Weyerhaeuser Reports Fourth Quarter, Full Year Results

            Weyerhaeuser Reports Fourth Quarter, Full Year Results

- Fourth quarter 2012 net earnings increased 22 percent compared with third
quarter.

- Full year 2012 net sales rose 14 percent and net earnings before special
items increased 78 percent.

- Total shareholder return for 2012 exceeded 50 percent.

PR Newswire

FEDERAL WAY, Wash., Jan. 25, 2013

FEDERAL WAY, Wash., Jan. 25, 2013 /PRNewswire/ -- Weyerhaeuser Company (NYSE:
WY) today reported net earnings of $143 million, or 26 cents per diluted
share, for the fourth quarter. This compares with net earnings of $65 million,
or 12 cents per diluted share, and net earnings before special items of $77
million, or 14 cents per diluted share, for the same period last year. Net
sales for the fourth quarter of 2012 totaled $2.0 billion, compared with net
sales of $1.6 billion for the fourth quarter of 2011.

(Logo: http://photos.prnewswire.com/prnh/20120111/AQ34535LOGO)

For the full year 2012, Weyerhaeuser reported net earnings of $385 million, or
71 cents per diluted share, on net sales of $7.1 billion. This compares with
net earnings of $331 million, or 61 cents per diluted share, on net sales from
continuing operations of $6.2 billion for the full year 2011.

"As I look forward to 2013, I am excited by the opportunity to build on the
momentum of this past year," said Dan Fulton, president and chief executive
officer. "In 2012, we began to realize the results of our work to position the
company to capture the benefits of an improving housing market. As a result,
our bottom line improved significantly, the Board increased the dividend, and
our total shareholder return exceeded 50 percent, one of the best in our
industry."

WEYERHAEUSER FINANCIAL HIGHLIGHTS               2012          2011
(millions, except per share data)               3Q     4Q     4Q
Net sales                                       $1,772 $2,000 $1,615
Net earnings                                    $117   $143   $65
Weighted average shares outstanding, diluted    542    547    538
Earnings per diluted share                      $0.22  $0.26  $0.12
Net earnings before special items               $117   $143   $77
Earnings per diluted share before special items $0.22  $0.26  $0.14
Net cash from operations                        $122   $252   $147
Net change in cash and cash equivalents(1)      ($253) $290   ($18)
Cash and cash equivalents at end of period(1)   $608   $898   $953

(1) Net change in cash and cash equivalents for the third quarter of 2012
includes $181 million for debt repayment and a $97 million payment on a note
related to a timber monetization undertaken in 2002. Fourth quarter of 2012
includes $110 million received upon maturity of financial investments related
to that timber monetization.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)  3Q 2012 4Q 2012 Change
Net sales                        $267    $298    $31
Contribution to pre-tax earnings $80     $95     $15

4Q 2012 Performance - Earnings increased compared with the third quarter due
to improved selling prices and stronger market demand for export and domestic
logs. Fee harvest volumes increased in both the West and the South. Earnings
from disposition of non-strategic timberlands decreased $5 million.

1Q 2013 Outlook - Excluding dispositions of non-strategic timberlands,
Weyerhaeuser expects earnings from the segment to be comparable to the fourth
quarter. The company anticipates improved selling prices for Western domestic
and export logs, offset by a seasonal decline in Southern fee harvest volumes.
Earnings from dispositions of non-strategic timberlands are expected to
decrease.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)  3Q 2012 4Q 2012 Change
Net sales                        $816    $832    $16
Contribution to pre-tax earnings $59     $38     ($21)

4Q 2012 Performance - Stronger than expected market conditions for oriented
strand board and lumber resulted in higher average selling prices and sales
volumes for those products. However, all product lines experienced higher raw
material costs. Engineered wood products operating rates decreased due to
maintenance and seasonally weaker market conditions.

1Q 2013 Outlook - Weyerhaeuser anticipates significantly higher earnings from
the Wood Products segment in the first quarter. The company expects increased
average sales realizations for lumber and oriented strand board and seasonally
higher sales volumes across all product lines. Unit manufacturing costs are
expected to decline due to improved operating rates, partially offset by
higher raw material costs.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)  3Q 2012 4Q 2012 Change
Net sales                        $459    $463    $4
Contribution to pre-tax earnings $78     $61     ($17)

4Q 2012 Performance - Average sales realizations for pulp declined, and
chemical and energy costs increased. Sales realizations and volumes for liquid
packaging board decreased due to operational issues that are now resolved.
These factors were partially offset by lower maintenance costs and improved
pulp mill productivity due to fewer days of scheduled annual maintenance
outages.

1Q 2013 Outlook - Weyerhaeuser expects lower earnings from the Cellulose
Fibers segment in the first quarter. The company anticipates increased
maintenance expenses, partially offset by slightly higher average selling
prices for pulp.

REAL ESTATE

FINANCIAL HIGHLIGHTS (millions)  3Q 2012 4Q 2012 Change
Net sales                        $230    $407    $177
Contribution to pre-tax earnings $17     $81     $64

4Q 2012 Performance - Fourth quarter included earnings of $16 million from
single-family homebuilding and $65 million from land sales, compared with $17
million from single-family homebuilding in the third quarter. Home closings
increased seasonally to 842 single-family homes. Average margins on homes
closed declined to 20 percent due to mix, and selling costs increased due to
the additional closing volume.

At the end of the fourth quarter the backlog of homes sold, but not closed,
totaled 774 units, compared with 429 units one year ago.

