Weyerhaeuser Reports Fourth Quarter, Full Year Results

- Full year 2013 net earnings before special items doubled compared with 2012 on 21 percent improvement in net sales

- Entered into agreement to combine Weyerhaeuser's homebuilding subsidiary with TRI Pointe Homes

- Acquired Longview Timber LLC

News provided by

Jan 31, 2014, 03:05 ET

FEDERAL WAY, Wash., Jan. 31, 2014 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported full year 2013 net earnings of $540 million, or 95 cents per diluted share, on net sales of $8.5 billion. This compares with net earnings of $385 million, or 71 cents per diluted share, on net sales of $7.1 billion for the full year 2012.

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

Earnings for 2013 include after-tax charges of $114 million for special items, primarily for a previously announced real estate impairment that was partially offset by unrelated tax adjustments. Excluding these items, the company reported full year 2013 net earnings of $654 million, or $1.14 per diluted share, compared with net earnings before special items of $316 million, or 58 cents per diluted share, for the full year 2012.

SIGNIFICANT FULL YEAR 2013 AND 2012 ITEMS

	FULL YEAR 2013			FULL YEAR 2012
(millions, except per share data)	Pre-Tax	After-Tax	Per Share	Pre-Tax	After-Tax	Per Share
Restructuring, impairments and other charges⁽¹⁾	($366)	($247)	($0.42)	($14)	($10)	($0.02)
Tax adjustments	—	$168	$0.30	—	$8	$0.02
Loss on early extinguishment of debt	($25)	($25)	($0.05)	—	—	—
Costs related to Real Estate divestiture⁽²⁾	($15)	($10)	($0.02)	—	—	—
Gain on postretirement plan amendment	—	—	—	$103	$67	$0.12
Gain on sale of properties	—	—	—	$6	$4	$0.01


⁽¹⁾	2013 charges include non-cash impairments in the Real Estate, Unallocated and Wood Products segments.
⁽²⁾	Charges are included in the Real Estate and Unallocated segments.

"Our vision is to grow a truly great company for our shareholders, customers and employees. In 2013, we made initial progress toward this goal, as we doubled earnings before special items, increased our per share dividend by nearly 30 percent, announced an agreement to combine our real estate operation with TRI Pointe Homes, and acquired approximately 645,000 acres of outstanding timberlands in the Pacific Northwest through the purchase of Longview Timber," said Doyle Simons, president and chief executive officer. "As 2014 begins, we are relentlessly focused on driving operational excellence to fully capitalize on improving markets and deliver value to our shareholders."

For the fourth quarter of 2013, Weyerhaeuser reported net earnings before special items of $157 million, or 27 cents per diluted share, on net sales of $2.3 billion. Including after-tax charges of $114 million for special items, the company reported net earnings of $43 million, or 7 cents per diluted share. This compares with net earnings of $143 million, or 26 cents per diluted share, on net sales of $2.0 billion for the same period last year.

WEYERHAEUSER FINANCIAL HIGHLIGHTS

	3Q	4Q	4Q	FULL YEAR
(millions, except per share data)	2013	2013	2012	2013	2012
Net sales	$2,181	$2,256	$2,000	$8,529	$7,059
Net earnings	$157	$43	$143	$540	$385
Weighted average shares outstanding, diluted⁽¹⁾	587	589	547	571	542
Earnings per diluted share	$0.27	$0.07	$0.26	$0.95	$0.71
Net earnings before special items	$157	$157	$143	$654	$316
Earnings per diluted share before special items	$0.27	$0.27	$0.26	$1.14	$0.58
Net cash from operations	$343	$348	$252	$1,004	$581
Net change in cash and cash equivalents⁽²⁾	($965)	($562)	$290	($63)	($55)
Cash and cash equivalents at end of period⁽²⁾	$1,397	$835	$898	$835	$898

⁽¹⁾ Weyerhaeuser's common shares outstanding increased during the second and third quarters of 2013 following the issuance of approximately 33 million common shares in conjunction with the acquisition of Longview Timber LLC.

⁽²⁾During the second, third and fourth quarters of 2013, Weyerhaeuser received $2,610 million from the issuance of debt and common and mandatory convertible preference shares related to the acquisition of Longview Timber LLC. These funds were recorded upon receipt as "Cash and cash equivalents designated for purchase of Longview Timber LLC and the repayment of their acquired debt" on the Consolidated Balance Sheet. During the third quarter of 2013, the company used a portion of these funds to complete the acquisition of Longview Timber LLC. During the fourth quarter, the company used the remaining funds for repayment of Longview Timber indebtedness assumed in the acquisition.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	3Q 2013	4Q 2013	Change
Net sales	$353	$364	$11
Contribution to pre-tax earnings	$118	$134	$16

4Q 2013 Performance – Construction markets in China drove increased demand and selling prices for Western logs. Western fee harvest volumes rose due to this increased demand and a full quarter of harvest from the Longview Timber acquisition. Weyerhaeuser's average log price realizations were comparable to third quarter due to a shift in export mix and a greater proportion of domestic volume. These factors were partially offset by seasonally higher road and silviculture costs. Earnings from disposition of non-strategic timberlands decreased $3 million to $20 million in the fourth quarter.

