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News Breaks
January 7, 2014
07:03 EDTWYWeyerhaeuser sees non-cash impairment charge of $300M in Q4
On November 4, Weyerhaeuser announced that the company and Weyerhaeuser Real Estate Company, an indirect wholly owned subsidiary of Weyerhaeuser, had entered into a Transaction Agreement dated as of November 3 with TRI Pointe Homes and one of TRI Pointe’s subsidiaries, Topaz Acquisition. Pursuant to the Transaction Agreement, Weyerhaeuser will distribute all the shares of common stock of WRECO to its shareholders (i) on a pro rata basis, (ii) in an exchange offer or (iii) in a combination thereof. Immediately following the Distribution, Merger Sub will merge with and into WRECO, with WRECO surviving the Merger and becoming a wholly owned subsidiary of TRI Pointe. Under the terms of the Transaction Agreement, certain assets and liabilities of WRECO and its subsidiaries relating to Weyerhaeuser’s real estate business are excluded from the transaction and retained by Weyerhaeuser, including assets and liabilities relating to a large master planned community north of Las Vegas, Nevada. The Coyote Springs Property has a current consolidated book value of approximately $370M. Home construction, sale and related development at the Coyote Springs Property have been delayed pending further market recovery. As a result of the transactions contemplated by the Transaction Agreement, Weyerhaeuser’s management has determined that the company’s strategy for development of the Coyote Springs Property will differ from WRECO’s current development plan. Consequently, Weyerhaeuser’s management has concluded that it will recognize a non-cash charge for the impairment of these assets in 4Q13. At this time, Weyerhaeuser estimates that the non-cash impairment charge relating to the Coyote Springs Property will likely be in excess of $300M. Comments taken from an 8-K filing.
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July 31, 2015
05:38 EDTWYWeyerhaeuser expects slightly lower earnings from Timberlands in Q3
Weyerhaeuser expects slightly lower earnings from the Timberlands segment in the third quarter. In the West, the company expects lower fee harvest volumes, partially offset by higher log sales realizations, as a result of a prolonged fire season. In the South, the company anticipates increased fee harvest volumes offset by seasonally higher silviculture costs. Weyerhaeuser expects higher earnings from the Wood Products segment in the third quarter. The company anticipates seasonally higher sales volumes across most product lines and improved average sales realizations for lumber and oriented strand board. Weyerhaeuser expects significantly higher earnings from the Cellulose Fibers segment in the third quarter primarily due to minimal scheduled maintenance outage days. Additionally, the company anticipates lower average pulp sales realizations, partially offset by increased sales volumes.
05:38 EDTWYWeyerhaeuser says western domestic and export log sales realizations declined
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05:37 EDTWYWeyerhaeuser reports Q2 EPS 26c vs. 47c last year
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