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Friday, October 30, 2009
Weyerhaeuser Sees More Land Sales Ahead
By Christopher Hinton
MarketWatch Pulse
NEW YORK -- With the U.S. housing market still in the doldrums, forest-products provider Weyerhaeuser Co. said Friday it expects to sell more of its timberland and real estate assets, though not likely in the fourth quarter. According to company documents, the Federal Way, Wash.-based company said its timberland segment fourth-quarter earnings would come in below third-quarter earnings, primarily because of harvest deferrals and some higher costs. Wood products, which include lumber for homebuilding, will see further curtailments to match falling demand. Weyerhaeuser is also considering a number of potential land sales in its real estate segment in order to monetize tax benefits. Shares of Weyerhaeuser fell about 1% in recent trading to $37.10.
Copyright © 2009 MarketWatch, Inc.
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