WILLAMETTE INDUSTRIES' EARNINGS IMPROVE
WILLAMETTE INDUSTRIES' EARNINGS IMPROVE PORTLAND, Ore., July 15 /PRNewswire/ -- Willamette Industries'
(NASDAQ: WMTT) second quarter earnings of $24,533,000 or $.45 per share were more than double its profits of $.22 per share for the same period last year, the company announced today.
Net earnings were up 3.4 percent over first quarter 1992 earnings but, because of an offering of 1.75 million new shares during the quarter, were slightly less on a per share basis. Year-to-date earnings were $48,255,000, or $.91 per share, 176 percent higher than the company's earnings for the first six months of 1991. Sales for the first half were $1,153,154,000, up 21 percent from the same period in 1991. William Swindells, Willamette's chief executive officer, said that earnings reflected continuing strong markets for the company's building materials products. However, the boost in earnings from market demand was partially offset by the increase in raw materials costs resulting from preservationist's efforts to block federal timber sales in Oregon. Major producer's recent price increase announcements for both containerboard and fine paper coupled with improved bleached pulp prices should exert upward pressure on pricing for those paper products as the year progresses, Swindells said. In the meantime, "management is continuing to emphasize improved operating efficiencies at all facilities." WILLAMETTE INDUSTRIES, INC. Financial Highlights Quarter ended June 30: 1992 1991 Share earns $ .45 $ .22 Sales 592,129,000 494,853,000 Earnings before taxes 39,569,000 18,651,000 Net earnings 24,533,000 11,564,000 Average shares outstanding 54,536,000 50,954,000 Six months ended June 30 1992 1991 Share earns $ .91 $ .33 Sales 1,153,154,000 956,037,000 Earnings before taxes 77,831,000 27,443,000 Net earnings 48,255,000 17,015,000 Average shares outstanding 52,817,000 50,954,000 -0- 7/15/92 /CONTACT: J. A. Parsons, executive vice president of Willamette Industries, 503-227-5581/ (WMTT) CO: Williamette Industries ST: Oregon IN: PAP SU: ERN
TS -- NY029 -- 9455 07/15/92 10:30 EDT
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|Date:||Jul 15, 1992|
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