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 Weyerhaeuser reports fourth quarter, full year results
   Friday, February 05, 2016 3:05:00 AM ET

Weyerhaeuser Company (WY ) today reported fourth quarter net earnings attributable to common shareholders of $59 million, or 11 cents per diluted share, on net sales of $1.7 billion. This compares with net earnings of $166 million, or 31 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 2015 include net after-tax charges of $62 million from special items. Excluding these items, the company reported net earnings of $121 million, or 24 cents per diluted share. This compares with net earnings from continuing operations before special items of $145 million, or 27 cents per diluted share for the same period last year.

For the full year 2015, Weyerhaeuser reported net earnings attributable to common shareholders of $462 million, or 89 cents per diluted share, on net sales of $7.1 billion. This compares with net earnings of $1.8 billion, or $3.18 per diluted share, on net sales from continuing operations of $7.4 billion for the same period last year. 2014 results included after-tax earnings of $998 million from discontinued operations, related to the divested Weyerhaeuser Real Estate Company.

Full year 2015 includes net after-tax charges of $71 million from special items. Excluding these items, the company reported net earnings of $533 million, or $1.04 per diluted share. This compares with net earnings from continuing operations before special items of $700 million, or $1.25 per diluted share, for the full year 2014.

"2015 was a milestone year for Weyerhaeuser, as we announced a transformational merger that will create the world’s premier timber, land and forest products company," said Doyle R. Simons, president and chief executive officer. "At the same time, we maintained our relentless focus on improving our relative performance and delivered on our 2015 operational excellence targets. Finally, we fulfilled our commitment to return cash to shareholders through a 7 percent dividend increase and the repurchase of over $500 million of common shares. Looking forward to 2016, completion of our merger with Plum Creek, the strategic review of our Cellulose Fibers business, and our continued focus on operational excellence and disciplined capital allocation will position us to drive value for our shareholders."

WEYERHAEUSER FINANCIAL HIGHLIGHTS                                          3Q         4Q  4Q     Full Year
(millions, except per share data)                                          2015   2015    2014   2015   2014
Net sales from continuing operations                                       $1,820 $1,734  $1,788 $7,082 $7,403
Net earnings attributable to common shareholders(1)                        $180   $59     $166   $462   $1,782
Weighted average shares outstanding, diluted(2)                            517    514     529    520    561
Earnings per diluted share                                                 $0.35  $0.11   $0.31  $0.89  $3.18
Earnings per diluted share from continuing operations                      $0.35  $0.11   $0.31  $0.89  $1.40
Net earnings from continuing operations before special items(3)            $180   $121    $145   $533   $700
Earnings per diluted share from continuing operations before special items $0.35  $0.24   $0.27  $1.04  $1.25
Cash and cash equivalents at end of period(4)                              $1,048 $1,012  $1,580 $1,012 $1,580
(1) Full-Year 2014 includes net earnings from discontinued operations of $998 million, primarily related to the gain on the divestiture of Weyerhaeuser Real Estate Company.
(2) During the third quarter of 2014 Weyerhaeuser retired approximately 59 million shares tendered under the exchange offer associated with the divestiture of Weyerhaeuser Real Estate Company. Since the third quarter 2014 Weyerhaeuser repurchased approximately 22 million common shares. At the end of the fourth quarter 2015 the company had approximately 510 million common shares outstanding.
(3) Special items for fourth quarter 2015 include a noncash charge for Weyerhaeuser’s share of an asset impairment by an equity affiliate, Plum Creek merger-related costs, a benefit from the expiration of the company’s built-in-gains tax period, and restructuring charges related to closing four distribution centers. First quarter 2015 also included a noncash impairment charge on a nonstrategic asset. Special items for 2014 include gains on a postretirement plan amendment and restructuring charges related to the company’s SG&A cost reduction initiative.
(4) Cash and cash equivalents at the end of the period exclude discontinued operations.
TIMBERLANDS
FINANCIAL HIGHLIGHTS (millions)     3Q 2015 4Q 2015 Change
Net sales to unaffiliated customers $326    $337    $11
Contribution to pre-tax earnings    $126    $134    $8

4Q 2015 Performance - In the West, fee harvest volumes increased and average log sales realizations improved. In the South, fee harvest volumes decreased as a result of wet weather and average log sales realizations declined due to mix, mostly offset by lower costs. Earnings from the disposition of non-strategic timberlands increased by $6 million compared with the third quarter.

1Q 2016 Outlook - Weyerhaeuser expects comparable earnings from the Timberlands segment in the first quarter. In the West, the company expects higher log sales volumes and average realizations. In the South, the company anticipates seasonally lower fee harvest volumes and slightly decreased average log sales realizations due to mix. The company expects lower earnings from the disposition of nonstrategic timberlands in first quarter 2016 compared with fourth quarter 2015.

WOOD PRODUCTS
FINANCIAL HIGHLIGHTS (millions)                       3Q 2015 4Q 2015 Change
Net sales to unaffiliated customers                   $1,023  $922    ($101)
Contribution to pre-tax earnings before special items $85     $48     ($37)
Pre-tax charge for special items                      --      ($8)    ($8)
Contribution to pre-tax earnings                      $85     $40     ($45)

4Q 2015 Performance - Increased average sales realizations for oriented strand board were more than offset by reduced average lumber sales realizations and seasonally lower sales volumes across all product lines. Operating rates decreased, primarily due to downtime for planned maintenance in engineered wood products and oriented strand board and installation of capital projects in lumber.

