Weyerhaeuser posts 3Q profit
Weyerhaeuser posted a profit of $1.12 billion, or $3.50 a share, in the third quarter, up from break-even in the year-earlier period. Sales of the Federal...
Weyerhaeuser posted a profit of $1.12 billion, or $3.50 a share, in the third quarter, up from break-even in the year-earlier period.
Sales of the Federal Way wood products company climbed 18.3 percent to $1.66 billion from $1.41 billion a year ago.
The company said its latest quarterly profit included about $1 billion from income-tax adjustments related to its conversion to a real estate investment trust. Without these adjustments, it would have posted a profit of $81 million, or 25 cents a share.
"Cellulose Fibers reported a record performance, as it benefited from stronger production levels, lower costs and higher prices," Dan Fulton, president and chief executive officer, said in a statement. Weyerhaeuser's real estate business was able to post an operating profit as it restructured its operations and product offerings, Fulton said, but the weak housing market led to a sharp decline in prices and volume for its wood products business and a deferral of log harvests by the company's timberlands unit.