WeyerhaeuserCo. reported first-quarter net earnings attributable to commonshareholders of $70 million, or 11 cents per share, compared to $90 million, or17 cents per share, in the first quarter of 2015.
Net earnings before special items totaled $150 million, or24 cents per share, compared to $99 million, or 19 cents per share, in theyear-ago quarter.
After-tax special charges came from $98 million in mergercosts from the Plum Creek merger, offset by a $22 million after-tax gain on thesale of the company's FederalWay headquarters campus.
The company's consolidated results for the quarter includethe results of Plum Creek for the period from Feb. 19 through March 31.
The S&P Capital IQ consensus EPS estimate for the firstquarter was 20 cents.
The cellulose fibers business recorded net sales of $430million, down from $475 million in the fourth quarter of 2015. The companyexpects higher earnings from the cellulose fibers segment in the secondquarter. Weyerhaeuser recently inked a deal to sell its cellulose fibers pulp mills toInternational Paper for $2.2 billion in cash, which is expected to close in thefourth quarter.
The company's timberlands division recorded $609 million intotal net sales, compared to $517 million in the fourth quarter of 2015. Inearly April, the company divested about 260,000 acres of southern U.S. timberlandsto Twin Creeks Timber LLC in an estimated $560 million deal, as previouslyreported.
President and CEO Doyle Simons said in the news release thatthe company has completed about 35% of its $2.5 billion share repurchaseauthorization.