1Q 2013 Outlook - Weyerhaeuser anticipates a slight profit from single-family
homebuilding in the first quarter. Home closings should decline seasonally to
approximately 500 homes, with margins comparable to fourth quarter. Selling
expenses are expected to decrease due to lower closing volumes.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of
timberlands, began operations in 1900. We own or control more than 6 million
acres of timberlands, primarily in the U.S., and manage another 14 million
acres under long-term licenses in Canada. We manage these timberlands on a
sustainable basis in compliance with internationally recognized forestry
standards. We are also one of the largest manufacturers of wood and cellulose
fibers products, and we develop real estate, primarily as a builder of
single-family homes. Our company is a real estate investment trust. In 2012,
we generated $7.1 billion in sales and employed approximately 13,200 people
who serve customers worldwide. We are listed on the Dow Jones World
Sustainability Index. Our stock trades on the New York Stock exchange under
the symbol WY. More information about us is available at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m.
Eastern) on Jan. 25 to discuss fourth quarter results.

To access the conference call from within North America, dial 877-296-9413
(access code – 86484844) at least 15 minutes prior to the call. Those calling
from outside North America should dial 706-679-2458 (access code – 86484844).
Replays will be available for one week at 855-859-2056 (access code –
86484844) from within North America and at 404-537-3406 (access code –
86484844) from outside North America.

The call is being webcast through Weyerhaeuser's Internet site at
http://investor.weyerhaeuser.com and is accessible by selecting the "Q4 2012
Weyerhaeuser Co. Earnings Conference Call" link.

The webcast is available through the Thomson StreetEvents Network to both
institutional and individual investors. Individual investors can listen to the
call at www.fulldisclosure.com, Thomson's individual investor portal, powered
by StreetEvents. Institutional investors can access the call via Thomson's
password-protected site, StreetEvents (www.streetevents.com).

FORWARD LOOKING STATEMENTS

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 accurate because of risks and
uncertainties surrounding these assumptions. Factors listed below, as well as
other factors, may cause actual results to differ significantly from these
forward-looking statements. There is no guarantee that any of the events
anticipated by these forward-looking statements will occur. If any of the
events occur, there is no guarantee what effect they will have on company
operations or financial condition. The company will not update these
forward-looking statements after the date of this news release.

Some forward-looking statements discuss the company's plans, strategies and
intentions. They use words such as "expects," "may," "will," "believes,"
"should," "approximately," "anticipates," "estimates," and "plans." In
addition, these words may use the positive or negative or other variations of
those terms.

This release contains forward-looking statements regarding the company's
expectations during the first quarter of 2013, including improved selling
prices for Western domestic and export logs, a seasonal decline in Southern
fee harvest volumes, decreased earnings from dispositions of non-strategic
timberlands, and comparable earnings from the Timberlands segment excluding
disposition of non-strategic timberlands; increased average sales realizations
for lumber and oriented strand board, seasonally higher sales volumes across
all product lines, improved operating rates, higher raw material costs, and
significantly higher earnings from the Wood Products segment; increased
maintenance expenses, slightly higher average selling prices for pulp, and
lower earnings from the Cellulose Fibers segment; and seasonally lower home
closings, comparable margins, decreased selling expenses due to lower closing
volumes, and a slight profit from single-family homebuilding in the Real
Estate segment.

Major risks, uncertainties and assumptions that affect the company's
businesses and may cause actual results to differ from these forward-looking
statements, include, but are not limited to:

  othe effect of general economic conditions, including employment rates,
    housing starts, interest rate levels, availability of financing for home
    mortgages, and strength of the U.S. dollar;
  omarket demand for the company's products, which is related to the strength
    of the various U.S. business segments and U.S. and international economic
    conditions;
  operformance of the company's manufacturing operations, including
    maintenance requirements;
  othe level of competition from domestic and foreign producers;
  oraw material prices;
  othe effect of weather;
  othe risk of loss from fires, floods, windstorms, hurricanes, pest
    infestation and other natural disasters;
  oenergy prices;
  othe successful execution of internal performance plans, including
    restructurings and cost reduction initiatives;
  otransportation costs;
  ofederal tax policies;
  othe effect of forestry, land use, environmental and other governmental
    regulations;
  olegal proceedings;
  operformance of pension fund investments and related derivatives;
  othe effect of timing of retirements and changes in the market price of
    company stock on charges for stock-based compensation;
  ochanges in accounting principles; and
  oother factors described under "Risk Factors" in the Company's annual
    report on Form10-K and quarterly reports on Form 10-Q.

The company also is a large exporter and is affected by changes in economic
activity in Europe and Asia, particularly Japan and China. It is affected by
changes in currency exchange rates, particularly the relative value of the
U.S. dollar to the euro and the Canadian dollar, and the relative value of the
euro and the yen. Restrictions on international trade or tariffs imposed on
imports also may affect the company.

