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Weyerhaeuser Co.$33.58$.16.48%

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 Weyerhaeuser Reports Fourth Quarter, Full Year Results
   Friday, January 30, 2015 3:05:00 AM ET

Weyerhaeuser Company (WY ) today reported fourth quarter net earnings attributable to common shareholders of $166 million, or 31 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings of $43 million, or 7 cents per diluted share, on net sales of $1.8 billion from continuing operations for the same period last year.

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Earnings for the fourth quarter of 2014 include net after-tax gains of $21 million from special items. Excluding these items, the company reported net earnings of $145 million, or 27 cents per diluted share. This compares with net earnings from continuing operations before special items of $111 million, or 19 cents per diluted share for the same period last year.

For the full year 2014, Weyerhaeuser reported net earnings attributable to common shareholders of $1.8 billion, or $3.18 per diluted share, on net sales from continuing operations of $7.4 billion. This compares with net earnings of $540 million, or 95 cents per diluted share, on net sales from continuing operations of $7.3 billion for the same period last year.

Full year 2014 includes after-tax earnings of $998 million from discontinued operations related to the divestiture of Weyerhaeuser Real Estate Company and $84 million from special items. Excluding these items, the company reported net earnings of $700 million, or $1.25 per diluted share. This compares with net earnings from continuing operations before special items of $572 million, or 99 cents per diluted share, for the full year 2013.

"In 2014, we demonstrated our commitment to driving shareholder value," said Doyle Simons, president and chief executive officer. "During the year, we divested our homebuilding business to become a focused forest products company, achieved our 2014 operational excellence targets and made significant progress on our multi-year initiatives, and improved earnings from continuing operations by more than 20 percent compared with 2013. In addition, we increased our dividend by 32 percent and completed nearly 30 percent of a newly authorized $700 million share repurchase program. For 2015, we remain relentlessly focused on driving operational excellence to fully capitalize on our improving markets and delivering value to our shareholders."

WEYERHAEUSER FINANCIAL HIGHLIGHTS                                          3Q     4Q     4Q     Full Year
(millions, except per share data)                                          2014   2014   2013   2014   2013
Net sales from continuing operations                                       $1,915 $1,788 $1,768 $7,403 $7,254
Net earnings attributable to common shareholders(1)                        $1,153 $166   $43    $1,782 $540
Weighted average shares outstanding, diluted(2)                            536    529    589    561    571
Earnings per diluted share                                                 $2.15  $0.31  $0.07  $3.18  $0.95
Earnings per diluted share from continuing operations                      $0.35  $0.31  $0.01  $1.40  $0.82
Net earnings from continuing operations before special items(3)            $178   $145   $111   $700   $572
Earnings per diluted share from continuing operations before special items $0.33  $0.27  $0.19  $1.25  $0.99
Net change in cash and cash equivalents(4)                                 $775   ($40)  ($68)  $750   ($63)
Cash and cash equivalents at end of period(4)                              $1,620 $1,580 $830   $1,580 $830

(1) Includes net earnings from discontinued operations. (2) Weyerhaeuser’s weighted average common shares outstanding decreased during the third quarter of 2014 due to retirement of approximately 59 million shares tendered under the exchange offer associated with the divestiture of Weyerhaeuser Real Estate Company. During the third and fourth quarters of 2014, Weyerhaeuser repurchased approximately 6 million common shares. At the end of the fourth quarter the company had approximately 524 million common shares outstanding. (3) Special items for 2014 include gains on a postretirement plan amendment and restructuring charges related to the company’s SG&A cost reduction initiative. Special Items for 2013 are primarily related to restructuring, impairments and other charges, partially offset by tax adjustments. (4) Net change in cash and equivalents, and cash and cash equivalents at the end of the period exclude discontinued operations for all time periods presented. Third quarter 2014 includes $707 million related to the divestiture of Weyerhaeuser Real Estate Company.

TIMBERLANDS
FINANCIAL HIGHLIGHTS (millions)     3Q 2014 4Q 2014 Change
Net sales to unaffiliated customers $364    $359    ($5)
Contribution to pre-tax earnings    $136    $143    $7

4Q 2014 Performance - Western fee harvest volumes increased and log realizations improved in domestic and Japanese markets. These improvements were partially offset by weaker demand and pricing for Chinese export logs. In the South, fee harvest volumes increased and realizations improved slightly. Earnings from disposition of non-strategic timberlands decreased by $16 million compared with the third quarter.

1Q 2015 Outlook - Weyerhaeuser expects significantly higher earnings from the Timberlands segment in the first quarter. In the West, the company anticipates improved domestic volumes and realizations, partially offset by lower export log volumes. Western logging and road building costs should decline seasonally. In the South, the company expects lower fee harvest volumes due to seasonally wet weather. The company anticipates higher earnings from the disposition of non-strategic timberlands in the first quarter of 2015 compared to the fourth quarter 2014.

WOOD PRODUCTS
FINANCIAL HIGHLIGHTS (millions)     3Q 2014 4Q 2014 Change
Net sales to unaffiliated customers $1,048  $947    ($101)
Contribution to pre-tax earnings    $105    $56     ($49)

4Q 2014 Performance - Average realizations for lumber and oriented strand board decreased, and sales volumes declined seasonally across all product lines. Per unit manufacturing costs increased due to seasonally lower production volumes.