1Q 2014 Outlook – Excluding dispositions of non-strategic timberlands, Weyerhaeuser anticipates significantly higher earnings from the Timberlands segment in the first quarter. In the West, the company anticipates improved selling prices and volumes due to increasing export demand, and road and silviculture costs should decline seasonally. In the South, the company anticipates seasonally lower fee harvest volumes and higher silviculture costs, partially offset by slightly higher pulpwood realizations. First quarter earnings from dispositions of non-strategic timberlands are expected to be minimal.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	3Q 2013	4Q 2013	Change
Net sales	$1,030	$926	($104)
Contribution to pre-tax earnings before special items	$79	$58	($21)
Pre-tax charge for special items	—	(10)	(10)
GAAP contribution to pre-tax earnings	$79	$48	($31)

4Q 2013 Performance – Sales volumes declined across all product lines due to seasonality and unusually severe winter weather. Seasonally lower oriented strand board prices were offset by higher average selling prices for lumber and engineered wood products. Log costs increased, primarily in the West, and production fell due to seasonally lower demand, severe cold weather, and planned downtime for capital projects.

Special items for the fourth quarter include non-cash impairment charges of $10 million related to the permanent closure of previously curtailed engineered wood products operations.

1Q 2014 Outlook – Weyerhaeuser anticipates higher earnings from the Wood Products segment in the first quarter. The company expects higher average selling prices for lumber, seasonally higher sales volumes across most product lines and improved operating rates, partially offset by higher log costs and the effect of abnormally adverse weather.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)	3Q 2013	4Q 2013	Change
Net sales	$474	$478	$4
Contribution to pre-tax earnings	$47	$65	$18

4Q 2013 Performance – Average selling prices for pulp improved, maintenance expense declined and productivity increased due to fewer days of scheduled annual maintenance outages. These factors were partially offset by higher fiber costs and lower liquid packing board realizations due to mix.

1Q 2014 Outlook – Weyerhaeuser expects lower earnings from the Cellulose Fibers segment in the first quarter. The company anticipates slightly lower pulp sales volumes, increased maintenance expense and higher fiber and labor costs, partially offset by improved liquid packaging board realizations due to mix.

REAL ESTATE

FINANCIAL HIGHLIGHTS (millions)	3Q 2013	4Q 2013	Change
Net sales	$324	$488	$164
Contribution to pre-tax earnings before special items	$33	$71	$38
Pre-tax charge for special items	—	(349)	(349)
GAAP contribution (charge) to pre-tax earnings	$33	($278)	($311)

4Q 2013 Performance – Earnings before special items increased significantly compared with the third quarter due to seasonally higher closing volumes, increased average closing prices, and improved margins. Home closings increased to 1,072 single-family homes, and average margins on homes closed improved to 23 percent. Selling costs increased due to the additional closing volume. Fourth quarter results include earnings of $7 million from land and lot sales, compared with earnings of $9 million in the third quarter.

At the end of the fourth quarter the backlog of homes sold, but not closed, totaled 883 units, compared with 774 units one year ago.

Fourth quarter special items include previously announced non-cash impairment charges of $343 million for a large master-planned community north of Las Vegas, Nevada that is excluded from the combination of Weyerhaeuser Real Estate Company (WRECO) and TRI Pointe Homes, and $6 million for other costs related to the WRECO divestiture.

1Q 2014 Outlook –- Weyerhaeuser anticipates a modest profit from single family homebuilding operations in the first quarter. Home closings should decline seasonally to approximately 600 homes. The company expects higher average closing prices, lower margins due to mix, and lower selling expenses due to the reduced closing volume.

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 another 14 million acres under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood and cellulose fibers products, and we develop real estate, primarily as a builder of single-family homes. Our company is a real estate investment trust. In 2013, we generated $8.5 billion in sales and employed approximately 13,700 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 Jan. 31 to discuss fourth quarter results.

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

To join the conference call from within North America, dial 877-296-9413 (access code – 23989376) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code – 23989376). Replays will be available for one week at 855-859-2056 (access code – 23989376) from within North America and at 404-537-3406 (access code – 23989376) 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 2014, including selling prices and realizations for domestic and export logs, fee harvest volumes, road and silviculture costs, and earnings from the Timberlands segment; sales volumes, prices and realizations for products within the Wood Products segment, operating rates, raw material costs, and earnings from the Wood Products segment; maintenance expenses within the Cellulose Fibers segment, volumes and realizations for pulp, fiber and labor costs, product mix, and earnings from the Cellulose Fibers segment; and home closings and average closing prices, margins and product mix, selling expenses, and profit from single-family homebuilding in the Real Estate segment.

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

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;
raw material prices;
the effect of weather;
the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;
energy prices;
the successful execution of internal performance plans, including restructurings and cost reduction initiatives;
transportation 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;
the ability to complete the transaction relating to our homebuilding and real estate development business (WRECO) with TRI Pointe Homes, Inc. on the anticipated terms and schedule, including the ability of TRI Pointe to obtain shareholder and regulatory approvals and the anticipated tax treatment of the transactions and related transactions; and
other factors described under "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q.

