Weyerhaeuser Third-Quarter Net Profit Up at $227 Million

   By WSJ Staff 
 

Weyerhaeuser Co. (WY) said Friday its third-quarter net profit rose from a year earlier on a gain in net sales.

Net profit rose to $227 million from $180 million a year earlier, the timberlands manager and wood producer said. On a per-share basis, the company said earnings came in at 30 cents in the latest quarter, compared with 35 cents a year ago.

The company said the latest results included net aftertax charges of $10 million from special items.

Weyerhaeuser also said results included aftertax earnings of $65 million from discontinued operations, including a net gain of $41 million on the sale of its liquid-packaging-board business.

Net sales from continuing operations rose to $1.7 billion from $1.4 billion a year earlier.

Excluding discontinued operations and special items, the company said it earned 23 cents a share, unchanged from a year ago.

Revenue in the Seattle company's wood-products unit, its largest business, was $1.2 billion. The company said it expected "seasonally lower" earnings and adjusted earnings before interest, taxes, depreciation and amortization from the segment in the fourth quarter.

Revenue for its timberlands segment was $700 million.

Net sales for discontinued operations, which include its cellulose-fibers segment, came in at $420 million. This segment also includes the liquid-packaging-board business, the sale of which closed on Aug. 31.

The company said it had completed its $2 billion accelerated share repurchase in the latest quarter.

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(END) Dow Jones Newswires

October 28, 2016 03:56 ET (07:56 GMT)

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