Seattle-based Weyerhaeuser reported Friday its second-quarter revenue was $1.6 billion, down only slightly from the year-ago $1.7 billion despite the period’s widespread economic havoc. Net profit fell to $72 million from $128 million.
The forest products company said demand for wood products “declined sharply in April due to the economic impact of COVID-19 but rebounded later in the quarter,” and it brought back some curtailed manufacturing capacity “in response to improving market conditions.”
Average prices increased 5% compared to the first quarter, the company said, though sales volumes were lower across most product lines.
Weyerhaeuser shares were down about 3.2% at midday to $27.49 following the premarket earnings announcement. A year ago the stock was trading just above $25.