Weyerhaeuser (WY) 8-K Weyerhaeuser Reports First Quarter Results

Weyerhaeuser Company	Exhibit 99.2
Q1.2013 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Operations
in millions	Q4			Q1
	December 31, 2012			March 31, 2013			March 31, 2012
Net sales	$	2,000		$	1,951		$	1,494
Cost of products sold	1,580			1,533			1,290
Gross margin	420			418			204
Selling expenses	56			51			42
General and administrative expenses	126			118			108
Research and development expenses	9			7			7
Charges for restructuring, closures and impairments	6			4			12
Other operating income, net	(33		)	(18		)	(66		)
Operating income	256			256			101
Interest income and other	14			11			12
Interest expense, net of capitalized interest	(88		)	(82		)	(87		)
Earnings before income taxes	182			185			26
Income taxes	(40		)	(41		)	15
Net earnings	142			144			41
Add: net loss attributable to noncontrolling interests	1			—			—
Net earnings attributable to Weyerhaeuser common shareholders	$	143		$	144		$	41
Per Share Information
	Q4			Q1
	December 31, 2012			March 31, 2013			March 31, 2012
Earnings per share attributable to Weyerhaeuser common shareholders, basic and diluted	$	0.26		$	0.26		$	0.08
Dividends paid per share	$	0.17		$	0.17		$	0.15
Weighted average shares outstanding (in thousands):
Basic	542,101			545,234			537,368
Diluted	547,137			550,785			539,728
Common shares outstanding at end of period (in thousands)	542,393			546,573			537,409
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions	Q4			Q1
	December 31, 2012			March 31, 2013			March 31, 2012
Operating income	$	256		$	256		$	101
Depreciation, depletion and amortization	118			112			113
Non-operating pension and postretirement costs	8			10			7
Special items	—			—			(38		)
Capitalized interest included in cost of products sold	9			9			3
Adjusted EBITDA, excluding special items*	$	391		$	387		$	186
* Non-GAAP measure - see page 9 for definition.

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Weyerhaeuser Company
Q1.2013 Analyst Package
Preliminary results, subject to audit
Consolidated Balance Sheet
in millions	March 31, 2013		December 31, 2012
ASSETS
Forest Products:
Current assets:
Cash and cash equivalents	$	635	$	893
Receivables, less allowances	628		468
Receivables for taxes	65		95
Inventories	596		531
Prepaid expenses	89		83
Deferred tax assets	189		65
Total current assets	2,202		2,135
Property and equipment, net	2,785		2,859
Construction in progress	56		50
Timber and timberlands at cost, less depletion charged to disposals	3,954		3,961
Investments in and advances to equity affiliates	191		192
Goodwill	40		40
Deferred tax assets	70		189
Other assets	351		358
Assets held by variable interest entities	804		805
	10,453		10,589
Real Estate:
Cash and cash equivalents	4		5
Receivables, less allowances	75		72
Real estate in process of development and for sale	724		658
Land being processed for development	897		904
Investments in and advances to equity affiliates	20		21
Deferred tax assets	204		202
Other assets	100		94
Assets held by variable interest entities	33		47
	2,057		2,003
Total assets	$	12,510	$	12,592
LIABILITIES AND EQUITY
Forest Products:
Current liabilities:
Current maturities of long-term debt	$	184	$	340
Accounts payable	357		329
Accrued liabilities	531		561
Total current liabilities	1,072		1,230
Long-term debt	3,842		3,842
Deferred income taxes	46		—
Deferred pension and other postretirement benefits	1,856		1,930
Other liabilities	455		499
Liabilities (nonrecourse to the company) held by variable interest entities	680		681
	7,951		8,182
Real Estate:
Long-term debt	109		109
Other liabilities	172		187
Liabilities (nonrecourse to the company) held by variable interest entities	2		1
	283		297
Total liabilities	8,234		8,479
Equity:
Total Weyerhaeuser shareholders' interest	4,244		4,070
Noncontrolling interests	32		43
Total equity	4,276		4,113
Total liabilities and equity	$	12,510	$	12,592