1Q 2015 Outlook - Weyerhaeuser expects significantly higher earnings from the Wood Products segment in the first quarter. The company expects slightly improved average realizations for lumber and oriented strand board, and higher sales and production volumes across all product lines, partially offset by higher log costs.

CELLULOSE FIBERS
FINANCIAL HIGHLIGHTS (millions)  3Q 2014 4Q 2014 Change
Net sales                        $503    $482    ($21)
Contribution to pre-tax earnings $59     $87     $28

4Q 2014 Performance - Average pulp price realizations increased, and sales volumes fell slightly. In liquid packaging board, lower realizations and lower shipment volumes as a result of West Coast port slowdowns were offset by lower maintenance costs and higher production rates following completion of an extended outage that occurred primarily in the third quarter.

1Q 2015 Outlook - Weyerhaeuser expects significantly lower earnings from the Cellulose Fibers segment in the first quarter. The company anticipates reduced pulp price realizations, higher maintenance expense, and decreased shipment volumes for liquid packaging board due to continuing West Coast port slowdowns, partially offset by higher liquid packaging board realizations due to mix.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world’s largest private owners of timberlands, began operations in 1900. We own or control nearly 7 million acres of timberlands, primarily in the U.S., and manage additional timberlands 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. Our company is a real estate investment trust. In 2014, our continuing operations generated $7.4 billion in sales and employed approximately 12,800 people who serve customers worldwide. We are listed on the Dow Jones World Sustainability Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on January 30 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on January.

To join the conference call from within North America, dial 877-296-9413 (access code: 28339647) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code: 28339647). Replays will be available for one week at 855-859-2056 (access code: 28339647) from within North America and at 404-537-3406 (access code: 28339647) from outside North America.

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 2015, including with respect to earnings, log realizations and demand, logging and road building costs, harvest volumes and dispositions of non-strategic timberlands in Timberlands, sales and production volumes across Wood Products product lines and realizations in lumber and oriented strand board, maintenance expenses, realizations in pulp and liquid packaging board and the effect of continuing West Coast port slowdowns on shipping volumes in Cellulose Fibers.

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:

-- the 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;

-- market 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;

-- performance of the company’s manufacturing operations, including maintenance requirements;

-- the level of competition from domestic and foreign producers;

-- the successful execution of internal performance plans, including restructurings and cost reduction initiatives;

-- raw material prices;

-- energy prices;

-- the effect of weather;

-- the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;

-- transportation availability and costs;

-- federal tax policies;

-- the effect of forestry, land use, environmental and other governmental regulations;

-- legal proceedings;

-- performance of pension fund investments and related derivatives;

-- the effect of timing of retirements and changes in the market price of company stock on charges for stock-based compensation;

-- changes in accounting principles; and

-- other factors described under "Risk Factors" in the Company’s annual report on Form 10-K and in the Company’s other filings with the SEC.

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 and disruptions in shipping and transportation also may affect the company.

View our financials in a printer-friendly PDF.