Special items for the fourth quarter include restructuring charges related to the closure of four distribution centers.

1Q 2016 Outlook - Weyerhaeuser expects higher earnings from the Wood Products segment in the first quarter. The company expects moderately higher average sales realizations for lumber and increased production volumes across all product lines.

CELLULOSE FIBERS
FINANCIAL HIGHLIGHTS (millions)                       3Q 2015 4Q 2015 Change
Net sales                                             $471    $475    $4
Contribution to pre-tax earnings before special items $79     $64     ($15)
Pre-tax charge for special items                      --      ($84)   ($84)
Contribution to pre-tax earnings                      $79     ($20)   ($99)

4Q 2015 Performance - Lower average price realizations for pulp and increased maintenance costs due to additional scheduled outage days compared to the third quarter were partially offset by increased pulp sales volumes.

Special items for the fourth quarter include a noncash charge for Weyerhaeuser’s share of an asset impairment recorded by an equity affiliate focused on newsprint and publication papers.

1Q 2016 Outlook - Weyerhaeuser expects significantly lower earnings from the Cellulose Fibers segment in the first quarter. The company anticipates decreased average sales realizations for pulp, seasonally lower pulp sales volumes, and additional maintenance expense due to a scheduled outage at the company’s liquid packaging board facility.

PENDING MERGER WITH PLUM CREEK On November 6, 2015 Weyerhaeuser and Plum Creek Timber Company, Inc. entered into an Agreement and Plan of Merger. The outlooks contained in this release do not consider any incremental operating results attributable to this pending merger.

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 2015, we generated $7.1 billion in net sales and employed approximately 12,600 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 February 5 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on February 5.

To join the conference call from within North America, dial 877-296-9413 (access code: 3192646) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code: 3192646). Replays will be available for one week at 855-859-2056 (access code: 3192646) from within North America and at 404-537-3406 (access code: 3192646) 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 the company’s operations, cash flow or financial condition. All forward-looking statements are as of the date of this news release and we undertake no obligation to publicly update these forward-looking statements, whether as a result of new information, the occurrence of future events or otherwise.

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 2016, including with respect to earnings; log realizations and demand, harvest volumes and dispositions of non-strategic timberlands in Timberlands; lumber sales realizations and production volumes across Wood Products product lines; and maintenance expenses and pulp sales volumes and realizations 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 the company’s strategic plans, including its ability to complete and realize the expected benefits of the proposed transaction with Plum Creek and the results of its strategic alternatives review of the Cellulose Fibers business;

-- 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, including the risks discussed in the definitive joint proxy statement/prospectus filed with the SEC on Form 424B3 on December 29, 2015 in connection with the proposed transaction with Plum Creek.

The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan and China, restrictions on international trade, tariffs imposed on imports and disruptions in shipping and transportation. 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.

NO OFFER OR SOLICITATION This news release is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction with Plum Creek or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

ADDITIONAL INFORMATION AND WHERE TO FIND IT The proposed transaction involving the company and Plum Creek will be submitted to the company’s shareholders and Plum Creek’s stockholders for their consideration. In connection with the proposed transaction, the company filed with the SEC a registration statement on Form S-4 (the "Registration Statement"), which was declared effective by the SEC on December 28, 2015, that includes a prospectus with respect to the company’s common shares to be issued in the proposed transaction and a joint proxy statement for the company’s shareholders and Plum Creek’s stockholders (the "Joint Proxy Statement") and each of the company and Plum Creek has mailed the Joint Proxy Statement to their respective shareholders or stockholders, as applicable, and filed or will file other documents regarding the proposed transaction with the SEC. SECURITY HOLDERS ARE URGED AND ADVISED TO READ CAREFULLY ALL RELEVANT MATERIALS FILED OR TO BE FILED WITH THE SEC BY THE COMPANY OR PLUM CREEK WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. The Registration Statement, the Joint Proxy Statement and other relevant materials and any other documents filed or furnished by the company or Plum Creek with the SEC may be obtained free of charge at the SEC’s web site at www.sec.gov. In addition, security holders may obtain free copies of the Registration Statement and the Joint Proxy Statement from the company upon written request to Weyerhaeuser Company, 33663 Weyerhaeuser Way South, Federal Way, Washington 98003, Attention: Director, Investor Relations, or by calling (253) 924-2058, or from Plum Creek upon written request to Plum Creek, 601 Union Street, Suite 3100, Seattle Washington 98101, Attention: Investor Relations, or by calling (800) 858-5347.

PARTICIPANTS IN THE SOLICITATION The company, Plum Creek, their respective directors and certain of their respective executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the company’s directors and executive officers is set forth in its definitive proxy statement for its 2015 Annual Meeting of Shareholders, which was filed with the SEC on April 1, 2015, and information about Plum Creek’s directors and executive officers is set forth in its definitive proxy statement for its 2015 Annual Meeting of Stockholders, which was filed with the SEC on March 26, 2015. These documents are available free of charge from the sources indicated above, and from the company by going to its investor relations page on its corporate web site at www.weyerhaeuser.com and from Plum Creek by going to its investor relations page on its corporate web site at www.plumcreek.com.

Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction is included in the Registration Statement and the Joint Proxy Statement filed with the SEC and in other relevant materials the company or Plum Creek have filed or intend to file with the SEC.