Weyerhaeuser Company                                          Exhibit 99.2
Q4.2012 Analyst Package
Preliminary results, subject to
audit
Consolidated Statement of Operations
in millions      Q1       Q2       Q3       Q4                Year-to-date
                 Mar 31,  Jun 30,  Sep 30,  Dec 31,  Dec 31,  Dec 31,  Dec 31,

                 2012     2012     2012     2012     2011     2012     2011
Net sales and    $ 1,494  $ 1,793  $ 1,772  $ 2,000  $ 1,615  $ 7,059  $ 6,216
revenues
Cost of products 1,290    1,516    1,424    1,580    1,317    5,810    5,120
sold
Gross margin     204      277      348      420      298      1,249    1,096
Selling expenses 42       47       49       56       45       194      178
General and
administrative   108      95       107      126      104      436      423
expenses
Research and
development      7        8        8        9        9        32       30
expenses
Charges for
restructuring,   12       4        10       6        31       32       83
closures and
impairments
Other operating  (66)     (53)     (28)     (33)     (22)     (180)    (212)
income, net
Operating income 101      176      202      256      131      735      594
Interest income  12       11       15       14       12       52       47
and other
Interest
expense, net of  (87)     (86)     (87)     (88)     (88)     (348)    (384)
capitalized
interest
Earnings from
continuing
operations       26       101      130      182      55       439      257
before income
taxes
Income taxes     15       (17)     (13)     (40)     10       (55)     62
Earnings from
continuing       41       84       117      142      65       384      319
operations
Earnings from
discontinued     —        —        —        —        —        —        12
operations, net
of income taxes
Net earnings     41       84       117      142      65       384      331
Add: net loss
attributable to  —        —        —        1        —        1        —
noncontrolling
interests
Net earnings
attributable to  $     $     $      $      $     $      $  
Weyerhaeuser     41       84       117      143      65       385      331
common
shareholders
Per Share Information
in millions      Q1       Q2       Q3       Q4                Year-to-date
                 Mar 31,  Jun 30,  Sep 30,  Dec 31,  Dec 31,  Dec 31,  Dec 31,

                 2012     2012     2012     2012     2011     2012     2011
Earnings per
share
attributable to
Weyerhaeuser
common
shareholders,
basic:
Continuing       $      $      $      $      $      $      $  
operations       0.08     0.16     0.22     0.26     0.12     0.71     0.60
Discontinued     —        —        —        —        —        —        0.02
operations
Net earnings per $      $      $      $      $      $      $  
share            0.08     0.16     0.22     0.26     0.12     0.71     0.62
Earnings per
share
attributable to
Weyerhaeuser
common
shareholders,
diluted:
Continuing       $      $      $      $      $      $      $  
operations       0.08     0.16     0.22     0.26     0.12     0.71     0.59
Discontinued     —        —        —        —        —        —        0.02
operations
Net earnings per $      $      $      $      $      $      $  
share            0.08     0.16     0.22     0.26     0.12     0.71     0.61
Dividends paid   $      $      $      $      $      $      $  
per share        0.15     0.15     0.15     0.17     0.15     0.62     0.60
Weighted average
shares
outstanding (in
thousands):
Basic            537,368  537,966  539,094  542,101  536,432  539,140  537,534
Diluted          539,728  540,033  542,311  547,137  538,119  542,310  539,879
Common shares
outstanding at   537,409  537,526  540,672  542,393  536,425  542,393  536,425
end of period
(in thousands)
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and
Amortization, Excluding Special Items*
in millions      Q1       Q2       Q3       Q4                Year-to-date
                 Mar 31,  Jun 30,  Sep 30,  Dec 31,  Dec 31,  Dec 31,  Dec 31,

                 2012     2012     2012     2012     2011     2012     2011
Operating income $      $      $      $      $      $      $  
                 101      176      202      256      131      735      594
Depreciation,
depletion and    113      113      112      118      117      456      476
amortization
Non-operating
pension and      7        7        7        8        5        29       26
postretirement
costs
Special items    (38)     (57)     —        —        19       (95)     (100)
Capitalized
interest         3        19       6        9        12       37       29
included in cost
of products sold
Adjusted EBITDA, $      $      $      $      $  
excluding        186      258      327      391      284      $ 1,162  $ 1,025
special items*
* Non-GAAP measure

Weyerhaeuser Company
Q4.2012 Analyst Package
Preliminary results, subject
to audit
Consolidated Balance Sheet
                             Mar 31,   Jun 30,   Sep 30,   Dec 31,   Dec 31,
in millions
                             2012      2012      2012      2012      2011
ASSETS
Forest Products:
Current assets:
Cash and cash equivalents    $      $      $      $      $   
                             726      857      602      893      950
Receivables, less allowances 479       488       504       468       468
Receivables for taxes        24        6         97        95        22
Inventories                  517       487       512       531       476
Prepaid expenses             80        86        83        83        68
Deferred tax assets          113       100       117       65        81
Total current assets         1,939     2,024     1,915     2,135     2,065
Property and equipment, net  2,829     2,770     2,759     2,859     2,901
Construction in progress     192       208       220       50        145
Timber and timberlands at
cost, less depletion charged 3,970     3,963     3,967     3,961     3,978
to disposals
Investments in and advances  189       187       188       192       192
to equity affiliates
Goodwill                     40        40        40        40        40
Deferred tax assets          50        48        56        189       36
Other assets                 442       435       352       358       444
Assets held by variable      914       916       914       805       916
interest entities
                             10,565    10,591    10,411    10,589    10,717
Real Estate:
Cash and cash equivalents    2         4         6         5         3
Receivables, less allowances 30        38        36        72        41
Real estate in process of    606       581       602       658       555
development and for sale
Land being processed for     943       959       982       904       936
development
Investments in and advances  19        20        20        21        21
to equity affiliates
Deferred tax assets          246       238       233       202       240
Other assets                 113       89        98        94        113
Assets held by variable      —         3         6         47        8
interest entities
                             1,959     1,932     1,983     2,003     1,917
Total assets                 $ 12,524  $ 12,523  $ 12,394  $ 12,592  $ 12,634
LIABILITIES AND EQUITY
Forest Products:
Current liabilities:
Current maturities of        $      $      $      $      $    
long-term debt               167      184      340      340      12
Accounts payable             343       360       356       329       336
Accrued liabilities          536       576       558       561       593
Total current liabilities    1,046     1,120     1,254     1,230     941
Long-term debt               4,026     4,005     3,842     3,842     4,181
Deferred income taxes        158       140       124       —         129
Deferred pension and other   1,470     1,429     1,378     1,936     1,467
postretirement benefits
Other liabilities            407       400       477       493       408
Liabilities (nonrecourse to
the company) held by         775       778       680       681       776
variable interest entities
                             7,882     7,872     7,755     8,182     7,902
Real Estate:
Long-term debt               283       283       109       109       285
Other liabilities            154       171       177       187       172
Liabilities (nonrecourse to
the company) held by         —         —         —         1         8
variable interest entities
                             437       454       286       297       465
Total liabilities            8,319     8,326     8,041     8,479     8,367
Equity:
Total Weyerhaeuser           4,197     4,186     4,340     4,070     4,263
shareholders' interest
Noncontrolling interests     8         11        13        43        4
Total equity                 4,205     4,197     4,353     4,113     4,267
Total liabilities and equity $ 12,524  $ 12,523  $ 12,394  $ 12,592  $ 12,634