For more information contact:  Analysts - Beth Baum or Denise Merle (253) 924-2058
                               Media - Anthony Chavez (253) 924-7148
Weyerhaeuser Company                                                                                                                                           Exhibit 99.2
Q4.2014 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Operations
in millions                                                                   Q1                       Q2            Q3            Q4                          Year-to-date
                                                                              Mar 31, 2014             Jun 30, 2014  Sep 30, 2014  Dec 31, 2014  Dec 31, 2013  Dec 31, 2014  Dec 31, 2013
Net Sales                                                                     $ 1,736                  $ 1,964       $ 1,915       $  1,788      $ 1,768       $ 7,403       $ 7,254
Cost of products sold                                                         1,361                    1,499         1,504         1,399         1,412         5,763         5,716
Gross margin                                                                  375                      465           411           389           356           1,640         1,538
Selling expenses                                                              28                       27            28            29            29            112           125
General and administrative expenses                                           88                       88            73            89            105           338           404
Research and development expenses                                             7                        7             5             8             10            27            33
Charges for restructuring, closures and impairments                           19                       8             10            7             370           44            377
Other operating income, net                                                   (75)                     (65)          (23)          (38)          (3)           (201)         (35)
Operating income                                                              308                      400           318           294           (155)         1,320         634
Interest income and other                                                     9                        11            7             10            16            37            55
Interest expense, net of capitalized interest                                 (83)                     (83)          (88)          (90)          (113)         (344)         (369)
Earnings from continuing operations before income taxes                       234                      328           237           214           (252)         1,013         320
Income taxes                                                                  (50)                     (59)          (39)          (37)          270           (185)         171
Earnings from continuing operations                                           184                      269           198           177           18            828           491
Earnings from discontinued operations, net of income taxes                    10                       22            966           --            36            998           72
Net earnings                                                                  194                      291           1,164         177           54            1,826         563
Dividends on preference shares                                                (11)                     (11)          (11)          (11)          (11)          (44)          (23)
Net earnings attributable to Weyerhaeuser common shareholders                 $    183                 $    280      $ 1,153       $     166     $       43    $ 1,782       $    540
Per Share Information
                                                                              Q1                       Q2            Q3            Q4                          Year-to-date
                                                                              Mar 31, 2014             Jun 30, 2014  Sep 30, 2014  Dec 31, 2014  Dec 31, 2013  Dec 31, 2014  Dec 31, 2013
Earnings per share attributable to Weyerhaeuser common shareholders, basic:
Continuing operations                                                         $     0.29               $     0.44    $     0.35    $     0.32    $     0.01    $     1.41    $     0.82
Discontinued operations                                                       0.02                     0.04          1.82          --            0.06          1.79          0.13
Net earnings per share                                                        $     0.31               $     0.48    $     2.17    $     0.32    $     0.07    $     3.20    $     0.95
Earnings per share attributable to Weyerhaeuser common shareholders, diluted:
Continuing operations                                                         $     0.29               $     0.43    $     0.35    $     0.31    $     0.01    $     1.40    $     0.82
Discontinued operations                                                       0.02                     0.04          1.80          --            0.06          1.78          0.13
Net earnings per share                                                        $     0.31               $     0.47    $     2.15    $     0.31    $     0.07    $     3.18    $     0.95
Dividends paid per common share                                               $     0.22               $     0.22    $     0.29    $     0.29    $     0.22    $     1.02    $     0.81
Weighted average shares outstanding (in thousands):
Basic                                                                         584,915                  586,061       531,913       524,838       583,610       556,705       566,329
Diluted                                                                       589,312                  589,766       536,012       529,411       588,616       560,899       571,239
Common shares outstanding at end of period (in thousands)                     584,961                  586,698       525,485       524,474       583,548       524,474       583,548
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions                                                                   Q1                       Q2            Q3            Q4                          Year-to-date
                                                                              Mar 31, 2014             Jun 30, 2014  Sep 30, 2014  Dec 31, 2014  Dec 31, 2013  Dec 31, 2014  Dec 31, 2013
Net earnings                                                                  $      194               $      291    $   1,164     $      177    $        54   $   1,826     $      563
Earnings from discontinued operations, net of income taxes                    (10)                     (22)          (966)         --            (36)          (998)         (72)
Interest income and other                                                     (9)                      (11)          (7)           (10)          (16)          (37)          (55)
Interest expense, net of capitalized interest                                 83                       83            88            90            113           344           369
Income taxes                                                                  50                       59            39            37            (270)         185           (171)
Operating income                                                              308                      400           318           294           (155)         1,320         634
Depreciation, depletion and amortization                                      123                      122           123           125           125           493           458
Non-operating pension and postretirement costs (credits)                      (10)                     (11)          (12)          (12)          9             (45)          40
Special items                                                                 (49)                     (39)          (15)          (31)          366           (134)         366
Adjusted EBITDA*                                                              $    372                 $    472      $    414      $     376     $    345      $ 1,634       $ 1,498
* Non-GAAP measure - see page 8 for definition.
Weyerhaeuser Company
Q4.2014 Analyst Package
Preliminary results, subject to audit
Consolidated Balance Sheet
in millions                                                                    March 31,      June 30,     September 30,  December 31,  December 31,
                                                                               2014           2014         2014           2014          2013
ASSETS
Current assets:
Cash and cash equivalents                                                      $       777    $       845  $    1,620     $    1,580    $       830
Receivables, less allowances                                                   543            590          583            525           518
Receivables for taxes                                                          34             37           23             25            101
Inventories                                                                    626            596          578            595           542
Prepaid expenses                                                               101            106          97             80            117
Deferred tax assets                                                            186            128          111            228           130
Current assets of discontinued operations                                      48             988          --             --            88
Total current assets                                                           2,315          3,290        3,012          3,033         2,326
Property and equipment, net                                                    2,596          2,599        2,534          2,623         2,689
Construction in progress                                                       140            157          215            131           112
Timber and timberlands at cost, less depletion charged to disposals            6,574          6,571        6,546          6,530         6,580
Investments in and advances to equity affiliates                               189            188          186            188           190
Goodwill                                                                       40             40           40             40            42
Deferred tax assets                                                            1              --           --             8             5
Other assets                                                                   354            419          292            289           324
Restricted financial investments held by variable interest entities            615            615          615            615           615