For more information contact: Analysts - Beth Baum (253) 924-2058 Media - Anthony Chavez (253) 924-7148

Weyerhaeuser Company                                                                                                                              Exhibit 99.2
Q4.2015 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Operations
in millions                                                   Q1                   Q2                   Q3            Q4                          Year-to-date
                                                              Mar 31, 2015         Jun 30, 2015         Sep 30, 2015  Dec 31, 2015  Dec 31, 2014  Dec 31, 2015  Dec 31, 2014
Net Sales                                                     $ 1,721              $ 1,807              $ 1,820       $ 1,734       $ 1,788       $ 7,082       $ 7,403
Cost of products sold                                         1,385                1,474                1,445         1,390         1,399         5,694         5,763
Gross margin                                                  336                  333                  375           344           389           1,388         1,640
Selling expenses                                              28                   28                   27            30            29            113           112
General and administrative expenses                           74                   71                   60            84            89            289           338
Research and development expenses                             5                    6                    6             7             8             24            27
Charges for restructuring, closures and impairments           14                   --                   2             9             7             25            44
Other operating costs (income), net                           15                   (15)                 21            (3)           (38)          18            (201)
Operating income                                              200                  243                  259           217           294           919           1,320
Loss from equity affiliates(1)                                (6)                  (7)                  (5)           (87)          --            (105)         (1)
Interest income and other                                     9                    9                    9             9             10            36            38
Interest expense, net of capitalized interest                 (83)                 (88)                 (88)          (88)          (90)          (347)         (344)
Earnings from continuing operations before income taxes       120                  157                  175           51            214           503           1,013
Income tax (expense) benefit                                  (19)                 (13)                 16            19            (37)          3             (185)
Earnings from continuing operations                           101                  144                  191           70            177           506           828
Earnings from discontinued operations, net of income taxes    --                   --                   --            --            --            --            998
Net earnings                                                  101                  144                  191           70            177           506           1,826
Dividends on preference shares                                (11)                 (11)                 (11)          (11)          (11)          (44)          (44)
Net earnings attributable to Weyerhaeuser common shareholders $       90           $     133            $     180     $       59    $     166     $     462     $ 1,782
(1) Loss from equity affiliates in Q4 2015 includes an $84 million non-cash charge for our share of an asset impairment recorded by an equity affiliate.
Per Share Information
                                                              Q1                   Q2                   Q3            Q4                          Year-to-date
                                                              Mar 31, 2015         Jun 30, 2015         Sep 30, 2015  Dec 31, 2015  Dec 31, 2014  Dec 31, 2015  Dec 31, 2014
Earnings per share attributable to Weyerhaeuser common shareholders, basic:
Continuing operations                                         $     0.17           $     0.26           $     0.35    $     0.11    $     0.32    $     0.89    $     1.41
Discontinued operations                                       --                   --                   --                          --            --            1.79
Net earnings per share                                        $     0.17           $     0.26           $     0.35    $     0.11    $     0.32    $     0.89    $     3.20
Earnings per share attributable to Weyerhaeuser common shareholders, diluted:
Continuing operations                                         $     0.17           $     0.26           $     0.35    $     0.11    $     0.31    $     0.89    $     1.40
Discontinued operations                                       --                   --                   --            --            --            --            1.78
Net earnings per share                                        $     0.17           $     0.26           $     0.35    $     0.11    $     0.31    $     0.89    $     3.18
Dividends paid per common share                               $     0.29           $     0.29           $     0.31    $     0.31    $     0.29    $     1.20    $     1.02
Weighted average shares outstanding (in thousands):
Basic                                                         523,426              516,626              514,301       511,175       524,838       516,371       556,705
Diluted                                                       527,423              519,804              517,088       514,167       529,411       519,618       560,899
Common shares outstanding at end of period (in thousands)     518,735              514,121              511,033       510,483       524,474       510,483       524,474
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions                                                   Q1                   Q2                   Q3            Q4                          Year-to-date
                                                              Mar 31, 2015         Jun 30, 2015         Sep 30, 2015  Dec 31, 2015  Dec 31, 2014  Dec 31, 2015  Dec 31, 2014
Net earnings                                                  $      101           $      144           $      191    $        70   $      177    $      506    $   1,826
Earnings from discontinued operations, net of income taxes    --                   --                   --            --            --            --            (998)
Loss from equity affiliates(1)                                6                    7                    5             87            --            105           1
Interest income and other                                     (9)                  (9)                  (9)           (9)           (10)          (36)          (38)
Interest expense, net of capitalized interest                 83                   88                   88            88            90            347           344
Income tax expense (benefit)                                  19                   13                   (16)          (19)          37            (3)           185
Operating income                                              200                  243                  259           217           294           919           1,320
Depreciation, depletion and amortization                      123                  118                  118           120           125           479           493
Non-operating pension and postretirement credits              (3)                  (3)                  (2)           (3)           (12)          (11)          (45)
Special items in operating income                             13                   --                   --            22            (31)          35            (134)
Adjusted EBITDA*                                              $     333            $     358            $     375     $     356     $     376     $ 1,422       $ 1,634
* Non-GAAP measure - see page 8 for definition.
Weyerhaeuser Company
Q4.2015 Analyst Package
Preliminary results (unaudited)
Consolidated Balance Sheet
in millions                                                                    March 31,    June 30,     September 30,       December 31,       December 31,
                                                                               2015         2015         2015                2015               2014
ASSETS
Current assets:
Cash and cash equivalents                                                      $     1,158  $     1,121  $            1,048  $           1,012  $           1,580
Receivables, less allowances                                                   539          537          545                 487                525
Receivables for taxes                                                          23           12           14                  30                 25
Inventories                                                                    645          603          590                 568                595
Prepaid expenses                                                               95           82           87                  77                 80
Total current assets                                                           2,460        2,355        2,284               2,174              2,805
Property and equipment, net                                                    2,524        2,557        2,484               2,586              2,623
Construction in progress                                                       171          171          231                 195                131
Timber and timberlands at cost, less depletion charged to disposals            6,552        6,531        6,507               6,480              6,530
Investments in and advances to equity affiliates                               183          176          174                 74                 188