Weyerhaeuser Company
Q4.2012 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
in millions               Q1        Q2     Q3       Q4            Year-to-date
                          Mar 31,   Jun    Sep 30,  Dec    Dec    Dec    Dec
                                    30,             31,    31,    31,    31,
                          2012             2012
                                    2012            2012   2011   2012   2011
Cash flows from
operations:
Net earnings              $   41  $    $  117  $     $    $     $ 
                                    84              142    65     384    331
Noncash charges (credits)
to income:
Depreciation, depletion   113       113    112      118    117    456    480
and amortization
Deferred income taxes,    (6)       13     15       40     51     62     (26)
net
Pension and other         (28)      (30)   19       20     21     (19)   81
postretirement benefits
Share-based compensation  10        8      10       9      6      37     25
expense
Charges for impairment of 8         4      7        5      19     24     56
assets
Net gains on dispositions (7)       (10)   (22)     (30)   (9)    (69)   (236)
of assets
Foreign exchange
transaction (gains)       (7)       9      (10)     2      (5)    (6)    6
losses
Change in:
Receivables less          (5)       (18)   (10)     —      (19)   (33)   (53)
allowances
Receivable for taxes      (2)       18     (1)      2      (18)   17     (37)
Inventories               (40)      28     (22)     (20)   (6)    (54)   (46)
Real estate and land      (55)      7      (47)     20     37     (75)   (12)
Prepaid expenses          (8)       (12)   2        2      17     (16)   3
Accounts payable and      (56)      65     1        (5)    (59)   5      (133)
accrued liabilities
Deposits on land
positions and other       —         22     (11)     (7)    5      4      (4)
assets
Pension and
postretirement            (35)      (33)   (41)     (36)   (79)   (145)  (143)
contributions
Other                     17        (1)    3        (10)   4      9      (1)
Net cash from operations  (60)      267    122      252    147    581    291
Cash flows from investing
activities:
Property and equipment    (54)      (68)   (75)     (59)   (76)   (256)  (212)
Timberlands reforestation (10)      (7)    (5)      (7)    (6)    (29)   (29)
Proceeds from sale of     6         18     12       44     9      80     362
assets
Proceeds of investments
(payments of liabilities) —         —      (97)     110    —      13     —
held by special purpose
entities
Other                     1         (1)    (1)      1      7      —      1
Cash from investing       (57)      (58)   (166)    89     (66)   (192)  122
activities
Cash flows from financing
activities:
Cash dividends            (81)      (80)   (81)     (92)   (81)   (334)  (323)
Change in book overdrafts (29)      9      (12)     —      28     (32)   2
Payments on debt          (2)       (4)    (181)    —      (33)   (187)  (583)
Exercises of stock        5         2      66       39     1      112    38
options
Repurchase of common      —         —      —        —      (13)   —      (37)
stock
Other                     (1)       (3)    (1)      2      (1)    (3)    (24)
Cash from financing       (108)     (76)   (209)    (51)   (99)   (444)  (927)
activities
Net change in cash and    (225)     133    (253)    290    (18)   (55)   (514)
cash equivalents
Cash and cash equivalents 953       728    861      608    971    953    1,467
at beginning of period
Cash and cash equivalents $  728   $     $  608  $     $     $     $ 
at end of period                    861             898    953    898    953
Cash paid (received)
during the year for:
Interest, net of amount   $  116   $    $  117  $    $    $     $ 
capitalized                         57              51     58     341    420
Income taxes              $        $    $     $    $    $     $  
                          (10)     (5)    1         1     7    (13)   28

