Weyerhaeuser Q3 Profit Surges On One-time Gain

(RTTNews) - Weyerhaeuser Company (WY) reported that its third quarter net earnings to common shareholders surged to $1.153 billion or $2.15 per share, from $157 million, or $0.27 per share last year. The latest-quarter earnings included a $966 million from discontinued operations related to the divestiture of Weyerhaeuser Real Estate Company and $9 million from special items.

Excluding these items, Net earnings were $178 million, or $0.33 per share for the third quarter. This compared with net earnings from continuing operations before special items of $136 million for the same period last year.

Quarterly net sales from continuing operations for the quarter were $1.92 billion up from $1.86 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share and revenues of $1.97 biillion. Analysts' estimates typically exclude special items.

Weyerhaeuser anticipates lower earnings from the Timberlands segment in the fourth quarter, primarily due to reduced earnings from disposition of non-strategic timberlands. In the West, the company expects improved log realizations and increased road maintenance costs. In the South, Weyerhaeuser anticipates higher silviculture costs.

Weyerhaeuser expects earnings from the Wood Products segment in the fourth quarter to be significantly lower than the third quarter, and comparable to fourth quarter 2013. The company anticipates weaker realizations in lumber and oriented strand board, and seasonally lower sales volumes across all product line.