Noncurrent assets of discontinued operations                                   1,762          1,827        --             --            1,694
Total assets                                                                   $14,586        $15,706      $13,440        $13,457       $14,577
LIABILITIES AND EQUITY
Current liabilities:
Notes payable                                                                  $           2  $        --  $        --    $        --   $           2
Accounts payable                                                               365            335          351            331           343
Accrued liabilities                                                            582            597          606            587           629
Current liabilities of discontinued operations                                 123            137          --             --            154
Total current liabilities                                                      1,072          1,069        957            918           1,128
Long-term debt                                                                 4,891          4,891        4,891          4,891         4,891
Long-term debt (nonrecourse to the company) held by variable interest entities 511            511          511            511           511
Deferred income taxes                                                          387            410          338            206           285
Deferred pension and other postretirement benefits                             471            422          569            1,319         516
Other liabilities                                                              334            334          318            308           382
Noncurrent liabilities of discontinued operations                              35             926          --             --            32
Total liabilities                                                              7,701          8,563        7,584          8,153         7,745
Equity:
Total Weyerhaeuser shareholders’ interest                                      6,852          7,092        5,856          5,304         6,795
Noncontrolling interests                                                       3              2            --             --            3
Noncontrolling interests in discontinued operations                            30             49           --             --            34
Total equity                                                                   6,885          7,143        5,856          5,304         6,832
Total liabilities and equity                                                   $14,586        $15,706      $13,440        $13,457       $14,577
Weyerhaeuser Company
Q4.2014 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
in millions                                                                 Q1            Q2            Q3            Q4                          Year-to-date
                                                                            Mar 31, 2014  Jun 30, 2014  Sep 30, 2014  Dec 31, 2014  Dec 31, 2013  Dec 31, 2014  Dec 31, 2013
Cash flows from operations:
Net earnings                                                                $     194     $     291     $  1,164      $     177     $       54    $ 1,826       $     563
Noncash charges (credits) to income:
Depreciation, depletion and amortization                                    126           126           123           125           129           500           472
Deferred income taxes, net                                                  36            89            45            35            (102)         205           (29)
Pension and other postretirement benefits                                   (47)          (44)          (13)          (48)          22            (152)         101
Share-based compensation expense                                            9             11            9             11            8             40            42
Charges for impairment of assets                                            --            1             --            1             367           2             372
Net gains on dispositions of assets and operations                          (25)          (21)          (1,002)       (2)           (16)          (1,050)       (58)
Foreign exchange transaction (gains) losses                                 14            (12)          13            12            1             27            7
Change in:
Receivables less allowances                                                 (1)           (47)          20            57            85            29            (27)
Receivable for taxes                                                        67            (3)           13            (1)           (70)          76            (6)
Inventories                                                                 (88)          34            8             (20)          (13)          (66)          (13)
Real estate and land                                                        (72)          (35)          (26)          --            13            (133)         (166)
Prepaid expenses                                                            3             (3)           6             11            (10)          17            (26)
Accounts payable and accrued liabilities                                    (80)          (17)          21            (22)          (96)          (98)          (51)
Deposits on land positions and other assets                                 12            (4)           7             --            (7)           15            (18)
Pension and postretirement contributions                                    (33)          (30)          (22)          (16)          (33)          (101)         (137)
Other                                                                       (6)           (14)          (13)          (16)          16            (49)          (22)
Net cash from operations                                                    109           322           353           304           348           1,088         1,004
Cash flows from investing activities:
Property and equipment                                                      (51)          (83)          (105)         (115)         (110)         (354)         (261)
Timberlands reforestation                                                   (14)          (11)          (7)           (9)           (4)           (41)          (32)
Acquisition of Longview Timber LLC, net of cash acquired                    --            --            --            --            --            --            (1,581)
Net proceeds from Real Estate Divestiture, net of cash divested             --            --            707           --            --            707           --
Proceeds from sale of assets                                                19            1             4             4             5             28            20
Net proceeds of investments held by special purpose entities                --            --            --            --            --            --            22
Other                                                                       --            --            25            (4)           (2)           21            3
Cash from investing activities                                              (46)          (93)          624           (124)         (111)         361           (1,829)
Cash flows from financing activities:
Net proceeds from issuance of common shares                                 --            --            --            --            --            --            897
Net proceeds from issuance of preference shares                             --            --            --            --            --            --            669
Net proceeds from issuance of debt                                          --            --            --            --            550           --            1,044
Net proceeds from issuance of Weyerhaeuser Real Estate Company (WRECO) debt --            887           --            --            --            887           --
Deposit of WRECO debt proceeds into escrow                                  --            (887)         --            --            --            (887)         --
Cash dividends on common shares                                             (129)         (128)         (154)         (152)         (128)         (563)         (458)
Cash dividends on preference shares                                         --            (11)          (11)          (22)          (23)          (44)          (23)
Change in book overdrafts                                                   (6)           --            (11)          --            (1)           (17)          7
Payments on debt                                                            --            --            --            --            (1,227)       --            (1,567)
Exercises of stock options                                                  15            39            30            35            21            119           162
Repurchase of common stock                                                  --            --            (123)         (80)          --            (203)         --
Other                                                                       2             (1)           4             (1)           9             4             31
Cash from financing activities                                              (118)         (101)         (265)         (220)         (799)         (704)         762
Net change in cash and cash equivalents                                     (55)          128           712           (40)          (562)         745           (63)
Cash and cash equivalents at beginning of period                            835           780           908           1,620         1,397         835           898
Cash and cash equivalents at end of period                                  $     780     $     908     $  1,620      $  1,580      $     835     $ 1,580       $     835
Cash paid (received) during the year for:
Interest, net of amount capitalized                                         $     101     $       52    $     100     $       66    $       91    $    319      $     366
Income taxes                                                                $     (50)    $         5   $         5   $         3   $       12    $     (37)    $         8
Noncash investing and financing activity:
Acquisition of Longview Timber LLC, debt assumed                            $       --    $       --    $       --    $       --    $       --    $      --     $  1,070
Common shares tendered in WRECO divestiture                                 $       --    $       --    $  1,954      $       --    $       --    $ 1,954       $       --
Weyerhaeuser Company                                                                                                                                                                    Total Company Statistics