Goodwill                                                                       40           40           40                  40                 40
Deferred tax assets                                                            34           22           15                  4                  44
Other assets                                                                   269          274          267                 318                289
Restricted financial investments held by variable interest entities            615          615          615                 615                615
Total assets                                                                   $ 12,848     $ 12,741     $        12,617     $       12,486     $       13,265
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable                                                               319          343          344                 326                331
Accrued liabilities                                                            533          576          554                 549                587
Current liabilities of discontinued operations                                 --           --           --                  --                 --
Total current liabilities                                                      852          919          898                 875                918
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                                                          34           54           56                  86                 14
Deferred pension and other postretirement benefits                             1,249        1,166        1,106               987                1,319
Other liabilities                                                              284          275          277                 267                308
Noncurrent liabilities of discontinued operations                              --           --           --                  --                 --
Total liabilities                                                              7,821        7,816        7,739               7,617              7,961
Equity:
Total Weyerhaeuser shareholders’ interest                                      5,027        4,925        4,878               4,869              5,304
Noncontrolling interests                                                       --           --           --                  --                 --
Noncontrolling interests in discontinued operations                            --           --           --                  --                 --
Total equity                                                                   5,027        4,925        4,878               4,869              5,304
Total liabilities and equity                                                   $ 12,848     $ 12,741     $        12,617     $       12,486     $       13,265
Weyerhaeuser Company
Q4.2015 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
in millions                                                     Q1            Q2            Q3            Q4                          Year-to-date
                                                                Mar 31, 2015  Jun 30, 2015  Sep 30, 2015  Dec 31, 2015  Dec 31, 2014  Dec 31, 2015  Dec 31, 2014
Cash flows from operations:
Net earnings                                                    $    101      $    144      $    191      $      70     $    177      $     506     $ 1,826
Noncash charges (credits) to income:
Depreciation, depletion and amortization                        123           118           118           120           125           479           500
Deferred income taxes, net                                      13            3             (6)           (10)          35            --            205
Pension and other postretirement benefits                       10            11            11            10            (48)          42            (152)
Share-based compensation expense                                8             8             6             9             11            31            40
Charges for impairment of assets                                13            --            1             1             1             15            2
Net gains on dispositions of assets and operations              (16)          (5)           (9)           (8)           (2)           (38)          (1,050)
Foreign exchange transaction (gains) losses                     29            (8)           20            6             12            47            27
Change in:
Receivables less allowances                                     (16)          (10)          (15)          58            57            17            29
Receivable for taxes                                            2             12            (3)           (16)          (1)           (5)           76
Inventories                                                     (57)          42            6             19            (20)          10            (66)
Real estate and land                                            --            --            --            --            --            --            (133)
Prepaid expenses                                                (11)          9             --            5             11            3             17
Accounts payable and accrued liabilities                        (91)          66            (22)          12            (22)          (35)          (98)
Deposits on land positions and other assets                     --            --            --            --            --            --            15
Pension and postretirement contributions                        (20)          (19)          (20)          (24)          (16)          (83)          (101)
Other                                                           (17)          (12)          (1)           --            (16)          (30)          (50)
Net cash from operations                                        77            366           282           339           304           1,064         1,088
Cash flows from investing activities:
Property and equipment                                          (71)          (99)          (106)         (167)         (115)         (443)         (354)
Timberlands reforestation                                       (18)          (9)           (6)           (7)           (9)           (40)          (41)
Acquisition of Longview Timber LLC, net of cash acquired        --            --            --            --            --            --            --
Net proceeds from Real Estate Divestiture, net of cash divested --            --            --            --            --            --            707
Proceeds from sale of assets                                    2             4             1             12            4             19            28
Net proceeds of investments held by special purpose entities    --            --            --            --            --            --            --
Other                                                           --            12            --            1             (1)           13            21
Cash from investing activities                                  (119)         (92)          (113)         (163)         (124)         (487)         361
Cash flows from financing activities:
Net proceeds from issuance of Weyerhaeuser Real Estate          --            --            --            --            --            --            887
Company (WRECO) debt
Deposit of WRECO debt proceeds into escrow                      --            --            --            --            --            --            (887)
Cash dividends on common shares                                 (152)         (149)         (159)         (159)         (152)         (619)         (563)
Cash dividends on preference shares                             --            (11)          (11)          (22)          (22)          (44)          (44)
Change in book overdrafts                                       --            --            --            --            --            --            (17)
Exercises of stock options                                      21            4             4             5             35            34            119
Repurchase of common stock                                      (253)         (154)         (77)          (34)          (80)          (518)         (203)
Other                                                           4             (1)           1             (2)           (1)           2             4
Cash from financing activities                                  (380)         (311)         (242)         (212)         (220)         (1,145)       (704)
Net change in cash and cash equivalents                         (422)         (37)          (73)          (36)          (40)          (568)         745
Cash and cash equivalents at beginning of period                1,580         1,158         1,121         1,048         1,620         1,580         835
Cash and cash equivalents at end of period                      $ 1,158       $ 1,121       $ 1,048       $ 1,012       $ 1,580       $  1,012      $ 1,580
Cash paid (received) during the year for:
Interest, net of amount capitalized                             $    114      $      58     $    118      $      57     $      66     $     347     $    319
Income taxes                                                    $        1    $        4    $      (1)    $      10     $        3    $       14    $    (37)
Noncash investing and financing activity:
Acquisition of Longview Timber LLC, debt assumed                $      --     $      --     $      --     $      --     $      --     $      --     $      --
Common shares tendered in WRECO divestiture                     $      --     $      --     $      --     $      --     $      --     $      --     $ 1,954
Weyerhaeuser Company                                                                                                                                                                    Total Company Statistics
Q4.2015 Analyst Package
Preliminary results (unaudited)
Special Items Included in Net Earnings
