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 user 2007-08-03 at 11:51:00 am Views: 82
  • #18569

    Weyerhaeuser 2Q Earnings Decline to $32M
    FEDERAL WAY, Wash. – Weyerhaeuser  Co., one of the world’s largest lumber and paper producers, said Friday its second-quarter profit dropped sharply due hefty charges and weakness in the housing construction markets.But its earnings excluding one-time items beat Wall Street expectations, and its shares rose nearly 3 percent in morning trading.Net income fell to $32 million, or 15 cents per share, in the three months ended June 30 from $298 million, or $1.19 per share, a year ago.Excluding charges and gains, the company earned $104 million, or 48 cents per share, in the latest quarter, compared with $273 million, or $1.09 per share, in the year-earlier period.

    Revenue fell to $4.33 billion from $4.87 billion a year ago.The results still topped consensus estimates of analysts surveyed by Thomson  Financial, who were expecting earnings of 39 cents per share on revenue of $4.24 billion.

    Weyerhaeuser shares rose $2.02, or 2.9 percent, to $70.75 in morning trading.The company said weak demand in housing continued to affect segment results. Average prices realized for lumber, plywood, and oriented strand board increased slightly from the first quarter, partially offset by decreased prices for engineered lumber.Sales volumes for lumber and engineered wood products increased, but plywood and oriented strand board volumes declined. The strengthening Canadian dollar hurt the contributions from products manufactured in Canada.”In the coming quarter, we will look for ways to further reduce costs and improve performance as we face challenges produced by the continuing sluggish housing market,” said Steven R. Rogel, chairman, president and chief executive. “Meeting these challenges will require tough decisions and the focus of every employee.”