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

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



Weyerhaeuser Company						Exhibit 99.2
Q4.2013 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Operations

in millions	Q1	Q2	Q3	Q4		Year-to-date

	Mar 31, 2013	Jun 30, 2013	Sep 30, 2013	Dec 31, 2013	Dec 31, 2012	Dec 31, 2013	Dec 31, 2012
Net sales and revenues	$ 1,951	$ 2,141	$ 2,181	$ 2,256	$ 2,000	$ 8,529	$ 7,059
Cost of products sold	1,533	1,664	1,728	1,784	1,580	6,709	5,810
Gross margin	418	477	453	472	420	1,820	1,249
Selling expenses	51	54	56	59	56	220	194
General and administrative expenses	118	108	112	117	126	455	436
Research and development expenses	7	8	8	10	9	33	32
Charges for restructuring, closures and impairments	4	6	2	378	6	390	32
Other operating costs (income), net	(18)	(10)	(2)	5	(33)	(25)	(180)
Operating income (loss)	256	311	277	(97)	256	747	735
Interest income and other	11	10	21	16	14	58	52
Interest expense, net of capitalized interest	(82)	(81)	(95)	(113)	(88)	(371)	(348)
Earnings (loss) from operations before income taxes	185	240	203	(194)	182	434	439
Income taxes	(41)	(42)	(36)	248	(40)	129	(55)
Net earnings	144	198	167	54	142	563	384
Net loss attributable to noncontrolling interests	—	—	—	—	1	—	1
Net earnings attributable to Weyerhaeuser	144	198	167	54	143	563	385
Dividends on preference shares	—	(2)	(10)	(11)	—	(23)	—
Net earnings attributable to Weyerhaeuser common shareholders	$ 144	$ 196	$ 157	$ 43	$ 143	$ 540	$ 385

Per Share Information

in millions	Q1	Q2	Q3	Q4		Year-to-date
	Mar 31, 2013	Jun 30, 2013	Sep 30, 2013	Dec 31, 2013	Dec 31, 2012	Dec 31, 2013	Dec 31, 2012
Basic earnings per share attributable to Weyerhaeuser common shareholders	$ 0.26	$ 0.35	$ 0.27	$ 0.07	$ 0.26	$ 0.95	$ 0.71
Diluted earnings per share attributable to Weyerhaeuser common shareholders	$ 0.26	$ 0.35	$ 0.27	$ 0.07	$ 0.26	$ 0.95	$ 0.71
Dividends paid per common share	$ 0.17	$ 0.20	$ 0.22	$ 0.22	$ 0.17	$ 0.81	$ 0.62
Weighted average shares outstanding (in thousands):
Basic	545,234	552,855	582,828	583,610	542,101	566,329	539,140
Diluted	550,785	557,588	587,179	588,616	547,137	571,239	542,310
Common shares outstanding at end of period (in thousands)	546,573	577,874	582,578	583,548	542,393	583,548	542,393

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions	Q1	Q2	Q3	Q4		Year-to-date
	Mar 31, 2013	Jun 30, 2013	Sep 30, 2013	Dec 31, 2013	Dec 31, 2012	Dec 31, 2013	Dec 31, 2012
Net earnings	$ 144	$ 198	$ 167	$ 54	$ 142	$ 563	$ 384
Interest income and other	(11)	(10)	(21)	(16)	(14)	(58)	(52)
Interest expense, net of capitalized interest	82	81	95	113	88	371	348
Income taxes	41	42	36	(248)	40	(129)	55
Operating income	256	311	277	(97)	256	747	735
Depreciation, depletion and amortization	112	111	120	129	118	472	456
Non-operating pension and postretirement costs	10	10	11	9	8	40	29
Special items	—	—	—	381	—	381	(95)
Capitalized interest included in cost of products sold	9	13	10	11	9	43	37
Adjusted EBITDA, excluding special items*	$ 387	$ 445	$ 418	$ 433	$ 391	$ 1,683	$ 1,162

* Non-GAAP measure


Weyerhaeuser Company
Q4.2013 Analyst Package
Preliminary results, subject to audit
Consolidated Balance Sheet

in millions	Mar 31, 2013	Jun 30, 2013	Sep 30, 2013	Dec 31, 2013	Dec 31, 2012
ASSETS
Forest Products:
Current assets:
Cash and cash equivalents	$ 635	$ 908	$ 898	$ 830	$ 893
Receivables, less allowances	633	589	586	518	474
Receivables for taxes	65	43	31	101	95
Inventories	596	561	533	542	531
Prepaid expenses	89	96	114	117	83
Deferred tax assets	189	144	113	128	65
Restricted financial investments held by variable interest entities	184	—	—	—	184
Total current assets	2,391	2,341	2,275	2,236	2,325
Property and equipment, net	2,785	2,706	2,709	2,687	2,859
Construction in progress	56	72	101	112	50
Timber and timberlands at cost, less depletion charged to disposals	3,954	3,949	6,603	6,580	3,961
Cash and cash equivalents designated for the purchase of Longview Timber LLC and the repayment of their acquired debt	—	1,450	494	—	—
Investments in and advances to equity affiliates	191	186	186	190	192
Goodwill	40	42	42	42	40
Deferred tax assets	70	64	66	5	189
Other assets	351	349	325	345	358
Restricted financial investments held by variable interest entities	615	615	615	615	615
	10,453	11,774	13,416	12,812	10,589
Real Estate⁽¹⁾:
Cash and Cash Equivalents	4	4	5	5	5
Receivables, less allowances	75	74	77	60	72
Real estate in process of development and for sale	736	783	851	842	682
Land being processed for development	918	940	932	583	927
Investments in and advances to equity affiliates	20	20	20	21	21
Deferred tax assets	204	201	195	289	202
Other assets	100	112	113	116	94
	2,057	2,134	2,193	1,916	2,003
Total assets	$ 12,510	$ 13,908	$ 15,609	$ 14,728	$ 12,592

