Weyerhaeuser Posts Lower 3Q Revenue, Profit

SEATTLE (Scrap Monster): Weyerhaeuser said revenue and profit fell in the third quarter.

The Seattle-based lumber company on Thursday reported a profit of $28 million, or 4 cents a share, compared with $239 million, or 33 cents a share, in last year's quarter.

Adjusted per-share earnings were 5 cents.

Revenue fell 17% to $1.68 billion, in line with analyst expectations, according to FactSet.

Sales of wood products decreased 13% to $1.24 billion compared with the second quarter, as sales fell and manufacturing costs rose. Timberland sales fell 11% sequentially, to $493 million, and were hurt by weather, with wildfire risk restricting harvest in the West and wet weather hurting volumes in the South.

Chief Executive Devin Stockfish said the company operated against a challenging market backdrop during the quarter. "Looking forward, we maintain a constructive outlook for the demand fundamentals that support growth for our businesses," he said.
Courtesy: www.marketwatch.com