WEYERHAEUSER CO. $39 (New York symbol WY; Conservative Growth Portfolio, Resources sector; Shares outstanding: 211.4 million; Market cap: $8.2 billion; Price-to-sales ratio: 1.4; WSSF Rating: Extra Risk) is a major North American lumber and paper producer. It owns or leases over 37 million acres of timberland in the U.S. and Canada.
Slow housing markets continue to weigh on lumber demand. In the three months ended September 30, 2009, Weyerhaeuser’s revenue fell 33.2%, to $1.4 billion from $2.1 billion a year earlier. Its losses ballooned to $56 million, or $0.26 a share, from $3 million, or $0.01 a share. These figures exclude several non-recurring items, including gains on sales of excess land and operations, writedowns and costs to close sawmills and other facilities. So far, these moves have helped cut the company’s annual expenses by $450 million.
Weyerhaeuser is still looking at converting to a real estate investment trust (REIT), which would lower its income taxes. Many of its rivals operate as REITs, and enjoy a tax advantage over the company.
If Weyerhaeuser does convert, it will have to distribute its retained earnings to its shareholders, and the IRS requires it to make at least 20% of this payout in cash. That means the company will probably wait until next year before converting, so it has time to build up its cash reserves.
Weyerhaeuser will likely lose $1.96 a share this year. But its losses should shrink to $0.69 a share in 2010. The $1.00 dividend still seems safe, and yields 2.6%.
Weyerhaeuser is a hold.
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