LIABILITIES AND EQUITY
Forest Products:
Current liabilities:
Notes Payable	$ —	$ 2	$ 2	$ 2	$ —
Current maturities of long-term debt	184	163	—	—	340
Current maturities of long-term debt (nonrecourse to the company) held by variable interest entities	162	—	—	—	161
Accounts payable	357	341	362	343	329
Accrued liabilities	538	573	623	626	570
Total current liabilities	1,241	1,079	987	971	1,400
Long-term debt	3,842	3,842	5,459	4,891	3,842
Long-term debt (nonrecourse to the company) held by variable interest entities	511	511	511	511	511
Deferred income taxes	46	38	44	436	—
Deferred pension and other postretirement benefits	1,856	1,785	1,727	516	1,930
Other liabilities	455	446	438	356	499
	7,951	7,701	9,166	7,681	8,182
Real Estate⁽¹⁾:
Long-term debt	109	109	109	—	109
Long-term debt (nonrecourse to the company) held by variable interest entities	2	4	5	5	1
Other liabilities	172	188	212	210	187
	283	301	326	215	297
Total liabilities	8,234	8,002	9,492	7,896	8,479
Equity:
Total Weyerhaeuser shareholders' interest	4,244	5,868	6,078	6,795	4,070
Noncontrolling interests	32	38	39	37	43
Total equity	4,276	5,906	6,117	6,832	4,113
Total liabilities and equity	$ 12,510	$ 13,908	$ 15,609	$ 14,728	$ 12,592


(1) In our 2013 Annual Report on Form 10-K, our real estate and forest products asset and liability line items will be combined into respective total asset and liability line items.



Weyerhaeuser Company
Q4.2013 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows

in millions	Q1	Q2	Q3	Q4		Year-to-date
	Mar 31, 2013	Jun 30, 2013	Sep 30, 2013	Dec 31, 2013	Dec 31, 2012	Dec 31, 2013	Dec 31, 2012
Cash flows from operations:
Net earnings	$ 144	$ 198	$ 167	$ 54	$ 142	$ 563	$ 384
Noncash charges (credits) to income:
Depreciation, depletion and amortization	112	111	120	129	118	472	456
Deferred income taxes, net	26	23	24	(102)	40	(29)	109
Pension and other postretirement benefits	24	28	27	22	20	101	(19)
Share-based compensation expense	12	10	12	8	9	42	37
Charges for impairment of assets	1	2	2	367	5	372	24
Net gains on dispositions of assets	(7)	(14)	(21)	(16)	(30)	(58)	(69)
Foreign exchange transaction (gains) losses	4	4	(2)	1	2	7	(6)
Change in:
Receivables less allowances	(165)	45	8	85	—	(27)	(33)
Receivable for taxes	30	22	12	(70)	2	(6)	(73)
Inventories	(68)	32	36	(13)	(20)	(13)	(54)
Real estate and land	(59)	(62)	(58)	13	20	(166)	(75)
Prepaid expenses	(13)	(1)	(2)	(10)	2	(26)	(16)
Accounts payable and accrued liabilities	(66)	34	77	(96)	(5)	(51)	18
Deposits on land positions and other assets	(1)	(9)	(1)	(7)	(7)	(18)	4
Pension and postretirement contributions	(37)	(32)	(35)	(33)	(36)	(137)	(145)
Other	2	(17)	(23)	16	(10)	(22)	39
Net cash from operations	(61)	374	343	348	252	1,004	581

Cash flows from investing activities:
Property and equipment	(35)	(47)	(69)	(110)	(59)	(261)	(256)
Timberlands reforestation	(13)	(8)	(7)	(4)	(7)	(32)	(29)
Acquisition of Longview Timber LLC, net of cash acquired	—	—	(1,581)	—	—	(1,581)	—
Proceeds from sale of assets	6	8	1	5	44	20	80
Proceeds of investments held by special purpose entities	—	22	—	—	110	22	13
Other	—	(4)	9	(2)	1	3	—
Cash from investing activities	(42)	(29)	(1,647)	(111)	89	(1,829)	(192)

Cash flows from financing activities:
Net proceeds from issuance of common shares⁽¹⁾	—	781	116	—	—	897	—
Net proceeds from issuance of preference shares⁽¹⁾	—	669	—	—	—	669	—
Net proceeds from issuance of debt⁽¹⁾	—	—	494	550	—	1,044	—
Cash dividends on common shares	(93)	(109)	(128)	(128)	(92)	(458)	(334)
Cash dividends on preference shares	—	—	—	(23)	—	(23)	—
Change in book overdrafts	3	4	1	(1)	—	7	(32)
Payments on debt	(156)	(21)	(163)	(1,227)	—	(1,567)	(187)
Exercises of stock options	81	51	9	21	39	162	112
Other	9	3	10	9	2	31	(3)
Cash from financing activities	(156)	1,378	339	(799)	(51)	762	(444)

Net change in cash and cash equivalents	(259)	1,723	(965)	(562)	290	(63)	(55)
Cash and cash equivalents at beginning of period	898	639	2,362	1,397	608	898	953
Cash and cash equivalents at end of period	$ 639	$ 2,362	$ 1,397	$ 835	$ 898	$ 835	$ 898
Cash paid (received) during the year for:
Interest, net of amount capitalized	$ 111	$ 55	$ 109	$ 91	$ 61	$ 366	$ 351
Income taxes	$ (2)	$ (4)	$ 2	$ 12	$ 1	$ 8	$ (13)
Noncash investing and financing activity: Acquisition of Longview Timber LLC, debt assumed	$ —	$ —	$ 1,070	$ —	$ —	$ 1,070	$ —

(1) During second and third quarter 2013, we received $2,060 million in cash related to the issuance of common shares, mandatory convertible preference shares and debt related to the acquisition of Longview Timber LLC. We have recorded this cash as "Cash and cash equivalents designated for the purchase of Longview Timber LLC and the repayment of their acquired debt" on our Consolidated Balance Sheet.