in millions                                                                                                                     Q1            Q2            Q3            Q4                          Year-to-date
                                                                                                                                Mar 31, 2015  Jun 30, 2015  Sep 30, 2015  Dec 31, 2015  Dec 31, 2014  Dec 31, 2015  Dec 31, 2014
Net earnings attributable to Weyerhaeuser common shareholders                                                                   $    90       $  133        $  180        $    59       $  166        $  462        $ 1,782
Restructuring, impairments and other charges                                                                                    9             --            --            5             4             14            28
Gain on sale of non-strategic asset                                                                                             --            --            --            --            --            --            (14)
Gain on postretirement plan amendment                                                                                           --            --            --            --            (25)          --            (98)
Plum Creek merger-related costs                                                                                                 --            --            --            14            --            14            --
Impairment charge recorded by equity method affiliate                                                                           --            --            --            56            --            56            --
Tax adjustments                                                                                                                 --            --            --            (13)          --            (13)          --
Net earnings attributable to Weyerhaeuser common shareholders before special items                                              99            133           180           121           145           533           1,698
Earnings from discontinued operations, net of income taxes                                                                      --            --            --            --            --            --            (998)
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items                   $    99       $  133        $  180        $  121        $  145        $  533        $    700
                                                                                                                                Q1            Q2            Q3            Q4                          Year-to-date
                                                                                                                                Mar 31, 2015  Jun 30, 2015  Sep 30, 2015  Dec 31, 2015  Dec 31, 2014  Dec 31, 2015  Dec 31, 2014
Net earnings per diluted share attributable to Weyerhaeuser common shareholders                                                 $ 0.17        $ 0.26        $ 0.35        $ 0.11        $ 0.31        $ 0.89        $   3.18
Restructuring, impairments and other charges                                                                                    0.02          --            --            0.01          0.01          0.03          0.05
Gain on sale of non-strategic asset                                                                                             --            --            --            --            --            --            (0.02)
Gain on postretirement plan amendment                                                                                           --            --            --            --            (0.05)        --            (0.18)
Plum Creek merger-related costs                                                                                                 --            --            --            0.03          --            0.03          --
Impairment charge recorded by equity method affiliate                                                                           --            --            --            0.12          --            0.12          --
Tax adjustments                                                                                                                 --            --            --            (0.03)        --            (0.03)        --
Net earnings per diluted share attributable to Weyerhaeuser common shareholders before special items                            0.19          0.26          0.35          0.24          0.27          1.04          3.03
Earnings from discontinued operations, net of income taxes                                                                      --            --            --            --            --            --            (1.78)
Net earnings from continuing operations per diluted share attributable to Weyerhaeuser common shareholders before special items $ 0.19        $ 0.26        $ 0.35        $ 0.24        $ 0.27        $ 1.04        $   1.25
Selected Total Company Items
in millions                                                                                                                     Q1            Q2            Q3            Q4                          Year-to-date
                                                                                                                                Mar 31, 2015  Jun 30, 2015  Sep 30, 2015  Dec 31, 2015  Dec 31, 2014  Dec 31, 2015  Dec 31, 2014
Depreciation, depletion and amortization:
Cost of products sold                                                                                                           $   118       $   116       $   116       $   118       $   119       $   468       $      470
Selling, general and administrative expenses                                                                                    5             2             2             2             6             11            23
Total depreciation, depletion and amortization                                                                                  $   123       $   118       $   118       $   120       $   125       $   479       $      493
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments                                                                 $     13      $     14      $     13      $     13      $     12      $     53      $        45
Pension and postretirement costs (credits) not allocated                                                                        (3)           (3)           (2)           (3)           (12)          (11)          (45)
Total company pension and postretirement costs                                                                                  $     10      $     11      $     11      $     10      $     --      $     42      $       --
Cash spent for capital expenditures                                                                                             $    (89)     $  (108)      $  (112)      $  (174)      $  (124)      $  (483)      $    (391)
Weyerhaeuser Company                                                                                                                                    Timberlands Segment
Q4.2015 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions                                                      Q1.2015               Q2.2015              Q3.2015              Q4.2015                Q4.2014                  YTD.2015                 YTD.2014
Sales to unaffiliated customers                                  $     351             $     336            $     326            $     337              $      359               $    1,350               $    1,497
Intersegment sales                                               228                   187                  210                  205                    225                      830                      867
Total net sales                                                  579                   523                  536                  542                    584                      2,180                    2,364
Cost of products sold                                            405                   385                  401                  395                    424                      1,586                    1,686
Gross margin                                                     174                   138                  135                  147                    160                      594                      678
Selling expenses                                                 2                     1                    1                    1                      1                        5                        7
General and administrative expenses                              22                    21                   21                   24                     25                       88                       97
Research and development expenses                                3                     4                    3                    6                      5                        16                       16
Charges for restructuring, closures and impairments              --                    --                   --                   --                     --                       --                       1
Other operating income, net                                      (15)                  (15)                 (16)                 (18)                   (14)                     (64)                     (56)
Operating income                                                 162                   127                  126                  134                    143                      549                      613
Interest income and other                                        --                    --                   --                   --                     --                       --                       --
Net contribution to earnings                                     $   162               $   127              $   126              $   134                $     143                $     549                $     613
