FEDERAL WAY, WA — Housing and lumber products firm Weyerhaeuser (NYSE: WY) saw net earnings of $157 million for the third quarter, on net sales from continuing operations of $1.6 billion. Weyerhaueser said China's appetite for wood had fallen.
A year ago during the 2010 third quarter, Weyerhaeuser converted to a REIT or real estate investment trust, resulting in special earnings o $1.035 billion, primarily from income tax adjustments. Net sales from continuing operations of $1.5 billion for the same period last year.
“All of our businesses faced challenging markets in the third quarter, as the U.S. housing market languished and we experienced a slowdown in demand from China,” said Dan Fulton, president and CEO. "We remain focused on improving performance with today's level of demand, while being prepared to flex all of our operations as markets improve.”
Earnings for Weyerhaeuser's third quarter of 2011 include after-tax gains of $91 million from special items, including an $83 million benefit related to foreign tax credits.
Have something to say? Share your thoughts with us in the comments below.