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WY Weyerhaeuser Company

35.65
-0.28 (-0.78%)
29 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Weyerhaeuser Company NYSE:WY NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -0.28 -0.78% 35.65 36.27 35.83 36.00 3,438,309 00:00:00

Weyerhaeuser Profit Jumps Seven-Fold on Gain From Divestiture

31/10/2014 8:09am

Dow Jones News


Weyerhaeuser (NYSE:WY)
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   By Lauren Pollock 
 

Weyerhaeuser Co. (WY) said its third-quarter earnings surged nearly seven-fold as it recorded a one-time gain from a divestiture and sales grew across its segments.

The forest-products company's increased focus on its core wood-products division has paid off, as an improving housing market has helped the company post strong results. Revenue in the segment rose 2% to $1.05 billion from a year earlier.

Overall, the company posted a profit of $1.16 billion, or $2.17 a share, up from $167 million, or 27 cents a share, a year earlier.

The company recorded a gain of $966 million on the divestiture of Weyerhaeuser Real Estate Co., or Wreco. That move was completed in July through the combination of the real-estate business and TRI Pointe Homes Inc. in a Reverse Morris Trust deal.

Excluding the gain and other special items, per-share earnings rose to 33 cents a share from 23 cents.

Sales rose 3% to $1.92 billion.

Analysts polled by Thomson Reuters had forecast per-share earnings of 30 cents and revenue of $1.97 billion.

The company's timberlands business posted a 3% increase in revenue to $364 million, as log sales volumes increased in the southern part of the U.S.

Sales at the cellulose-fibers division grew 6% to $503 million, due to higher average price realizations for pulp and liquid packaging board and improved sales volumes.

Write to Lauren Pollock at Lauren.Pollock@wsj.com

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