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Weyerhaeuser Company
Q1.2013 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
in millions	Q4			Q1
	December 31, 2012			March 31, 2013			March 31, 2012
Cash flows from operations:
Net earnings	$	142		$	144		$	41
Noncash charges (credits) to income:
Depreciation, depletion and amortization	118			112			113
Deferred income taxes, net	40			26			(6		)
Pension and other postretirement benefits	20			24			(28		)
Share-based compensation expense	9			12			10
Charges for impairment of assets	5			1			8
Net gains on dispositions of assets	(30		)	(7		)	(7		)
Foreign exchange transaction (gains) losses	2			4			(7		)
Change in:
Receivables less allowances	—			(165		)	(5		)
Receivable for taxes	2			30			(2		)
Inventories	(20		)	(68		)	(40		)
Real estate and land	20			(59		)	(55		)
Prepaid expenses	2			(13		)	(8		)
Accounts payable and accrued liabilities	(5		)	(66		)	(56		)
Deposits on land positions and other assets	(7		)	(1		)	—
Pension and postretirement contributions	(36		)	(37		)	(35		)
Other	(10		)	2			17
Net cash from operations	252			(61		)	(60		)
Cash flows from investing activities:
Property and equipment	(59		)	(35		)	(54		)
Timberlands reforestation	(7		)	(13		)	(10		)
Proceeds from sale of assets	44			6			6
Proceeds of investments held by special purpose entities	110			—			—
Other	1			—			1
Cash from investing activities	89			(42		)	(57		)
Cash flows from financing activities:
Cash dividends	(92		)	(93		)	(81		)
Change in book overdrafts	—			3			(29		)
Payments on debt	—			(156		)	(2		)
Exercises of stock options	39			81			5
Other	2			9			(1		)
Cash from financing activities	(51		)	(156		)	(108		)
Net change in cash and cash equivalents	290			(259		)	(225		)
Cash and cash equivalents at beginning of period	608			898			953
Cash and cash equivalents at end of period	$	898		$	639		$	728
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	61		$	111		$	116
Income taxes	$	1		$	(2	)	$	(10	)

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Weyerhaeuser Company	Total Company Statistics
Q1.2013 Analyst Package
Preliminary results, subject to audit
Special Items Included in Net Earnings
in millions	Q4			Q1
	December 31, 2012			March 31, 2013			March 31, 2012
Net earnings	$	143		$	144		$	41
Restructuring, impairments and other charges	—			—			10
Gain on postretirement plan amendment	—			—			(34		)
Tax settlements	—			—			(8		)
Net earnings before special items	$	143		$	144		$	9
	Q4			Q1
	December 31, 2012			March 31, 2013			March 31, 2012
Net earnings per diluted share	$	0.26		$	0.26		$	0.08
Restructuring, impairments and other charges	—			—			0.02
Gain on postretirement plan amendment	—			—			(0.06		)
Tax settlements	—			—			(0.02		)
Net earnings before special items per diluted share	$	0.26		$	0.26		$	0.02
Selected Total Company Items
in millions	Q4			Q1
	December 31, 2012			March 31, 2013			March 31, 2012
Depreciation, depletion and amortization:
Cost of products sold	$	109		$	103		$	102
Selling, general and administrative expenses	9			9			11
Total depreciation, depletion and amortization	$	118		$	112		$	113
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments	$	12		$	14		$	13
Pension and postretirement costs not allocated	8			10			7
Total company pension and postretirement costs	$	20		$	24		$	20
Total increase in Forest Products working capital(1)	$	(85	)	$	(334	)	$	(148	)
Cash spent for capital expenditures	$	(66	)	$	(48	)	$	(64	)
(1) Working capital does not include cash balances.

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Weyerhaeuser Company		Timberlands Segment
Q1.2013 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q4.2012			Q1.2013			Q1.2012
Sales to unaffiliated customers		$	298		$	293		$	250
Intersegment sales		185			224			190
Total net sales		483			517			440
Cost of products sold		374			395			353
Gross margin		109			122			87
Selling expenses		2			3			2
General and administrative expenses		20			25			23
Research and development expenses		6			4			4
Restructuring, closures and impairments		2			2			—
Other operating income, net		(14		)	(15		)	(11		)
Operating income		93			103			69
Interest income and other		1			1			1
Loss attributable to noncontrolling interest		1			—			—
Net contribution to earnings (see note 1 on page 9)		$	95		$	104		$	70
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q4.2012			Q1.2013			Q1.2012
Operating income		$	93		$	103		$	69
Depreciation, depletion and amortization		38			36			35
Adjusted EBITDA, excluding special items*		$	131		$	139		$	104
* Non-GAAP measure - see page 9 for definition.
Selected Segment Items
		Q4.2012			Q1.2013			Q1.2012
Total increase in working capital(1)		$	(37	)	$	(10	)	$	(9	)
Cash spent for capital expenditures		$	(16	)	$	(18	)	$	(12	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q4.2012			Q1.2013			Q1.2012
Third Party  Net Sales (millions)	Logs:
	West	$	151		$	177		$	130
	South	67			61			50
	Canada	5			7			7
	Total Logs	223			245			187
	Pay as cut timber sales	4			1			3
	Chip sales	4			3			6
	Timberlands exchanges	20			2			8
	Higher and better use land sales	9			3			4
	Minerals, oil and gas	9			8			7
	Products from international operations	26			22			25
	Other products	3			9			10
	Total	$	298		$	293		$	250
Logs Third Party Sales Realizations (per cubic meter)	West	$	96.46		$	105.38		$	99.10
	South	$	43.30		$	43.47		$	40.48
	Canada	$	38.70		$	36.61		$	36.35
	International	$	24.30		$	24.01		$	22.97
Logs Third Party Sales Volumes (cubic meters, thousands)	West	1,559			1,674			1,308
	South	1,563			1,399			1,228
	Canada	139			204			205
	International	84			68			78
	Total	3,345			3,345			2,819
Logs Fee Harvest Volumes (cubic meters, thousands)	West	1,876			1,995			1,679
	South	3,177			2,833			2,714
	International	232			197			172
	Total	5,285			5,025			4,565