Q4.2014 Analyst Package
Preliminary results, subject to audit
Special Items Included in Net Earnings
in millions                                                                                                                     Q1            Q2            Q3            Q4                          Year-to-date
                                                                                                                                Mar 31, 2014  Jun 30, 2014  Sep 30, 2014  Dec 31, 2014  Dec 31, 2013  Dec 31, 2014  Dec 31, 2013
Net earnings attributable to Weyerhaeuser common shareholders                                                                   $   183       $   280       $1,153        $    166      $      43     $1,782        $    540
Restructuring, impairments and other charges                                                                                    13            5             6             4             247           28            247
Gain on sale of non-strategic asset                                                                                             (14)          --            --            --            --            (14)          --
Gain on postretirement plan amendment                                                                                           (29)          (29)          (15)          (25)          --            (98)          --
Loss on early extinguishment of debt                                                                                            --            --            --            --            25            --            25
Tax adjustments                                                                                                                 --            --            --            --            (168)         --            (168)
Net earnings attributable to Weyerhaeuser common shareholders before special items                                              153           256           1,144         145           147           1,698         644
Earnings from discontinued operations, net of income taxes                                                                      (10)          (22)          (966)         --            (36)          (998)         (72)
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items                   $   143       $   234       $   178       $    145      $    111      $    700      $    572
                                                                                                                                Q1            Q2            Q3            Q4                          Year-to-date
                                                                                                                                Mar 31, 2014  Jun 30, 2014  Sep 30, 2014  Dec 31, 2014  Dec 31, 2013  Dec 31, 2014  Dec 31, 2013
Net earnings per diluted share attributable to Weyerhaeuser common shareholders                                                 $  0.31       $  0.47       $  2.15       $   0.31      $   0.07      $   3.18      $   0.95
Restructuring, impairments and other charges                                                                                    0.02          0.01          0.01          0.01          0.42          0.05          0.42
Gain on sale of non-strategic asset                                                                                             (0.02)        --            --            --            --            (0.02)        --
Gain on postretirement plan amendment                                                                                           (0.05)        (0.04)        (0.03)        (0.05)        --            (0.18)        --
Loss on early extinguishment of debt                                                                                            --            --            --            --            0.05          --            0.05
Tax adjustments                                                                                                                 --            --            --            --            (0.29)        --            (0.30)
Net earnings per diluted share attributable to Weyerhaeuser common shareholders before special items                            0.26          0.44          2.13          0.27          0.25          3.03          1.12
Earnings from discontinued operations, net of income taxes                                                                      (0.02)        (0.04)        (1.80)        --            (0.06)        (1.78)        (0.13)
Net earnings from continuing operations per diluted share attributable to Weyerhaeuser common shareholders before special items $  0.24       $  0.40       $  0.33       $   0.27      $   0.19      $   1.25      $   0.99
Selected Total Company Items
in millions                                                                                                                     Q1            Q2            Q3            Q4                          Year-to-date
                                                                                                                                Mar 31, 2014  Jun 30, 2014  Sep 30, 2014  Dec 31, 2014  Dec 31, 2013  Dec 31, 2014  Dec 31, 2013
Depreciation, depletion and amortization:
Cost of products sold                                                                                                           $    117      $    117      $    117      $     119     $     120     $     470     $     435
Selling, general and administrative expenses                                                                                    6             5             6             6             5             23            23
Total depreciation, depletion and amortization                                                                                  $    123      $    122      $    123      $     125     $     125     $     493     $     458
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments                                                                 $      10     $      12     $      11     $       12    $       14    $       45    $       56
Pension and postretirement costs (credits) not allocated                                                                        (10)          (11)          (12)          (12)          9             (45)          40
Total company pension and postretirement costs                                                                                  $      --     $        1    $       (1)   $       --    $       23    $       --    $       96
Total decrease (increase) in working capital(1)                                                                                 $   (170)     $      49     $    106      $         6   $     (17)    $       (9)   $     (52)
Cash spent for capital expenditures                                                                                             $     (63)    $     (92)    $   (112)     $   (124)     $   (113)     $   (391)     $   (283)
(1)Working capital does not include cash balances.
Weyerhaeuser Company                                                                                                                                                  Timberlands Segment
Q4.2014 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions                                                      Q1.2014                  Q2.2014                  Q3.2014                  Q4.2014                   Q4.2013                   YTD.2014                 YTD.2013
Sales to unaffiliated customers                                  $       377              $       397              $       364              $       359               $       364               $    1,497               $    1,343
Intersegment sales                                               238                      186                      218                      225                       215                       867                      799
Total net sales                                                  615                      583                      582                      584                       579                       2,364                    2,142
Cost of products sold                                            431                      399                      432                      424                       425                       1,686                    1,592
Gross margin                                                     184                      184                      150                      160                       154                       678                      550
Selling expenses                                                 2                        2                        2                        1                         2                         7                        10
General and administrative expenses                              26                       23                       23                       25                        26                        97                       103
Research and development expenses                                4                        3                        4                        5                         6                         16                       19
Charges for restructuring, closures and impairments              --                       --                       1                        --                        --                        1                        2
Other operating income, net                                      (12)                     (14)                     (16)                     (14)                      (13)                      (56)                     (50)
Operating income                                                 164                      170                      136                      143                       133                       613                      466
Interest income and other                                        --                       --                       --                       --                        1                         --                       4
Net contribution to earnings                                     $      164               $      170               $      136               $      143                $      134                $      613               $      470
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions                                                      Q1.2014                  Q2.2014                  Q3.2014                  Q4.2014                   Q4.2013                   YTD.2014                 YTD.2013
Operating income                                                 $      164               $      170               $      136               $      143                $      133                $      613               $      466
Depreciation, depletion and amortization                         52                       51                       51                       53                        51                        207                      166
