Forest products company Weyerhaeuser Co. today said its second-quarter profit rose 14 percent, helped by a gain on the sale of its British Columbia...
FEDERAL WAY — Forest products company Weyerhaeuser
Co. today said its second-quarter profit rose 14 percent,
helped by a gain on the sale of its British Columbia operations,
but forecast lower third-quarter earnings due to seasonal
Weyerhaeuser, which makes products ranging from lumber to office
paper, reported earnings of $420 million, or $1.71 per share,
compared with $369 million, or $1.57 per share, in the prior-year
period. Sales edged up 2 percent to $5.84 billion from $5.73
billion last year.
Excluding a gain of $110 million, or 45 cents per share, related
to the sale of the company’s operations in coastal British
Columbia, a charge of $44 million related to a planned repatriation
of $1.1 billion of eligible Canadian earnings, as well as other
items, Weyerhaeuser would have reported profit of $1.34 per share
in the latest period.
The results topped analysts’ expectations for profit of $1.19
per share on sales of $5.8 billion, according to a Thomson
Weyerhaeuser said third-quarter earnings will fall slightly
below second-quarter results, due to lower harvest and sales from
normal seasonal shutdowns. Export prices are expected to be
modestly higher, but not enough to offset anticipated declines in
domestic log prices.
Analysts are currently forecasting third-quarter earnings of
$1.10 per share, on average.
Weyerhaeuser shares rose 21 cents to $66.72 in early trading on
the New York Stock Exchange today.