Weyerhaeuser Company                                  Total Company Statistics
Q4.2012 Analyst Package
Preliminary results, subject to
audit
Special Items Included in Net Earnings
in millions        Q1        Q2       Q3      Q4              Year-to-date
                   Mar 31,   Jun 30,  Sep     Dec     Dec     Dec 31,  Dec 31,
                                      30,     31,     31,
                   2012      2012                             2012     2011
                                      2012    2012    2011
Net earnings       $  41   $  84  $ 117  $ 143  $      $ 385   $ 331
                                                      65
Income tax         —         —        —       —       —       —        (83)
adjustments
Gain on sale of
82,000 acres of    —         —        —       —       —       —        (96)
non-strategic
timberlands
Loss on early
extinguishment of  —         —        —       —       —       —        16
debt
Restructuring,
impairments and    10        —        —       —       12      10       36
other charges
Gain on
postretirement     (34)      (33)     —       —       —       (67)     —
plan amendment
Gain on sale of    —         (4)      —       —       —       (4)      (9)
properties
Tax settlements    (8)       —        —       —       —       (8)      —
Charges related to
the sale of        —         —        —       —       —       —        14
hardwoods
Gain on sale of
Westwood Shipping  —         —        —       —       —       —        (31)
Lines
Net earnings       $                               $ 
before special     9         $  47  $ 117  $ 143  77     $ 316   $ 178
items
                   Q1        Q2       Q3      Q4              Year-to-date
                   Mar 31,   Jun 30,  Sep     Dec     Dec     Dec 31,  Dec 31,
                                      30,     31,     31,
                   2012      2012                             2012     2011
                                      2012    2012    2011
Net earnings per   $ 0.08    $ 0.16   $ 0.22  $ 0.26  $ 0.12  $ 0.71   $ 0.61
diluted share
Income tax         —         —        —       —       —       —        (0.15)
adjustments
Gain on sale of
82,000 acres of    —         —        —       —       —       —        (0.18)
non-strategic
timberlands
Loss on early
extinguishment of  —         —        —       —       —       —        0.03
debt
Restructuring,
impairments and    0.02      —        —       —       0.02    0.02     0.07
other charges
Gain on
postretirement     (0.06)    (0.06)   —       —       —       (0.12)   —
plan amendment
Gain on sale of    —         (0.01)   —       —       —       (0.01)   (0.02)
properties
Tax settlements    (0.02)    —        —       —       —       (0.02)   —
Charges related to
the sale of        —         —        —       —       —       —        0.03
hardwoods
Gain on sale of
Westwood Shipping  —         —        —       —       —       —        (0.06)
Lines
Net earnings
before special     $ 0.02    $ 0.09   $ 0.22  $ 0.26  $ 0.14  $ 0.58   $ 0.33
items per diluted
share
Selected Total Company Items, Excluding Discontinued Operations
in millions        Q1        Q2       Q3      Q4              Year-to-date
                   Mar 31,   Jun 30,  Sep     Dec     Dec     Dec 31,  Dec 31,
                                      30,     31,     31,
                   2012      2012                             2012     2011
                                      2012    2012    2011
Depreciation,
depletion and
amortization:
Cost of products   $  102   $  103  $      $      $      $  416  $  422
sold                                  102     109     104
Selling, general
and administrative 11        10       10      9       13      40       54
expenses
Total
depreciation,      $  113   $  113  $      $      $      $  456  $  476
depletion and                         112     118     117
amortization
Pension and
postretirement
costs:
Pension and
postretirement     $   13  $      $     $     $     $      $  
costs allocated to           14       12      12      12      51       46
business segments
Pension and
postretirement     7         7        7       8       5       29       26
costs not
allocated
Total company
pension and        $   20  $      $     $     $     $      $  
postretirement               21       19      20      17      80       72
costs
Total decrease
(increase) in                         $      $      $      $        $
Forest Products    $ (148)  $  103  (29)   (85)   (41)   (159)   (211)
working capital
^(1)
Cash spent for     $        $       $      $      $      $        $
capital            (64)     (75)    (80)   (66)   (82)   (285)   (238)
expenditures
^(1)Working capital does not include
cash balances.

Weyerhaeuser Company                                  Timberlands Segment
Q4.2012 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions                Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Sales to and revenues from $      $      $      $      $      $        $ 
unaffiliated customers     250      262      267      298      274      1,077     1,044
Intersegment sales         190      146      162      185      167      683       646
Total net sales and        440      408      429      483      441      1,760     1,690
revenues
Cost of products sold      353      313      336      374      358      1,376     1,290
Gross margin               87       95       93       109      83       384       400
Selling expenses           2        2        3        2        3        9         10
General and administrative 23       21       21       20       18       85        81
expenses
Research and development   4        5        4        6        6        19        18
expenses
Restructuring, closures    —        —        —        2        —        2         —
and impairments
Other operating income,    (11)     (10)     (14)     (14)     (14)     (49)      (196)
net
Operating income           69       77       79       93       70       318       487
Interest income and other  1        —        1        1        1        3         4
Loss attributable to       —        —        —        1        —        1         —
noncontrolling interest
Net contribution to        $      $      $      $      $      $       $  
earnings†                  70      77      80      95      71      322       491
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization,
Excluding Special Items*
in millions                Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Operating income           $      $      $      $      $      $       $  
                           69      77      79      93      70      318       487
Depreciation, depletion    35       34       35       38       35       142       137
and amortization
Special items              —        —        —        —        —        —         (152)
Adjusted EBITDA, excluding $  104  $  111  $  114  $  131  $  105  $       $  
special items*                                                          460       472
* Non-GAAP measure
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
                           Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Gain on sale of 82,000     $      $      $      $      $      $      $  
acres of non-strategic     —       —       —       —       —       —        152
timberlands
Selected Segment Items
                           Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Total decrease (increase)  $     $     $     $      $     $       $  
in working capital ^(1)    (9)       6      19       (37)     (6)      (21)     (26)
Cash spent for capital     $      $      $      $      $      $       $  
expenditures               (12)     (15)     (17)     (16)     (13)     (60)     (53)
^(1)Working capital does not include cash
balances.
Segment Statistics
                           Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
             Logs:
             West          $      $      $      $      $      $       $  
                           130      146      132      151      139      559      545
             South         50       56       60       67       53       233       196
             Canada        7        2        5        5        5        19        17
             Total Logs    187      204      197      223      197      811       758
             Pay as cut    11       9        8        9        9        37        34
ThirdParty timber sales
             Timberlands   8        7        24       20       15       59        77
Net Sales    exchanges
             Higher and
andRevenue  better use    4        5        4        9        14       22        25
             land sales
(millions)   Minerals, oil 7        7        8        9        10       31        53
             and gas
             Products from
             international 25       29       26       26       27       106       86
             operations
             Other         8        1        —        2        2        11        11
             products
             Total         $      $      $      $      $      $        $ 
                           250      262      267      298      274      1,077     1,044
                          $        $        $        $        $        $ 
             West          99.10   94.47   89.28   96.46   99.71   94.72     $ 103.57
Logs
                           $        $        $        $        $        $        $ 
Third Party  South         40.48   41.15   42.04   43.30   39.82   41.83     40.10
Sales
                           $        $        $        $        $        $        $ 
Realizations Canada        36.35   34.66   35.23   38.70   34.04   36.51     34.65

