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Weyerhaeuser Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: WY

Wood Products, Charts 5 and 6. Wood Products contributed $36 million to pretax earnings, $49 million more than in Q1. The second quarter included a pretax gain of $6 million on a property sale. Lumber price realizations increased $39 per thousand board feet or 13%. Lumber volumes also increased 13%. OSB price realizations rose $17 per thousand square feet or 9%. OSB volumes were 14% higher in Q2. Engineered wood products declined 6% for TJIs and 2% for solid sections. TJI volumes rose 25% from very low level and solid section increased 9% also from a low level. Log costs slightly increased from Q1 and other manufacturing costs were flat.

Cellulose Fibers, Charts 7 and 8. The pretax contribution from Cellulose Fibers was $36 million, $12 million less than in Q1. Average pulp price realizations were flat in the quarter due to mix. There were 27 days of maintenance downtime in Q2. Manufacturing issues and the timing of shipments reduced pulp sales volumes 5%. Downtime increased costs and reduced productivity.

Real Estate, Charts 9 and 10. The pretax contribution to earnings from Real Estate before special items was $15 million, $23 million more than in Q1. Single-family home closings seasonally increased 46% to 508 homes in Q2 from 349 homes in Q1. Home closings increased 11% from the same quarter last year. Gross margins increased to nearly 20% in Q2 from 17% in Q1. The average home closing price was $374,000, nearly flat with Q1. The closing price declined 4% from the same quarter last year due to mix.

Unallocated items, Chart 11. The foreign exchange loss was $8 million in Q2 due to a weaker Canadian dollar. This was a $14 million swing from Q1. As discussed earlier, the elimination of intersegment profit in inventory and LIFO, formerly reported at the segment level, is now recorded in unallocated items.

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