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 user 2007-08-03 at 11:51:00 am Views: 64
  • #18570

    Weyerhaeuser 2Q Earnings Decline to $32M
    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.

    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.”