Weyerhaeuser Company					Total Company Statistics
Q4.2013 Analyst Package
Preliminary results, subject to audit
Special Items Included in Net Earnings

in millions	Q1	Q2	Q3	Q4		Year-to-date
	Mar 31, 2013	Jun 30, 2013	Sep 30, 2013	Dec 31, 2013	Dec 31, 2012	Dec 31, 2013	Dec 31, 2012
Net earnings	$ 144	$ 196	$ 157	$ 43	$ 143	$ 540	$ 385
Loss on early extinguishment of debt	—	—	—	25	—	25	—
Restructuring, impairments and other charges	—	—	—	247	—	247	10
Costs related to Real Estate divestiture	—	—	—	10	—	10	—
Gain on postretirement plan amendment	—	—	—	—	—	—	(67)
Gain on sale of properties	—	—	—	—	—	—	(4)
Tax adjustments	—	—	—	(168)	—	(168)	(8)
Net earnings before special items	$ 144	$ 196	$ 157	$ 157	$ 143	$ 654	$ 316

	Q1	Q2	Q3	Q4		Year-to-date
	Mar 31, 2013	Jun 30, 2013	Sep 30, 2013	Dec 31, 2013	Dec 31, 2012	Dec 31, 2013	Dec 31, 2012
Net earnings per diluted share	$ 0.26	$ 0.35	$ 0.27	$ 0.07	$ 0.26	$ 0.95	$ 0.71
Loss on early extinguishment of debt	—	—	—	0.05	—	0.05	—
Restructuring, impairments and other charges	—	—	—	0.42	—	0.42	0.02
Costs related to Real Estate divestiture	—	—	—	0.02	—	0.02	—
Gain on postretirement plan amendment	—	—	—	—	—	—	(0.12)
Gain on sale of properties	—	—	—	—	—	—	(0.01)
Tax adjustments	—	—	—	(0.29)	—	(0.30)	(0.02)
Net earnings before special items per diluted share	$ 0.26	$ 0.35	$ 0.27	$ 0.27	$ 0.26	$ 1.14	$ 0.58

Selected Total Company Items

in millions	Q1	Q2	Q3	Q4		Year-to-date
	Mar 31, 2013	Jun 30, 2013	Sep 30, 2013	Dec 31, 2013	Dec 31, 2012	Dec 31, 2013	Dec 31, 2012
Depreciation, depletion and amortization:
Cost of products sold	$ 103	$ 102	$ 110	$ 120	$ 109	$ 435	$ 416
Selling, general and administrative expenses	9	9	10	9	9	37	40
Total depreciation, depletion and amortization	$ 112	$ 111	$ 120	$ 129	$ 118	$ 472	$ 456

Pension and postretirement costs:
Pension and postretirement costs allocated to business segments	$ 14	$ 16	$ 16	$ 15	$ 12	$ 61	$ 51
Pension and postretirement costs not allocated	10	10	11	9	8	40	29
Total company pension and postretirement costs	$ 24	$ 26	$ 27	$ 24	$ 20	$ 101	$ 80

Total decrease (increase) in Forest Products working capital ⁽¹⁾	$ (334)	$ 161	$ 138	$ (17)	$ (85)	$ (52)	$ (159)
Cash spent for capital expenditures	$ (48)	$ (55)	$ (76)	$ (114)	$ (66)	$ (293)	$ (285)

(1) Working capital does not include cash balances.



Weyerhaeuser Company					Timberlands Segment
Q4.2013 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Sales to and revenues from unaffiliated customers		$ 293	$ 333	$ 353	$ 364	$ 298	$ 1,343	$ 1,077
Intersegment sales		224	166	194	215	185	799	683
Total net sales and revenues		517	499	547	579	483	2,142	1,760
Cost of products sold		395	365	407	425	374	1,592	1,376
Gross margin		122	134	140	154	109	550	384
Selling expenses		3	2	3	2	2	10	9
General and administrative expenses		25	25	27	26	20	103	85
Research and development expenses		4	5	4	6	6	19	19
Charges for restructuring, closures and impairments		2	—	—	—	2	2	2
Other operating income, net		(15)	(11)	(11)	(13)	(14)	(50)	(49)
Operating income		103	113	117	133	93	466	318
Interest income and other		1	1	1	1	1	4	3
Loss attributable to noncontrolling interest		—	—	—	—	1	—	1
Net contribution to earnings †		$ 104	$ 114	$ 118	$ 134	$ 95	$ 470	$ 322

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Operating income		$ 103	$ 113	$ 117	$ 133	$ 93	$ 466	$ 318
Depreciation, depletion and amortization		36	34	45	51	38	166	142
Adjusted EBITDA, excluding special items*		$ 139	$ 147	$ 162	$ 184	$ 131	$ 632	$ 460

* Non-GAAP measure

Selected Segment Items

		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Total decrease (increase) in working capital ⁽¹⁾		$ (10)	$ (21)	$ 31	$ (7)	$ (37)	$ (7)	$ (21)
Cash spent for capital expenditures		$ (18)	$ (18)	$ (16)	$ (21)	$ (16)	$ (73)	$ (60)

(1) Working capital does not include cash balances.

