charges of $80 million for special items, net earnings were $150 million, compared with net earnings before special items of $99 million for the same period last year.

Weyerhaeuser merged with Plum Creek Timber Company on Feb. 19, 2016. The company’s financial statements do not include Plum Creek's financial results for any period prior to the merger date.

"I am extremely proud of the work of our employees in the first quarter, as we closed the Plum Creek merger, delivered solid operating performance across each of our businesses, and completed about 35% of our $2.5 billion share repurchase authorization," said Doyle R. Simons, president and CEO.

"These accomplishments, and the recently announced sale of our pulp mills to International Paper, illustrate our commitment to a focused portfolio, industry-leading performance and disciplined capital allocation. We are making solid progress on merger integration and synergies, and look forward to building on that strong foundation as we work together to be the world's premier timber, land, and forest products company and drive exceptional value for shareholders."