Weyerhaeuser Co.'s first-quarter net income dropped 59 percent from year-ago period that included a large gain from the sale of some timberlands, but its adjusted results beat Wall Street's expectations.
Weyerhaeuser Co.’s first-quarter net income dropped 59 percent from year-ago period that included a large gain from the sale of some timberlands, but its adjusted results beat Wall Street’s expectations.
The lumber and real estate company reported on Friday that it earned $41 million, or 8 cents per share, for the period ended March 31. That’s down from $99 million, or 18 cents per share, a year earlier.
The prior-year period included a gain of $96 million related to the sale of timberlands.
Excluding restructuring charges, a $34 million gain on a postretirement plan amendment and other items, earnings for the current quarter were 2 cents per share. The year-ago period’s adjusted results were breakeven.
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Analysts surveyed by Fact Set expected breakeven results.
Revenue rose 5 percent to $1.49 billion from $1.42 billion, but missed Wall Street’s forecast of $1.53 billion.
Looking to the second quarter, the Federal Way, Wash., company anticipates modestly higher earnings from its timberlands unit and slightly higher earnings from its cellulose fibers division, partly because of increased prices.