Segment Statistics

		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Third Party Net Sales and Revenue (millions)	Logs:
	West	$ 177	$ 208	$ 213	$ 230	$ 151	$ 828	$ 559
	South	61	65	66	64	67	256	233
	Canada	7	2	6	4	5	19	19
	Total Logs	245	275	285	298	223	1,103	811
	Pay as cut timber sales	1	4	2	2	4	9	13
	Chip sales	3	2	2	2	4	9	18
	Timberlands exchanges	2	14	28	21	20	65	59
	Higher and better use land sales	3	5	2	9	9	19	22
	Minerals, oil and gas	8	9	9	6	9	32	31
	Products from international operations	22	22	24	22	26	90	106
	Other products	9	2	1	4	3	16	17
	Total	$ 293	$ 333	$ 353	$ 364	$ 298	$ 1,343	$ 1,077
Logs Third Party Sales Realizations (per cubic meter)	West	$ 105.38	$ 115.11	$ 104.73	$ 104.91	$ 96.46	$ 107.36	$ 94.72
	South	$ 43.47	$ 43.47	$ 43.32	$ 43.72	$ 43.30	$ 43.49	$ 41.83
	Canada	$ 36.61	$ 36.38	$ 38.77	$ 38.68	$ 38.70	$ 37.71	$ 36.51
	International	$ 24.01	$ 25.00	$ 25.07	$ 23.05	$ 24.30	$ 24.22	$ 23.66
Logs Third Party Sales Volumes (cubic meters, thousands)	West	1,674	1,812	2,037	2,185	1,559	7,708	5,898
	South	1,399	1,507	1,514	1,468	1,563	5,888	5,575
	Canada	204	38	141	128	139	511	531
	International	68	77	100	112	84	357	343
	Total	3,345	3,434	3,792	3,893	3,345	14,464	12,347
Logs Fee Harvest Volumes (cubic meters, thousands)	West	1,995	1,921	2,305	2,686	1,876	8,907	7,170
	South	2,833	2,828	2,928	3,007	3,177	11,596	11,488
	International	197	167	211	243	232	818	763
	Total	5,025	4,916	5,444	5,936	5,285	21,321	19,421



Weyerhaeuser Company					Wood Products Segment
Q4.2013 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Sales to and revenues from unaffiliated customers		$ 988	$ 1,065	$ 1,030	$ 926	$ 832	$ 4,009	$ 3,058
Intersegment sales		18	18	19	16	16	71	74
Total net sales and revenues		1,006	1,083	1,049	942	848	4,080	3,132
Cost of products sold		770	884	905	826	748	3,385	2,780
Gross margin		236	199	144	116	100	695	352
Selling expenses		26	24	24	24	24	98	89
General and administrative expenses		36	36	37	32	34	141	123
Research and development expenses		1	1	2	2	1	6	5
Charges for restructuring, closures and impairments		—	1	1	11	1	13	6
Other operating costs (income), net		(5)	1	1	(1)	2	(4)	10
Operating income		178	136	79	48	38	441	119
Interest income and other		—	—	—	—	—	—	1
Net contribution to earnings †		$ 178	$ 136	$ 79	$ 48	$ 38	$ 441	$ 120

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Operating income		$ 178	$ 136	$ 79	$ 48	$ 38	$ 441	$ 119
Depreciation, depletion and amortization		31	31	31	30	33	123	133
Special items		—	—	—	10	—	10	(6)
Adjusted EBITDA, excluding special items*		$ 209	$ 167	$ 110	$ 88	$ 71	$ 574	$ 246

* Non-GAAP measure

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Gain on sale of property		$ —	$ —	$ —	$ —	$ —	$ —	$ 6
Charges for restructuring, closures, and impairments		—	—	—	(10)	—	(10)	—
Total		$ —	$ —	$ —	$ (10)	$ —	$ (10)	$ 6

Selected Segment Items

		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Total decrease (increase) in working capital ⁽¹⁾		$ (194)	$ 75	$ 74	$ 40	$ 9	$ (5)	$ (119)
Cash spent for capital expenditures		$ (10)	$ (16)	$ (26)	$ (61)	$ (19)	$ (113)	$ (56)

(1) Working capital does not include cash balances.