(per cubic   International $        $        $        $        $        $        $ 
meter)                     22.97   23.53   23.76   24.30   17.03   23.66     28.11

             West          1,308    1,551    1,480.   1,559    1,396    5,898     5,267
Logs

Third Party  South         1,228    1,354    1,430.   1,563    1,327    5,575     4,879
Sales

Volumes      Canada        205      54       133.     139      146      531       479

(cubic       International 78       82       99.      84       75       343       314
meters,
             Total         2,819    3,041    3,142    3,345    2,944    12,347    10,939
thousands)

             West          1,679    1,831    1,784.   1,876    1,633    7,170     6,595
Logs

Fee Harvest  South         2,714    2,788    2,809.   3,177    2,668    11,488    9,738
Volumes

(cubic       International 172      161      198.     232      265      763       854
meters,
             Total         4,565    4,780    4,791    5,285    4,566    19,421    17,187
thousands)

Weyerhaeuser Company                                Wood Products Segment
Q4.2012 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations 
in millions              Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Sales to and revenues    $      $      $      $      $      $        $ 
from unaffiliated        634      776      816      832      542      3,058    2,276
customers
Intersegment sales       20       20       18       16       19       74        80
Total net sales and      654      796      834      848      561      3,132     2,356
revenues
Cost of products sold    611      708      713      748      573      2,780     2,359
Gross margin             43       88       121      100      (12)     352       (3)
Selling expenses         21       21       23       24       19       89        79
General and              29       29       31       34       27       123       113
administrative expenses
Research and development 1        1        2        1        1        5         4
expenses
Charges for
restructuring, closures  1        2        2        1        20       6         64
and impairments
Other operating costs    5        (1)      4        2        (2)      10        (17)
(income), net
Operating income (loss)  (14)     36       59       38       (77)     119       (246)
Interest income and      1        —        —        —        —        1         3
other
Net contribution to
earnings from continuing (13)     36       59       38       (77)     120       (243)
operations
Net contribution to
earnings from            —        —        —        —        —        —         (25)
discontinued hardwoods
operations
Net contribution to      $       $      $      $      $       $       $ 
earnings†                (13)    36      59      38      (77)    120       (268)
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization,
Excluding Special Items*
in millions              Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Operating income (loss)  $       $      $      $      $       $       $ 
                         (14)    36      59      38      (77)    119       (246)
Depreciation, depletion  34       33       33       33       35       133       151
and amortization
Special items            —        (6)      —        —        19       (6)       52
Adjusted EBITDA,         $      $      $      $      $       $       $  
excluding special items* 20      63      92      71      (23)    246       (43)
* Non-GAAP measure
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax) 
                         Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Gain on sale of property $      $     $      $      $      $      $   
                         —        6      —       —       —         6       5
Charges for
restructuring and        —        —        —        —        (19)     —         (57)
impairments
Total special items from —        6        —        —        (19)     6         (52)
continuing operations
Charges related to sale
of discontinued          —        —        —        —        —        —         (22)
hardwoods operations
Total                    $      $     $      $      $       $      $  
                         —       6       —       —       (19)     6      (74)
Selected Segment Items
                         Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Total decrease           $       $     $      $     $     $       $   
(increase) in working    (112)     5      (21)      9      18       (119)     (23)
capital ^(1)
Cash spent for capital   $     $      $      $      $      $      $   
expenditures             (6)      (15)     (16)     (19)     (14)     (56)      (35)
^(1)Working capital does not include cash
balances.
Segment Statistics
in millions, except for
third-party sales        Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
realizations
            Third Party  $      $      $      $      $      $        $ 
            Net Sales    291      370      363      376      256      1,400    1,087
Structural and Revenue
            Third Party  $      $      $      $      $      $      $   
Lumber      Sales        311      350      359      366      296      347       303
            Realizations
(board      Third Party
feet)       Sales        937      1,056    1,013    1,025    863      4,031     3,586
            Volumes
            Production   958      1,004    945      939      842      3,846     3,528
            Volumes
            Third Party  $     $     $     $     $     $      $   
            Net Sales    65       70       76       68       55       279       235
Engineered  and Revenue
Solid       Third Party  $        $        $        $        $        $        $ 
            Sales        1,830   1,789   1,800   1,817   1,783   1,808    1,920
Section     Realizations
            Third Party
(cubic      Sales        3.6      3.9      4.2      3.7      3.1      15.4      12.3
feet)       Volumes
            Production   3.7      3.8      4.3      3.6      2.7      15.4      13.4
            Volumes
            Third Party  $     $     $     $     $     $      $   
            Net Sales    41       49       53       47       37       190       161
Engineered  and Revenue
            Third Party  $        $        $        $        $        $        $ 
I-joists    Sales        1,285   1,211   1,248   1,265   1,258   1,250    1,264
            Realizations
(lineal     Third Party
feet)       Sales        32       40       43       37       30       152       128
            Volumes
            Production   34       37       39       37       26       147       122
            Volumes
            Third Party  $      $      $      $      $     $      $   
            Net Sales    111      138      169      194      90       612       354
Oriented    and Revenue
Strand      Third Party  $      $      $      $      $      $      $   
            Sales        197      214      268      290      173      244       179
Board       Realizations
            Third Party
(square     Sales        565      643      630      670      516      2,508     1,977
feet 3/8')  Volumes
            Production   601      626      642      642      541      2,511     2,127
            Volumes
            Third Party  $     $     $     $     $     $      $   
            Net Sales    23       26       34       32       18       115        66
Softwood   and Revenue
            Third Party  $      $      $      $      $      $      $   
Plywood     Sales        309      332      356      347      274      338       264
            Realizations
(square     Third Party
feet 3/8')  Sales        73       81       95       91       65       340       249
            Volumes
            Production   51       50       54       59       47       214       197
            Volumes