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions                                                      Q1.2015               Q2.2015              Q3.2015              Q4.2015                Q4.2014                  YTD.2015                 YTD.2014
Operating income                                                 $   162               $   127              $   126              $   134                $     143                $     549                $     613
Depreciation, depletion and amortization                         53                    51                   51                   54                     53                       209                      207
Adjusted EBITDA*                                                 $   215               $   178              $   177              $   188                $     196                $     758                $     820
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
                                                                 Q1.2015               Q2.2015              Q3.2015              Q4.2015                Q4.2014                  YTD.2015                 YTD.2014
Total decrease (increase) in working capital(1)                  $     (26)            $       52           $     (12)           $         4            $          8             $         18             $       (11)
Cash spent for capital expenditures                              $     (24)            $     (17)           $     (17)           $     (17)             $      (18)              $       (75)             $       (74)
(1) Working capital does not include cash balances.
Segment Statistics
                                                                 Q1.2015               Q2.2015              Q3.2015              Q4.2015                Q4.2014                  YTD.2015                 YTD.2014
Third Party                            Logs:
Net Sales
(millions)
West                                   $     210                            $     221             $     196            $     203             $      227              $       830              $       972
South                                  58                                   58                    64                   61                    66                      241                      257
Canada                                 8                                    3                     6                    7                     10                      24                       22
Total logs                             276                                  282                   266                  271                   303                     1,095                    1,251
Chip sales                             4                                    4                     4                    3                     3                       15                       12
Timberlands exchanges                  25                                   5                     12                   20                    3                       62                       52
Higher and better use land sales       2                                    3                     4                    5                     5                       14                       19
Minerals, oil and gas                  7                                    5                     7                    7                     7                       26                       32
Products from international operations 24                                   25                    20                   18                    24                      87                       96
Other products                         13                                   12                    13                   13                    14                      51                       35
Total                                  $     351                            $     336             $     326            $     337             $      359              $    1,350               $    1,497
Logs                                   West                      $  98.83              $  94.70             $  93.44             $  96.16               $ 106.73                 $    95.76               $  108.19
Third Party Sales
Realizations
(per cubic meter)
South                                  $  45.33                             $  45.20              $  45.96             $  45.07              $   45.56               $    45.40               $    45.23
Canada                                 $  34.84                             $  35.43              $  35.50             $  34.54              $   38.82               $    34.97               $    37.58
International                          $  19.35                             $  22.63              $  18.71             $  18.31              $   18.64               $    19.85               $    18.06
Logs                                   West                      2,120                 2,330                2,104                2,118                  2,121                    8,672                    8,980
Third Party Sales
Volumes
(cubic meters, thousands)
                                       South                     1,271                 1,295                1,396                1,338                  1,454                    5,300                    5,678
                                       Canada                    245                   75                   159                  208                    254                      687                      592
                                       International             150                   179                  175                  144                    148                      648                      604
                                       Total                     3,786                 3,879                3,834                3,808                  3,977                    15,307                   15,854
Logs                                   West                      2,911                 2,811                2,666                2,742                  2,754                    11,130                   11,173
Fee Harvest Volumes
(cubic meters, thousands)
South                                  2,732                                2,912                 3,008                2,916                 3,145                   11,568                   11,676
International                          239                                  219                   200                  231                   260                     889                      990
Total                                  5,882                                5,942                 5,874                5,889                 6,159                   23,587                   23,839
Weyerhaeuser Company                                                                                                                                Wood Products Segment
Q4.2015 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions                                                   Q1.2015               Q2.2015              Q3.2015              Q4.2015               Q4.2014                YTD.2015                  YTD.2014
Sales to unaffiliated customers                               $     923             $  1,004             $  1,023             $     922             $     947              $    3,872                $    3,970
Intersegment sales                                            19                    22                   20                   21                    20                     82                        80
Total net sales                                               942                   1,026                1,043                943                   967                    3,954                     4,050
Cost of products sold                                         829                   903                  914                  841                   855                    3,487                     3,495
Gross margin                                                  113                   123                  129                  102                   112                    467                       555
Selling expenses                                              23                    23                   23                   25                    24                     94                        94
General and administrative expenses                           27                    26                   21                   28                    32                     102                       130
Research and development expenses                             --                    1                    1                    --                    1                      2                         4
Charges for restructuring, closures and impairments           --                    --                   1                    9                     --                     10                        2
Other operating income, net                                   1                     2                    (2)                  --                    (1)                    1                         (2)
Operating income                                              62                    71                   85                   40                    56                     258                       327
Interest income and other                                     --                    --                   --                   --                    --                     --                        --
Net contribution to earnings                                  $      62             $      71            $      85            $      40             $      56              $     258                 $     327
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions                                                   Q1.2015               Q2.2015              Q3.2015              Q4.2015               Q4.2014                YTD.2015                  YTD.2014
Operating income                                              $      62             $      71            $      85            $      40             $      56              $     258                 $     327