Segment Statistics

in millions, except for third-party sales realizations		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Structural Lumber (board feet)	Third Party Net Sales and Revenue	$ 451	$ 502	$ 480	$ 440	$ 376	$ 1,873	$ 1,400
	Third Party Sales Realizations	$ 440	$ 434	$ 404	$ 413	$ 366	$ 422	$ 347
	Third Party Sales Volumes	1,025	1,156	1,189	1,066	1,025	4,436	4,031
	Production Volumes	1,021	1,053	1,040	970	939	4,084	3,846
	Outside Purchase Volumes	102	77	92	83	77	354	225
Engineered Solid Section (cubic feet)	Third Party Net Sales and Revenue	$ 82	$ 84	$ 97	$ 90	$ 68	$ 353	$ 279
	Third Party Sales Realizations	$ 1,850	$ 1,920	$ 1,963	$ 2,006	$ 1,817	$ 1,936	$ 1,808
	Third Party Sales Volumes	4.4	4.4	4.9	4.5	3.7	18.2	15.4
	Production Volumes	4.6	4.6	4.6	4.2	3.6	18.0	15.4
	Outside Purchase Volumes	0.9	0.4	0.3	0.2	1.6	1.8	3.2
Engineered I-joists (lineal feet)	Third Party Net Sales and Revenue	$ 56	$ 60	$ 68	$ 63	$ 47	$ 247	$ 190
	Third Party Sales Realizations	$ 1,300	$ 1,358	$ 1,428	$ 1,485	$ 1,265	$ 1,393	$ 1,250
	Third Party Sales Volumes	43	44	48	42	37	177	152
	Production Volumes	44	42	44	38	37	168	147
	Outside Purchase Volumes	3	1	2	2	2	8	9
Oriented Strand Board (square feet 3/8')	Third Party Net Sales and Revenue	$ 236	$ 224	$ 188	$ 161	$ 194	$ 809	$ 612
	Third Party Sales Realizations	$ 359	$ 332	$ 246	$ 237	$ 290	$ 292	$ 244
	Third Party Sales Volumes	657	675	762	678	670	2,772	2,508
	Production Volumes	662	663	725	673	642	2,723	2,511
	Outside Purchase Volumes	68	56	49	54	60	227	200
Softwood Plywood (square feet 3/8')	Third Party Net Sales and Revenue	$ 36	$ 41	$ 38	$ 29	$ 32	$ 144	$ 115
	Third Party Sales Realizations	$ 370	$ 378	$ 344	$ 339	$ 347	$ 358	$ 338
	Third Party Sales Volumes	99	108	108	87	91	402	340
	Production Volumes	61	63	62	55	59	241	214
	Outside Purchase Volumes	42	33	40	40	34	155	127



Weyerhaeuser Company					Cellulose Fibers Segment
Q4.2013 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Total net sales and revenues		$ 474	$ 476	$ 474	$ 478	$ 463	$ 1,902	$ 1,854
Cost of products sold		424	394	406	397	385	1,621	1,560
Gross margin		50	82	68	81	78	281	294
Selling expenses		4	5	5	3	5	17	18
General and administrative expenses		20	21	21	17	18	79	74
Research and development expenses		2	2	2	2	2	8	8
Other operating income, net		(7)	(5)	(6)	(2)	(6)	(20)	(24)
Operating income		31	59	46	61	59	197	218
Interest income and other		—	(2)	1	4	2	3	5
Net contribution to earnings †		$ 31	$ 57	$ 47	$ 65	$ 61	$ 200	$ 223

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Operating income		$ 31	$ 59	$ 46	$ 61	$ 59	$ 197	$ 218
Depreciation, depletion and amortization		39	39	38	40	40	156	150
Adjusted EBITDA, excluding special items*		$ 70	$ 98	$ 84	$ 101	$ 99	$ 353	$ 368

* Non-GAAP measure

Selected Segment Items

		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Total decrease (increase) in working capital ⁽¹⁾		$ (7)	$ 12	$ 19	$ (12)	$ (30)	$ 12	$ 19
Cash spent for capital expenditures		$ (17)	$ (17)	$ (28)	$ (30)	$ (26)	$ (92)	$ (160)

(1) Working capital does not include cash balances.

Segment Statistics

		Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Pulp (air-dry metric tons)	Third Party Net Sales and Revenue (millions)	$ 371	$ 369	$ 371	$ 390	$ 364	$ 1,501	$ 1,433
	Third Party Sales Realizations	$ 796	$ 797	$ 805	$ 818	$ 799	$ 804	$ 813
	Third Party Sales Volumes (thousands)	467	462	460	477	456	1,866	1,762
	Production Volumes (thousands)	445	463	457	450	465	1,815	1,773
Liquid Packaging Board (tons)	Third Party Net Sales and Revenue (millions)	$ 85	$ 86	$ 83	$ 72	$ 75	$ 326	$ 332
	Third Party Sales Realizations	$ 1,079	$ 1,079	$ 1,082	$ 1,029	$ 1,085	$ 1,068	$ 1,150
	Third Party Sales Volumes (thousands)	78	81	76	70	69	305	289
	Production Volumes (thousands)	78	77	67	85	72	307	292



Weyerhaeuser Company					Real Estate Segment
Q4.2013 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Total net sales and revenues	$ 196	$ 267	$ 324	$ 488	$ 407	$ 1,275	$ 1,070
Cost of products sold	160	210	248	371	276	989	812
Gross margin	36	57	76	117	131	286	258
Selling expenses	18	23	24	30	25	95	78
General and administrative expenses	18	19	20	17	27	74	76
Charges for restructuring, closures and impairments	1	3	1	352	1	357	6
Other operating income, net	—	(1)	(1)	(3)	(1)	(5)	(2)
Operating income (loss)	(1)	13	32	(279)	79	(235)	100
Interest income and other	1	1	1	1	2	4	5
Net contribution to earnings	$ —	$ 14	$ 33	$ (278)	$ 81	$ (231)	$ 105