Weyerhaeuser Company                                    Cellulose Fibers Segment
Q4.2012 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions                  Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Total net sales and revenues $  473  $  459  $  459  $  463  $  523  $ 1,854  $ 2,058
Cost of products sold        407      404      364      385      368      1,560     1,524
Gross margin                 66       55       95       78       155      294       534
Selling expenses             4        5        4        5        5        18        18
General and administrative   20       17       19       18       19       74        76
expenses
Research and development     2        2        2        2        2        8         8
expenses
Charges for restructuring,   —        —        —        —        1        —         1
closures and impairments
Other operating income, net  (9)      (4)      (5)      (6)      (7)      (24)      (19)
Operating income             49       35       75       59       135      218       450
Interest income and other    (1)      1        3        2        1        5         2
Net contribution to          $      $      $      $      $  136  $       $  
earnings†                    48      36      78      61               223       452
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding
Special Items*
in millions                  Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Operating income             $      $      $      $      $  135  $       $  
                             49      35      75      59               218       450
Depreciation, depletion and  37       36       37       40       37       150       147
amortization
Adjusted EBITDA, excluding   $      $      $  112  $      $  172  $       $  
special items*               86      71               99               368       597
* Non-GAAP measure
Selected Segment Items
                             Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Total decrease (increase) in $     $     $      $      $      $      $   
working capital ^(1)         45       24       (20)     (30)     (28)      19      (65)
Cash spent for capital       $      $      $      $      $      $       $  
expenditures                 (45)     (44)     (45)     (26)     (54)     (160)     (146)
^(1)Working capital does not include cash
balances.
Segment Statistics
                             Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
                Third Party
                Net Sales    $      $      $      $      $      $        $ 
                and Revenue  367      348      354      364      419      1,433    1,617
                (millions)
Pulp            Third Party  $      $      $      $      $      $      $   
                Sales        818      819      818      799      895      813       921
(air-drymetric Realizations
                Third Party
tons)           Sales        449      425      432      456      468      1,762     1,756
                Volumes
                (thousands)
                Production
                Volumes      438      417      453      465      460      1,773     1,769
                (thousands)
                Third Party
                Net Sales    $     $     $     $     $     $      $   
                and Revenue  83       90       84       75       81       332       346
Liquid          (millions)
                Third Party  $        $        $        $        $        $        $ 
Packaging       Sales        1,181   1,176   1,155   1,085   1,151   1,150    1,165
                Realizations
Board           Third Party
                Sales        70       76       74       69       70       289       297
(tons)          Volumes
                (thousands)
                Production
                Volumes      65       78       77       72       79       292       307
                (thousands)

Weyerhaeuser Company                               Real Estate Segment
Q4.2012 Analyst Package
Preliminary results, subject to
audit
Segment Statement of Operations
in millions    Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Total net                                                             $  
sales and      $  137  $  296  $  230  $  407  $  276  $ 1,070   838
revenues
Cost of        113      248      175      276      191      812       628
products sold
Gross margin   24       48       55       131      85       258       210
Selling        15       19       19       25       18       78        71
expenses
General and
administrative 17       15       17       27       19       76        73
expenses
Charges for
restructuring, 1        1        3        1        10       6         14
closures and
impairments
Other
operating      —        (1)      —        (1)      (1)      (2)       (1)
income, net
Operating      (9)      14       16       79       39       100       53
income (loss)
Interest
income and     1        1        1        2        2        5         5
other
Net            $      $      $      $      $      $       $   
contribution   (8)     15      17      81      41      105       58
to earnings
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and
Amortization, Excluding Special Items*
in millions    Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Operating      $      $      $      $      $      $       $   
income (loss)  (9)     14      16      79      39      100       53
Depreciation,
depletion and  2        3        3        4        4        12        13
amortization
Capitalized
interest
included in    3        14       5        8        10       30        23
cost of
products sold
Adjusted
EBITDA,        $      $      $      $      $      $       $   
excluding      (4)     31      24      91      53      142       89
special items*
* Non-GAAP measure
Selected Segment Items
               Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Cash from      $      $     $      $     $     $      $   
operations     (32)     43       (24)     77       43       64       18
Cash spent for $     $      $     $     $     $      $   
capital        (1)      —       (1)      (2)      (1)      (4)      (3)
expenditures
Segment Statistics
               Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Net sales and
revenues:
Single-family  $      $      $      $      $      $       $  
housing        131      190      229      320      232      870      768
Land           3        105      1        84       44       193       67
Other          3        1        —        3        —        7         3
Total net      $      $      $      $      $      $        $  
sales and      137      296      230      407      276      1,070     838
revenue
Single-family  697      764      637      561      406      2,659     1,902
homes sold
Single-family  349      508      615      842      582      2,314     1,912
homes closed
Single-family
homes sold but 777      1,033    1,055    774      429      774       429
not closed
(backlog)
Single-family
cancellation   10.1 %   15.4 %   18.3 %   15.9 %   18.1 %   14.9 %    15.7 %
rate
Single-family  14,272   17,677   17,894   14,567   10,533   64,410    50,125
buyer traffic
Single-family
average price  $       $       $       $       $       $       $  
of homes       376     374     372     381     398     376       402
closed (in
thousands)
Single-family
home gross
margin -       17.3 %   19.5 %   24.3 %   20.2 %   25.4 %   20.7 %    23.3 %
excluding
impairments
^(1)
^(1)Single-family gross margin excluding impairments equals revenue less cost
of sales and period costs (other than impairments and deposit write-offs).