Depreciation, depletion and amortization                      26                    27                   26                   27                    30                     106                       119
Special items                                                 --                    --                   --                   8                     --                     8                         --
Adjusted EBITDA*                                              $      88             $      98            $   111              $      75             $      86              $     372                 $     446
* Non-GAAP measure - see page 8 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
                                                              Q1.2015               Q2.2015              Q3.2015              Q4.2015               Q4.2014                YTD.2015                  YTD.2014
Restructuring, impairments and other charges                  $      --             $      --            $      --            $       (8)           $      --              $         (8)             $        --
Selected Segment Items
                                                              Q1.2015               Q2.2015              Q3.2015              Q4.2015               Q4.2014                YTD.2015                  YTD.2014
Total decrease (increase) in working capital (1)              $     (99)            $       42           $       23           $       79            $       29             $         45              $       (38)
Cash spent for capital expenditures                           $     (37)            $     (60)           $     (68)           $   (122)             $     (78)             $     (287)               $     (190)
(1) Working capital does not include cash balances.
Segment Statistics
in millions, except for third-party sales realizations        Q1.2015               Q2.2015              Q3.2015              Q4.2015               Q4.2014                YTD.2015                  YTD.2014
Structural Lumber              Third party net sales          $     434             $     450            $     455            $     402             $     459              $    1,741                $    1,901
(board feet)
                               Third party sales realizations $     403             $     383            $     372            $     360             $     415              $       379               $       426
                               Third party sales volumes(1)   1,075                 1,175                1,224                1,114                 1,106                  4,588                     4,463
                               Production volumes             1,043                 1,087                1,087                1,035                 1,013                  4,252                     4,152
                               Outside purchase volumes       89                    98                   92                   77                    94                     356                       345
Engineered Solid               Third party net sales          $       94            $     113            $     116            $     105             $       94             $       428               $       402
Section
(cubic feet)
Third party sales realizations $  1,965                                  $  2,032              $  2,043             $  1,987              $  2,060             $    2,008                $    2,005
Third party sales volumes(1)   4.8                                       5.6                   5.6                  5.3                   4.5                  21.3                      20.0
Production volumes             5                                         5.6                   5.2                  5.1                   4.6                  20.9                      20.4
Outside purchase volumes       --                                        --                    --                   --                    --                   --                        2.3
Engineered                     Third party net sales          $       61            $       76           $       79           $       68            $       63             $       284               $       277
I-joists
(lineal feet)
                               Third party sales realizations $  1,510              $  1,502             $  1,520             $  1,515              $  1,549               $    1,512                $    1,502
                               Third party sales volumes(1)   41                    50                   52                   45                    40                     188                       184
                               Production volumes             43                    48                   50                   44                    33                     185                       182
                               Outside purchase volumes       1                     1                    2                    1                     2                      5                         7
Oriented Strand                Third party net sales          $     137             $     147            $     151            $     160             $     146              $       595               $       610
Board
(square feet 3/8’)
Third party sales realizations $     196                                 $     191             $     194            $     221             $     206            $       200               $       219
Third party sales volumes(1)   700                                       771                   778                  723                   709                  2,972                     2,788
Production volumes             704                                       700                   746                  697                   694                  2,847                     2,749
Outside purchase volumes       65                                        82                    77                   55                    61                   278                       217
Softwood Plywood               Third party net sales          $       33            $       36           $       33           $       27            $       36             $       129               $       143
(square feet 3/8’)
                               Third party sales realizations $     366             $     354            $     330            $     308             $     384              $       339               $       362
                               Third party sales volumes(1)   89                    101                  100                  91                    93                     381                       395
                               Production volumes             61                    63                   67                   57                    61                     248                       252
                               Outside purchase volumes       37                    27                   27                   25                    42                     116                       142
(1) Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.
Weyerhaeuser Company                                                                                                                                                 Cellulose Fibers Segment
Q4.2015 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions                                                                 Q1.2015               Q2.2015                Q3.2015               Q4.2015               Q4.2014               YTD.2015                 YTD.2014
Total net sales                                                             $   447               $   467                $   471               $   475               $   482               $  1,860                 $  1,936
Cost of products sold                                                       394                   417                    371                   393                   379                   1,575                    1,577
Gross margin                                                                53                    50                     100                   82                    103                   285                      359
Selling expenses                                                            3                     4                      3                     4                     4                     14                       15
General and administrative expenses                                         17                    17                     16                    17                    18                    67                       76
Research and development expenses                                           2                     1                      2                     1                     2                     6                        7
Charges for restructuring, closures and impairments                         --                    --                     --                    --                    --                    --                       --
Other operating income, net                                                 (8)                   (6)                    (5)                   (7)                   (8)                   (26)                     (31)
Operating income                                                            39                    34                     84                    67                    87                    224                      292
Loss from equity affiliates(1)                                              (6)                   (7)                    (5)                   (87)                  --                    (105)                    (1)
Net contribution to earnings                                                $      33             $      27              $      79             $    (20)             $      87             $     119                $     291
(1) Loss from equity affiliates in Q4 2015 includes an $84 million non-cash charge for our share of an asset impairment recorded by an equity affiliate.
