WILLAMETTE INDUSTRIES ANNOUNCES 1991 EARNINGS
WILLAMETTE INDUSTRIES ANNOUNCES 1991 EARNINGS PORTLAND, Ore., Jan. 21 /PRNewswire/ -- Willamette Industries'
(NASDAQ: WMTT) unaudited results show 1991 earnings of $45,809,000 or $1.80 per share, down from the $5.10 per share reported in 1990.
Fourth quarter earnings were $15,215,000 or 60 cents per share, up 25 percent from the same quarter last year and up 13 percent from third quarter 1991. Sales for the year were $2,005,000,000, topping the two billion mark for the first time. The improvement in fourth quarter earnings reflected the continuing, if gradual, improvement in corrugated container and fine paper markets, according to William Swindells, Willamette's chief executive officer. Building materials markets ended the year on a much stronger note than the previous year, with plywood showing excellent price increases. "As the new year starts we are seeing gradual strengthening in markets for virtually all of Willamette's products," Swindells said. "This, coupled with improved operating rates as we put two major start-ups behind us, bode well for improved financial results in 1992." Willamette Industries Inc. is a vertically integrated forest products company with 81 manufacturing facilities and over 1.1 million acres of timberland. WILLAMETTE INDUSTRIES INC. FINANCIAL HIGHLIGHTS Quarter ended Dec. 31: 1991 1990 Share earns $ 0.60 $ 0.48 Sales 543,485,000 459,696,000 Earnings before taxes 24,264,000 19,439,000 Net earnings 15,215,000 12,247,000 Twelve Months Ended Dec. 31: 1991 1990 Share earns $ 1.80 $ 5.10 Sales 2,004,501,000 1,904,853,000 Earnings before taxes 73,609,000 208,671,000 Net earnings 45,809,000 129,571,000 -0- 1/21/92 /CONTACT: J. A. Parsons of Willamette Industries Inc., 503-227-5581/ (WMTT) CO: Willamette Industries Inc. ST: Oregon IN: PAP SU: ERN
JH-SC -- SE006 -- 1859 01/21/92 12:46 EST
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|Date:||Jan 21, 1992|
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