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Weyerhaeuser Company		Wood Products Segment
Q1.2013 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q4.2012			Q1.2013			Q1.2012
Sales to unaffiliated customers		$	832		$	988		$	634
Intersegment sales		16			18			20
Total net sales		848			1,006			654
Cost of products sold		748			770			611
Gross margin		100			236			43
Selling expenses		24			26			21
General and administrative expenses		34			36			29
Research and development expenses		1			1			1
Charges for restructuring, closures and impairments		1			—			1
Other operating costs (income), net		2			(5		)	5
Operating income (loss)		38			178			(14		)
Interest income and other		—			—			1
Net contribution to earnings (see note 1 on page 9)		$	38		$	178		$	(13	)
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q4.2012			Q1.2013			Q1.2012
Operating income (loss)		$	38		$	178		$	(14	)
Depreciation, depletion and amortization		33			31			34
Adjusted EBITDA, excluding special items*		$	71		$	209		$	20
* Non-GAAP measure - see page 9 for definition.
Selected Segment Items
		Q4.2012			Q1.2013			Q1.2012
Total decrease (increase) in working capital(1)		$	9		$	(194	)	$	(112	)
Cash spent for capital expenditures		$	(19	)	$	(10	)	$	(6	)
(1) Working capital does not include cash balances.
Segment Statistics
in millions, except for third-party sales realizations		Q4.2012			Q1.2013			Q1.2012
Structural Lumber (board feet)	Third Party Net Sales	$	376		$	451		$	291
	Third Party Sales Realizations	$	366		$	440		$	311
	Third Party Sales Volumes(1)	1,025			1,025			937
	Production Volumes	939			1,021			958
	Outside Purchase Volumes	77			102			32
Engineered Solid Section (cubic feet)	Third Party Net Sales	$	68		$	82		$	65
	Third Party Sales Realizations	$	1,817		$	1,850		$	1,830
	Third Party Sales Volumes(1)	3.7			4.4			3.6
	Production Volumes	3.6			4.6			3.7
	Outside Purchase Volumes	1.6			0.9			1.0
Engineered I-joists (lineal feet)	Third Party Net Sales	$	47		$	56		$	41
	Third Party Sales Realizations	$	1,265		$	1,300		$	1,285
	Third Party Sales Volumes(1)	37			43			32
	Production Volumes	37			44			34
	Outside Purchase Volumes	2			3			2
Oriented Strand Board (square feet 3/8')	Third Party Net Sales	$	194		$	236		$	111
	Third Party Sales Realizations	$	290		$	359		$	197
	Third Party Sales Volumes(1)	670			657			565
	Production Volumes	642			662			601
	Outside Purchase Volumes	60			68			32
Softwood Plywood (square feet 3/8')	Third Party Net Sales	$	32		$	36		$	23
	Third Party Sales Realizations	$	347		$	370		$	309
	Third Party Sales Volumes(1)	91			99			73
	Production Volumes	59			61			51
	Outside Purchase Volumes	34			42			25
(1) Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

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Weyerhaeuser Company		Cellulose Fibers Segment
Q1.2013 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q4.2012			Q1.2013			Q1.2012
Total net sales		$	463		$	474		$	473
Cost of products sold		385			424			407
Gross margin		78			50			66
Selling expenses		5			4			4
General and administrative expenses		18			20			20
Research and development expenses		2			2			2
Other operating income, net		(6		)	(7		)	(9		)
Operating income		59			31			49
Interest income and other		2			—			(1		)
Net contribution to earnings (see note 1 on page 9)		$	61		$	31		$	48
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q4.2012			Q1.2013			Q1.2012
Operating income		$	59		$	31		$	49
Depreciation, depletion and amortization		40			39			37
Adjusted EBITDA, excluding special items*		$	99		$	70		$	86
* Non-GAAP measure - see page 9 for definition.
Selected Segment Items
		Q4.2012			Q1.2013			Q1.2012
Total decrease (increase) in working capital(1)		$	(30	)	$	(7	)	$	45
Cash spent for capital expenditures		$	(26	)	$	(17	)	$	(45	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q4.2012			Q1.2013			Q1.2012
Pulp (air-dry metric tons)	Third Party Net Sales (millions)	$	364		$	371		$	367
	Third Party Sales Realizations	$	799		$	796		$	818
	Third Party Sales Volumes (thousands)	456			467			449
	Production Volumes (thousands)	465			445			438
Liquid Packaging Board (tons)	Third Party Net Sales (millions)	$	75		$	85		$	83
	Third Party Sales Realizations	$	1,085		$	1,079		$	1,181
	Third Party Sales Volumes (thousands)	69			78			70
	Production Volumes (thousands)	72			78			65

