Weyerhaeuser 3Q Net Income Falls

Dow Jones Newswires

Weyerhaeuser said third-quarter net income fell to $180 million, or 35 cents a share, from a year-earlier profit of $1.15 billion, or $2.15 a share. The third quarter of 2014 included post-tax gains of $975 million from discontinued operations and special items, primarily related to the divestiture of Weyerhaeuser Real Estate Co. In the latest quarter, sales fell nearly 5% to $1.8 billion from $1.92 billion a year earlier, the timber company said Friday. Analysts, according to Thomson One Analytics, had expected earnings of 27 cents a share and sales of $1.833 billion. Weyerhaeuser also raised its quarterly dividend by 7% to 31 cents and said it had completed a $700 million share repurchase plan. The company also said it had authorized a new $500 million share repurchase program. Net sales for the company's timberlands segment were $326 million in the latest quarter, down $10 million from the preceding quarter. The company expects comparable earnings in the fourth quarter from the segment. Weyerhaeuser expects lower earnings from its cellulose fibers segment in the fourth quarter. The company also expects lower average pulp sales realizations, increased scheduled maintenance and seasonally higher fiber costs. It expects significantly lower earnings from its wood products segment in the fourth quarter.

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