Adjusted EBITDA*                                                 $      216               $      221               $      187               $      196                $      184                $      820               $      632
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
                                                                 Q1.2014                  Q2.2014                  Q3.2014                  Q4.2014                   Q4.2013                   YTD.2014                 YTD.2013
Total decrease (increase) in working capital(1)                  $       (29)             $       (15)             $         25             $           8             $         (7)             $       (11)             $         (7)
Cash spent for capital expenditures                              $       (19)             $       (18)             $       (19)             $       (18)              $       (21)              $       (74)             $       (73)
(1)Working capital does not include cash balances.
Segment Statistics
                                                                 Q1.2014                  Q2.2014                  Q3.2014                  Q4.2014                   Q4.2013                   YTD.2014                 YTD.2013
Third Party                            Logs:
Net Sales
(millions)
West                                   $       257                            $       261              $       227              $       227               $       230               $       972              $       828
South                                  62                                     60                       69                       66                        64                        257                      256
Canada                                 6                                      1                        5                        10                        4                         22                       19
Total logs                             325                                    322                      301                      303                       298                       1,251                    1,103
Chip sales                             3                                      2                        4                        3                         2                         12                       9
Timberlands exchanges                  4                                      28                       17                       3                         21                        52                       65
Higher and better use land sales       3                                      7                        4                        5                         9                         19                       19
Minerals, oil and gas                  7                                      8                        10                       7                         6                         32                       32
Products from international operations 24                                     26                       22                       24                        22                        96                       90
Other products                         11                                     4                        6                        14                        6                         35                       25
Total                                  $       377                            $       397              $       364              $       359               $       364               $    1,497               $    1,343
Logs                                   West                      $  114.46                $  109.13                $  102.23                $  106.73                 $  104.91                 $  108.19                $  107.36
Third Party Sales
Realizations
(per cubic meter)
South                                  $    44.88                             $    45.16               $    45.30               $    45.56                $    43.72                $    45.23               $    43.49
Canada                                 $    35.30                             $    38.04               $    37.75               $    38.82                $    38.68                $    37.58               $    37.71
International                          $    16.99                             $    16.27               $    19.95               $    18.64                $    23.05                $    18.06               $    24.22
Logs                                   West                      2,246                    2,390                    2,223                    2,121                     2,185                     8,980                    7,708
Third Party Sales
Volumes
(cubic meters, thousands)
                                       South                     1,385                    1,339                    1,500                    1,454                     1,468                     5,678                    5,888
                                       Canada                    156                      30                       152                      254                       128                       592                      511
                                       International             147                      139                      170                      148                       112                       604                      357
                                       Total                     3,934                    3,898                    4,045                    3,977                     3,893                     15,854                   14,464
Logs                                   West                      2,875                    2,888                    2,656                    2,754                     2,686                     11,173                   8,907
Fee Harvest Volumes
(cubic meters, thousands)
South                                  2,866                                  2,715                    2,950                    3,145                     3,007                     11,676                   11,596
International                          249                                    249                      232                      260                       243                       990                      818
Total                                  5,990                                  5,852                    5,838                    6,159                     5,936                     23,839                   21,321
Weyerhaeuser Company                                                                                                                              Wood Products Segment
Q4.2014 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions                                                   Q1.2014              Q2.2014              Q3.2014              Q4.2014              Q4.2013               YTD.2014                YTD.2013
Sales to unaffiliated customers                               $    898             $ 1,077              $ 1,048              $     947            $     926             $   3,970               $    4,009
Intersegment sales                                            19                   21                   20                   20                   16                    80                      71
Total net sales                                               917                  1,098                1,068                967                  942                   4,050                   4,080
Cost of products sold                                         791                  939                  910                  855                  826                   3,495                   3,385
Gross margin                                                  126                  159                  158                  112                  116                   555                     695
Selling expenses                                              25                   23                   22                   24                   24                    94                      98
General and administrative expenses                           37                   30                   31                   32                   32                    130                     141
Research and development expenses                             1                    2                    --                   1                    2                     4                       6
Charges for restructuring, closures and impairments           --                   2                    --                   --                   11                    2                       13
Other operating income, net                                   (1)                  --                   --                   (1)                  (1)                   (2)                     (4)
Operating income                                              64                   102                  105                  56                   48                    327                     441
Interest income and other                                     --                   --                   --                   --                   --                    --                      --
Net contribution to earnings                                  $     64             $   102              $   105              $      56            $      48             $    327                $      441
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions                                                   Q1.2014              Q2.2014              Q3.2014              Q4.2014              Q4.2013               YTD.2014                YTD.2013
Operating income                                              $     64             $   102              $   105              $      56            $      48             $    327                $      441
Depreciation, depletion and amortization                      29                   30                   30                   30                   30                    119                     123
Special items                                                 --                   --                   --                   --                   10                    --                      10
Adjusted EBITDA*                                              $     93             $   132              $   135              $      86            $      88             $    446                $      574
* Non-GAAP measure - see page 8 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
                                                              Q1.2014              Q2.2014              Q3.2014              Q4.2014              Q4.2013               YTD.2014                YTD.2013
Charges for restructuring, closures and impairments           $      --            $      --            $      --            $       --           $     (10)            $       --              $       (10)
Selected Segment Items