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions                                                                 Q1.2015               Q2.2015                Q3.2015               Q4.2015               Q4.2014               YTD.2015                 YTD.2014
Operating income                                                            $      39             $      34              $      84             $      67             $      87             $     224                $     292
Depreciation, depletion and amortization                                    39                    38                     39                    38                    39                    154                      155
Adjusted EBITDA*                                                            $      78             $      72              $   123               $   105               $   126               $     378                $     447
* Non-GAAP measure - see page 8 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
                                                                            Q1.2015               Q2.2015                Q3.2015               Q4.2015               Q4.2014               YTD.2015                 YTD.2014
Impairment charge recorded by equity method affiliate                       $      --             $      --              $      --             $     (84)            $      --             $       (84)             $        --
Selected Segment Items
                                                                            Q1.2015               Q2.2015                Q3.2015               Q4.2015               Q4.2014               YTD.2015                 YTD.2014
Total decrease (increase) in working capital(1)                             $       40            $         6            $     (24)            $     (13)            $     (47)            $           9            $       (14)
Cash spent for capital expenditures                                         $     (27)            $     (31)             $     (27)            $     (33)            $     (26)            $     (118)              $     (123)
(1) Working capital does not include cash balances.
Segment Statistics
                                                                            Q1.2015               Q2.2015                Q3.2015               Q4.2015               Q4.2014               YTD.2015                 YTD.2014
Pulp                                  Third party net sales (millions)      $     360             $     368              $     383             $     388             $     405             $    1,499               $    1,559
(air-dry metric tons)
                                      Third party sales realizations        $     854             $     823              $     818             $     800             $     886             $       823              $       854
                                      Third party sales volumes (thousands) 421                   448                    468                   484                   458                   1,821                    1,826
                                      Production volumes (thousands)        442                   422                    477                   481                   468                   1,822                    1,859
Liquid                                Third party net sales (millions)      $       74            $       84             $       74            $       73            $       63            $       305              $       310
Packaging
Board
(metric tons)
Third party sales realizations        $  1,194                                         $  1,218               $  1,168              $  1,203              $  1,133              $    1,196               $    1,244
Third party sales volumes (thousands) 62                                               69                     63                    61                    55                    255                      249
Production volumes (thousands)        60                                               64                     68                    63                    70                    255                      265
Weyerhaeuser Company                                                                                                                                                       Unallocated Items
Q4.2015 Analyst Package
Preliminary results (unaudited)
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                                                Q1.2015                     Q2.2015                     Q3.2015                     Q4.2015                     Q4.2014                     YTD.2015                    YTD.2014
Unallocated corporate function expenses                    $       (9)                 $       (7)                 $       (4)                 $       (7)                 $       (7)                 $       (27)                $       (24)
Unallocated share-based compensation                       3                           1                           6                           (4)                         (7)                         6                           (9)
Unallocated pension & postretirement credits (costs)       3                           3                           2                           3                           50                          11                          196
Foreign exchange gains (losses)                            (29)                        9                           (20)                        (6)                         (11)                        (46)                        (27)
Elimination of intersegment profit in inventory and LIFO   (12)                        18                          3                           1                           (2)                         10                          (10)
Other                                                      (19)                        (13)                        (23)                        (11)                        (15)                        (66)                        (38)
Operating income (loss)                                    (63)                        11                          (36)                        (24)                        8                           (112)                       88
Interest income and other                                  9                           9                           9                           9                           10                          36                          38
Net contribution to earnings from continuing operations(1) $    (54)                   $      20                   $    (27)                   $    (15)                   $      18                   $      (76)                 $     126
(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                                              Q1.2015      Q2.2015    Q3.2015    Q4.2015      Q4.2014      YTD.2015       YTD.2014
Operating income (loss)                                  $    (63)    $      11  $    (36)  $    (24)    $        8   $    (112)     $        88
Depreciation, depletion and amortization                 5            2          2          1            3            10             12
Non-operating pension and postretirement costs (credits) (3)          (3)        (2)        (3)          (12)         (11)           (45)
Special items                                            13           --         --         14           (31)         27             (134)
Adjusted EBITDA*                                         $    (48)    $      10  $    (36)  $    (12)    $    (32)    $      (86)    $      (79)
* Non-GAAP measure - see below for definition.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
                                                         Q1.2015      Q2.2015    Q3.2015    Q4.2015      Q4.2014      YTD.2015       YTD.2014
Restructuring, impairments and other charges             $     (13)   $      --  $      --  $      --    $       (7)  $       (13)   $       (39)
Gain on sale of non-strategic asset                      --           --         --         --           --           --             22
Gain on postretirement plan amendment                    --           --         --         --           38           --             151
Plum Creek merger-related costs                          --           --         --         (14)         --           (14)           --
Total                                                    $    (13)    $      --  $      --  $    (14)    $      31    $      (27)    $     134
Unallocated Selected Items
                                                         Q1.2015      Q2.2015    Q3.2015    Q4.2015      Q4.2014      YTD.2015       YTD.2014
Cash spent for capital expenditures                      $       (1)  $      --  $      --  $       (2)  $       (2)  $         (3)  $         (4)
* Adjusted EBITDA 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 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
Q4.2015 Analyst Package
Preliminary results (unaudited)
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                               Q1.2015           Q2.2015           Q3.2015           Q4.2015           Q4.2014           YTD.2015          YTD.2014
Total net sales                           $      --         $      --         $      --         $      --         $      --         $        --       $     573
Income (loss) from operations             $      --         $      --         $      --         $      --         $      --         $        --       $         42
Income taxes                              --                --                --                --                --                --                (16)
Net earnings (loss) from operations       --                --                --                --                --                --                26
Net gain on divestiture                   --                --                --                --                --                --                972
Net earnings from discontinued operations $      --         $      --         $      --         $      --         $      --         $        --       $     998

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