Weyerhaeuser Company                               Unallocated Items
Q4.2012 Analyst Package
Preliminary results, subject to
audit
Unallocated items are gains or charges not related to or allocated to an
individual operating segment. They include a portion of items such as:
share-based compensation; pension and postretirement costs; foreign exchange
transaction gains and losses associated with financing; and the elimination of
intersegment profit in inventory and the LIFO reserve.
Contribution to Earnings
in millions    Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Unallocated
corporate      $     $     $     $     $     $       $  
function       (6)      (3)      (5)      (8)      (8)      (22)     (44)
expenses
Unallocated
share-based    (5)      (1)      (7)      (3)      (6)      (16)      (5)
compensation
Unallocated
pension &      (7)      (7)      (7)      (8)      (5)      (29)      (26)
postretirement
costs
Foreign
exchange gains 6        (8)      11       (2)      4        7         (5)
(losses)
Elimination of
intersegment
profit in      (12)     (2)      (10)     8        (6)      (16)      (25)
inventory and
LIFO †
Other          30       35       (9)      —        (15)     56        (45)
Operating      6        14       (27)     (13)     (36)     (20)      (150)
income (loss)
Interest
income and     10       9        10       9        8        38        33
other
Net
contribution
to earnings    16       23       (17)     (4)      (28)     18        (117)
from
continuing
operations
Net
contribution
to earnings    —        —        —        —        —        —         45
from
discontinued
operations
Net            $      $      $       $      $       $      $  
contribution   16      23      (17)    (4)     (28)    18        (72)
to earnings
†We now report the elimination of intersegment profit on inventory and the
LIFO reserve in Unallocated Items. Previously these company-level adjustments
were recorded in the business segments. This provides a better understanding
of business operating results. Prior period results have been adjusted to
reflect the change.
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and
Amortization, Excluding Special Items*
in millions    Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Operating      $     $      $       $       $       $       $ 
income (loss)  6       14      (27)    (13)    (36)    (20)      (150)
Depreciation,
depletion and  5        7        4        3        6        19        28
amortization
Non-operating
pension and    7        7        7        8        5        29        26
postretirement
costs
Special items  (38)     (51)     —        —        —        (89)      —
Capitalized
interest
included in    —        5        1        1        2        7         6
cost of
products sold
Adjusted
EBITDA,        $       $       $       $      $       $       $  
excluding      (20)    (18)    (15)    (1)     (23)    (54)      (90)
special items*
* Non-GAAP measure - see below for
definition.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
               Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Gain on        $     $     $      $      $      $       $   
postretirement 52       51       —       —       —       103      —
plan amendment
Restructuring,
impairments    (14)     —        —        —        —        (14)      —
and other
charges
Total special
items from     38       51       —        —        —        89        —
continuing
operations
Gain on sale   —        —        —        —        —        —         9
of property
Gain on sale
of Westwood    —        —        —        —        —        —         49
Shipping Lines
Total          $      $      $      $      $      $      $   
               38      51      —       —       —       89        58
Unallocated Selected Items
               Q1.2012  Q2.2012  Q3.2012  Q4.2012  Q4.2011  YTD.2012  YTD.2011
Total decrease
(increase) in  $      $     $     $      $      $       $  
working        (72)     68       (7)      (27)     (25)     (38)     (97)
capital ^(1)
Cash spent for $      $     $     $     $      $      $   
capital        —       (1)      (1)      (3)      —       (5)      (1)
expenditures
^(1)Working capital does not include
cash balances.
*Adjusted EBITDA, excluding special items is a non-GAAP measure that
management uses to evaluate the performance of the company. Adjusted EBITDA,
as we define it, is operating income from continuing operations adjusted for
depreciation, depletion, amortization, pension and postretirement costs not
allocated to business segments (primarily interest cost, expected return on
plan assets, amortization of actuarial loss and amortization of prior service
cost/credit), special items and interest included in cost of products sold.
Adjusted EBITDA should not be considered in isolation from and is not intended
to represent an alternative to our GAAP results.

For more information contact:

Analysts – Kathryn McAuley (253) 924-2058
Media – Anthony Chavez (253) 924-7148

SOURCE Weyerhaeuser Company

Website: http://www.weyerhaeuser.com
 
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