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Weyerhaeuser Company	Real Estate Segment
Q1.2013 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions	Q4.2012			Q1.2013			Q1.2012
Total net sales	$	407		$	196		$	137
Cost of products sold	276			160			113
Gross margin	131			36			24
Selling expenses	25			18			15
General and administrative expenses	27			18			17
Charges for restructuring, closures and impairments	1			1			1
Other operating income, net	(1		)	—			—
Operating income (loss)	79			(1		)	(9		)
Interest income and other	2			1			1
Net contribution to earnings	$	81		$	—		$	(8	)
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions	Q4.2012			Q1.2013			Q1.2012
Operating income (loss)	$	79		$	(1	)	$	(9	)
Depreciation, depletion and amortization	4			3			2
Capitalized interest included in cost of products sold	8			7			3
Adjusted EBITDA, excluding special items*	$	91		$	9		$	(4	)
* Non-GAAP measure - see page 9 for definition.
Selected Segment Items
	Q4.2012			Q1.2013			Q1.2012
Cash from operations	$	77		$	(71	)	$	(32	)
Cash spent for capital expenditures	$	(2	)	$	(2	)	$	(1	)
Segment Statistics
	Q4.2012			Q1.2013			Q1.2012
Net sales:
Single-family housing	$	320		$	183		$	131
Land	84			11			3
Other	3			2			3
Total net sales	$	407		$	196		$	137
Single-family homes sold	561			820			697
Single-family homes closed	842			463			349
Single-family homes sold but not closed (backlog)	774			1,131			777
Single-family cancellation rate	15.9		%	12.2		%	10.1		%
Single-family buyer traffic	14,567			17,764			14,272
Single-family average price of homes closed (in thousands)	$	381		$	394		$	376
Single-family gross margin(1)	20.0		%	19.5		%	17.2		%
(1) Single-family gross margin equals revenue less cost of sales and period costs.

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Weyerhaeuser Company	Unallocated Items
Q1.2013 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	Q4.2012			Q1.2013			Q1.2012
Unallocated corporate function expenses	$	(8	)	$	(3	)	$	(6	)
Unallocated share-based compensation	(3		)	(7		)	(5		)
Unallocated pension & postretirement costs	(8		)	(10		)	(7		)
Foreign exchange gains (losses)	(2		)	(4		)	6
Elimination of intersegment profit in inventory and LIFO(1)	8			(24		)	(12		)
Other	—			(7		)	30
Operating income (loss)	(13		)	(55		)	6
Interest income and other	9			9			10
Net contribution to earnings	$	(4	)	$	(46	)	$	16
(1) We began reporting the elimination of intersegment profit on inventory and the LIFO reserve in Unallocated Items in second quarter 2012. 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	Q4.2012			Q1.2013			Q1.2012
Operating income (loss)	$	(13	)	$	(55	)	$	6
Depreciation, depletion and amortization	3			3			5
Non-operating pension and postretirement costs	8			10			7
Special items	—			—			(38		)
Capitalized interest included in cost of products sold	1			2			—
Adjusted EBITDA, excluding special items*	$	(1	)	$	(40	)	$	(20	)
* Non-GAAP measure - see below for definition.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
	Q4.2012			Q1.2013			Q1.2012
Gain on postretirement plan amendment	$	—		$	—		$	52
Restructuring, impairments and other charges	—			—			(14		)
Total	$	—		$	—		$	38
Unallocated Selected Items
	Q4.2012			Q1.2013			Q1.2012
Total increase in working capital(1)	$	(27	)	$	(123	)	$	(72	)
Cash spent for capital expenditures	$	(3	)	$	(1	)	$	—
(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 excluding special items, as we define it, is operating income adjusted for depreciation, depletion, amortization, special items and interest included in cost of products sold. Adjusted EBITDA excluding special items should not be considered in isolation from and is not intended to represent an alternative to our results computed under GAAP.

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