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions	Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Operating income (loss)	$ (1)	$ 13	$ 32	$ (279)	$ 79	$ (235)	$ 100
Depreciation, depletion and amortization	3	3	4	4	4	14	12
Capitalized interest included in cost of products sold	7	12	9	9	8	37	30
Special items	—	—	—	349	—	349	—
Adjusted EBITDA, excluding special items*	$ 9	$ 28	$ 45	$ 83	$ 91	$ 165	$ 142
* Non-GAAP measure

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Restructuring, impairments and other charges	$ —	$ —	$ —	$ (343)	$ —	$ (343)	$ —
Costs related to Real Estate divestiture	—	—	—	(6)	—	(6)	—
Total	$ —	$ —	$ —	$ (349)	$ —	$ (349)	$ —

Selected Segment Items

	Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Cash from operations	$ (71)	$ (56)	$ (2)	$ 106	$ 77	$ (23)	$ 64
Cash spent for capital expenditures	$ (2)	$ (2)	$ (5)	$ (1)	$ (2)	$ (10)	$ (4)

Segment Statistics

	Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Net sales and revenues:
Single-family housing	$ 183	$ 257	$ 305	$ 474	$ 320	$ 1,219	$ 870
Land	11	10	18	13	84	52	193
Other	2	—	1	1	3	4	7
Total net sales and revenue	$ 196	$ 267	$ 324	$ 488	$ 407	$ 1,275	$ 1,070
Single-family homes sold	820	943	765	520	561	3,048	2,659
Single-family homes closed	463	636	768	1,072	842	2,939	2,314
Single-family homes sold but not closed (backlog)	1,131	1,438	1,435	883	774	883	774
Single-family cancellation rate	12.2 %	14.6 %	15.7 %	20.7 %	15.9 %	15.4 %	14.9 %
Single-family buyer traffic	17,764	20,080	16,370	14,252	14,567	68,466	64,410
Single-family average price of homes closed (in thousands)	$ 394	$ 405	$ 397	$ 442	$ 381	$ 415	$ 376
Single-family home gross margin ⁽¹⁾	19.5 %	21.6 %	22.3 %	23.0 %	20.0 %	22.0 %	20.3 %

(1) Single-family gross margin equals revenue less cost of sales and period costs.



Weyerhaeuser Company					Unallocated Items
Q4.2013 Analyst Package
Preliminary results, subject to audit

Unallocated items are gains or charges not related to or allocated to an individual operating segment. They include a portion of items such as: share-based compensation; pension and postretirement costs; foreign exchange transaction gains and losses associated with financing; and the elimination of intersegment profit in inventory and the LIFO reserve.

Contribution to Earnings

in millions	Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Unallocated corporate function expenses	$ (3)	$ (3)	$ (2)	$ (7)	$ (8)	$ (15)	$ (22)
Unallocated share-based compensation	(7)	5	(1)	(5)	(3)	(8)	(16)
Unallocated pension & postretirement costs	(10)	(10)	(11)	(9)	(8)	(40)	(29)
Foreign exchange gains (losses)	(4)	(4)	2	(1)	(2)	(7)	7
Elimination of intersegment profit in inventory and LIFO ⁽¹⁾	(24)	8	25	6	8	15	(16)
Other	(7)	(6)	(10)	(44)	—	(67)	56
Operating income (loss)	(55)	(10)	3	(60)	(13)	(122)	(20)
Interest income and other	9	10	18	10	9	47	38
Net contribution to earnings	$ (46)	$ —	$ 21	$ (50)	$ (4)	$ (75)	$ 18

† We now report the elimination of intersegment profit on inventory and the LIFO reserve in Unallocated Items. Previously these company-level adjustments were recorded in the business segments. This provides a better understanding of business operating results. Prior period results have been adjusted to reflect the change.

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions	Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Operating income (loss)	$ (55)	$ (10)	$ 3	$ (60)	$ (13)	$ (122)	$ (20)
Depreciation, depletion and amortization	3	4	2	4	3	13	19
Non-operating pension and postretirement costs	10	10	11	9	8	40	29
Capitalized interest included in cost of products sold	2	1	1	2	1	6	7
Special items	—	—	—	22	—	22	(89)
Adjusted EBITDA, excluding special items*	$ (40)	$ 5	$ 17	$ (23)	$ (1)	$ (41)	$ (54)

* Non-GAAP measure - see below for definition.

Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Gain on postretirement plan amendment	$ —	$ —	$ —	$ —	$ —	$ —	$ 103
Restructuring, impairments and other charges	—	—	—	(13)	—	(13)	(14)
Costs related to Real Estate divestiture	—	—	—	(9)	—	(9)	—
Total	$ —	$ —	$ —	$ (22)	$ —	$ (22)	$ 89

Unallocated Selected Items

	Q1.2013	Q2.2013	Q3.2013	Q4.2013	Q4.2012	YTD.2013	YTD.2012
Total decrease (increase) in working capital ⁽¹⁾	$ (123)	$ 95	$ 14	$ (38)	$ (27)	$ (52)	$ (38)
Cash spent for capital expenditures	$ (1)	$ (2)	$ (1)	$ (1)	$ —	$ (5)	$ (5)
(1) Working capital does not include cash balances.

*Adjusted EBITDA, excluding special items is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income from continuing operations adjusted for depreciation, depletion, amortization, pension and postretirement costs not allocated to business segments (primarily interest cost, expected return on plan assets, amortization of actuarial loss and amortization of prior service cost/credit), special items and interest included in cost of products sold. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.