                                                              Q1.2014              Q2.2014              Q3.2014              Q4.2014              Q4.2013               YTD.2014                YTD.2013
Total decrease (increase) in working capital(1)               $   (137)            $      29            $      41            $       29           $       40            $      (38)             $         (5)
Cash spent for capital expenditures                           $     (18)           $     (38)           $     (56)           $     (78)           $     (61)            $    (190)              $     (113)
(1)Working capital does not include cash balances.
Segment Statistics
in millions, except for third-party sales realizations        Q1.2014              Q2.2014              Q3.2014              Q4.2014              Q4.2013               YTD.2014                YTD.2013
Structural Lumber              Third party net sales          $    427             $    515             $    500             $     459            $     440             $   1,901               $    1,873
(board feet)
                               Third party sales realizations $    432             $    427             $    431             $     415            $     413             $      426              $       422
                               Third party sales volumes(1)   989                  1,206                1,162                1,106                1,066                 4,463                   4,436
                               Production volumes             1,009                1,081                1,049                1,013                970                   4,152                   4,084
                               Outside purchase volumes       78                   82                   91                   94                   83                    345                     354
Engineered Solid               Third party net sales          $      90            $    114             $    104             $       94           $       90            $      402              $       353
Section
(cubic feet)
Third party sales realizations $ 1,959                                   $ 1,976              $ 2,031              $  2,060             $  2,006             $   2,005              $    1,936
Third party sales volumes(1)   4.6                                       5.8                  5.1                  4.5                  4.5                  20.0                   18.2
Production volumes             4.9                                       5.7                  5.2                  4.6                  4.2                  20.4                   18.0
Outside purchase volumes       1.8                                       0.5                  --                   --                   0.2                  2.3                    1.8
Engineered                     Third party net sales          $      59            $      81            $      74            $       63           $       63            $      277              $       247
I-joists
(lineal feet)
                               Third party sales realizations $ 1,454              $ 1,470              $ 1,540              $  1,549             $  1,485              $   1,502               $    1,393
                               Third party sales volumes(1)   40                   55                   49                   40                   42                    184                     177
                               Production volumes             44                   55                   50                   33                   38                    182                     168
                               Outside purchase volumes       1                    3                    1                    2                    2                     7                       8
Oriented Strand                Third party net sales          $    148             $    159             $    157             $     146            $     161             $      610              $       809
Board
(square feet 3/8’)
Third party sales realizations $    230                                  $    226             $    215             $     206            $     237            $      219             $       292
Third party sales volumes(1)   641                                       706                  732                  709                  678                  2,788                  2,772
Production volumes             657                                       681                  717                  694                  673                  2,749                  2,723
Outside purchase volumes       53                                        51                   52                   61                   54                   217                    227
Softwood Plywood               Third party net sales          $      30            $      35            $      42            $       36           $       29            $      143              $       144
(square feet 3/8’)
                               Third party sales realizations $    332             $    348             $    381             $     384            $     339             $      362              $       358
                               Third party sales volumes(1)   90                   102                  110                  93                   87                    395                     402
                               Production volumes             59                   60                   72                   61                   55                    252                     241
                               Outside purchase volumes       33                   36                   31                   42                   40                    142                     155
(1) Sales volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.
Weyerhaeuser Company                                                                                                                                      Cellulose Fibers Segment
Q4.2014 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions                                                                 Q1.2014            Q2.2014            Q3.2014             Q4.2014             Q4.2013             YTD.2014             YTD.2013
Total net sales                                                             $   461            $   490            $   503             $    482            $    478            $1,936               $  1,902
Cost of products sold                                                       390                381                427                 379                 397                 1,577                1,621
Gross margin                                                                71                 109                76                  103                 81                  359                  281
Selling expenses                                                            4                  4                  3                   4                   3                   15                   17
General and administrative expenses                                         20                 20                 18                  18                  17                  76                   79
Research and development expenses                                           2                  2                  1                   2                   2                   7                    8
Other operating income, net                                                 (9)                (8)                (6)                 (8)                 (2)                 (31)                 (20)
Operating income                                                            54                 91                 60                  87                  61                  292                  197
Interest income and other                                                   --                 --                 (1)                 --                  4                   (1)                  3
Net contribution to earnings                                                $     54           $     91           $     59            $      87           $      65           $    291             $     200
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions                                                                 Q1.2014            Q2.2014            Q3.2014             Q4.2014             Q4.2013             YTD.2014             YTD.2013
Operating income                                                            $     54           $     91           $     60            $      87           $      61           $    292             $     197
Depreciation, depletion and amortization                                    38                 39                 39                  39                  40                  155                  156
Adjusted EBITDA*                                                            $     92           $   130            $     99            $    126            $    101            $    447             $     353
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
                                                                            Q1.2014            Q2.2014            Q3.2014             Q4.2014             Q4.2013             YTD.2014             YTD.2013
Total decrease (increase) in working capital(1)                             $       31         $     (37)         $       39          $     (47)          $     (12)          $     (14)           $         12
Cash spent for capital expenditures                                         $     (26)         $     (35)         $     (36)          $     (26)          $     (30)          $   (123)            $       (92)
(1)Working capital does not include cash balances.
Segment Statistics
                                                                            Q1.2014            Q2.2014            Q3.2014             Q4.2014             Q4.2013             YTD.2014             YTD.2013
Pulp                                  Third party net sales (millions)      $    363           $    383           $    408            $     405           $     390           $  1,559             $   1,501
(air-dry metric tons)
                                      Third party sales realizations        $    825           $    845           $    858            $     886           $     818           $     854            $      804
                                      Third party sales volumes (thousands) 440                454                474                 458                 477                 1,826                1,866
                                      Production volumes (thousands)        459                467                465                 468                 450                 1,859                1,815
Liquid                                Third party net sales (millions)      $      80          $      87          $      80           $       63          $       72          $     310            $      326
Packaging
Board
(tons)
