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Friday, October 30, 2009

Weyerhaeuser Performance Beats Views

By Darryl R. Isherwood

FOXBusiness

Weyerhaeuser Co. (WY) beat Wall Street's third-quarter estimates, largely due to cost cutting and despite a sharp drop in sales.

The Federal Way, Washington-based timber company and home builder broke even in the quarter, compared with a profit of $280 million, or $1.33 per share, in the third quarter last year.

Excluding one-time credits, the company posted a loss of $56 million, or 26 cents per share.

Weyerhaeuser said the stressed housing market continues to hurt revenue. The company slashed costs by 48%.

“Although we saw signs of improvement in the housing sector early in the third quarter, the market remains fragile,”Chief Executive Dan Fulton said in a statement.

The company warned that the housing market will continue to pressure its fourth quarter results.

Shares of Weyerhaeuser fell 3%, or $1.18, to $36.34 on Friday.

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