Third party sales realizations        $ 1,122                                          $ 1,165            $ 1,185            $  1,028            $  1,029            $  1,129            $   1,068
Third party sales volumes (thousands) 71                                               75                 68                 60                  70                  274                 305
Production volumes (thousands)        78                                               79                 57                 78                  85                  292                 307
Weyerhaeuser Company                                                                                                                                                                                                                           Unallocated Items
Q4.2014 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 outstanding borrowings and the elimination of intersegment profit in inventory and the LIFO reserve.
Contribution to Earnings
in millions                                                Q1.2014                                      Q2.2014                                      Q3.2014                                      Q4.2014                                      Q4.2013                                      YTD.2014                                     YTD.2013
Unallocated corporate function expenses                    $       (7)                                  $       (7)                                  $       (3)                                  $       (7)                                  $     (12)                                   $     (24)                                   $     (38)
Unallocated share-based compensation                       3                                            (6)                                          1                                            (7)                                          (5)                                          (9)                                          (8)
Unallocated pension & postretirement credits (costs)       55                                           56                                           35                                           50                                           (9)                                          196                                          (40)
Foreign exchange gains (losses)                            (15)                                         13                                           (14)                                         (11)                                         (1)                                          (27)                                         (7)
Elimination of intersegment profit in inventory and LIFO   (19)                                         (1)                                          12                                           (2)                                          6                                            (10)                                         15
Other                                                      9                                            (18)                                         (14)                                         (15)                                         (376)                                        (38)                                         (392)
Operating income (loss)                                    26                                           37                                           17                                           8                                            (397)                                        88                                           (470)
Interest income and other                                  9                                            11                                           8                                            10                                           11                                           38                                           48
Net contribution to earnings from continuing operations(1) $     35                                     $     48                                     $     25                                     $      18                                    $  (386)                                     $    126                                     $  (422)
(1)We have reclassified certain results from the prior periods to present the results of operations discontinued in 2014 separately.
Our reclassifications had no effect on net earnings or Weyerhaeuser shareholders’ interest.
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions                                                Q1.2014                                      Q2.2014                                      Q3.2014                                      Q4.2014                                      Q4.2013                                      YTD.2014                                     YTD.2013
Operating income (loss)                                    $     26                                     $     37                                     $     17                                     $        8                                   $  (397)                                     $      88                                    $   (470)
Depreciation, depletion and amortization                   4                                            2                                            3                                            3                                            4                                            12                                           13
Non-operating pension and postretirement costs (credits)   (10)                                         (11)                                         (12)                                         (12)                                         9                                            (45)                                         40
Special items                                              (49)                                         (39)                                         (15)                                         (31)                                         356                                          (134)                                        356
Adjusted EBITDA*                                           $    (29)                                    $    (11)                                    $      (7)                                   $    (32)                                    $    (28)                                    $    (79)                                    $     (61)
* Non-GAAP measure - see below for definition.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
                                                           Q1.2014                                      Q2.2014                                      Q3.2014                                      Q4.2014                                      Q4.2013                                      YTD.2014                                     YTD.2013
Gain on postretirement plan amendment                      $      45                                    $      45                                    $      23                                    $       38                                   $       --                                   $     151                                    $       --
Restructuring, impairments and other charges               (18)                                         (6)                                          (8)                                          (7)                                          (356)                                        (39)                                         (356)
Gain on sale of non-strategic asset                        22                                           --                                           --                                           --                                           --                                           22                                           --
Total                                                      $      49                                    $      39                                    $     15                                     $      31                                    $  (356)                                     $     134                                    $   (356)
Unallocated Selected Items
                                                           Q1.2014                                      Q2.2014                                      Q3.2014                                      Q4.2014                                      Q4.2013                                      YTD.2014                                     YTD.2013
Total decrease (increase) in working capital(1)            $     (35)                                   $       72                                   $         1                                  $       16                                   $     (38)                                   $       54                                   $     (52)
Cash spent for capital expenditures                        $       --                                   $       (1)                                  $       (1)                                  $       (2)                                  $       (1)                                  $       (4)                                  $       (5)
(1)Working capital does not include cash balances.
*Adjusted EBITDAis 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 discontinued operations. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.
Weyerhaeuser Company                                                                                              Discontinued Operations
Q4.2014 Analyst Package
Preliminary results, subject to audit
Discontinued operations relate to WRECO, which was combined with TRI Pointe Homes, Inc. through a Reverse Morris Trust transaction on July 7, 2014. It was previously reported under the Real Estate segment and Unallocated Items.
Discontinued Operations Statement of Operations
in millions                               Q1.2014           Q2.2014           Q3.2014           Q4.2014           Q4.2013           YTD.2014          YTD.2013
Total net sales                           $    248          $    317          $        8        $       --        $     488         $     573         $  1,275
Income (loss) from operations             $      16         $      27         $       (1)       $       --        $       58        $       42        $     114
Income taxes                              (6)               (5)               (5)               --                (22)              (16)              (42)
Net earnings (loss) from operations       10                22                (6)               --                36                26                72
Net gain on divestiture                   --                --                972               --                --                972               --
Net earnings from discontinued operations $     10          $     22          $   966           $      --         $      36         $    998          $      72

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