Weyerhaeuser net earnings up
Forest products giant Weyerhaeuser reported net earnings of $280 million for the third quarter, up 177 percent from $101 million in the year-ago period.
Net sales were $2.6 billion, down 37 percent from $4.1 billion in the third quarter last year.
Weyerhaeuser sold its Containerboard, Packaging and Recycling operations to International Paper in August, allowing for a pre-tax gain of $1.17 billion in the third quarter.
“We expect housing market conditions will remain difficult, and our businesses will continue to aggressively manage costs and inventory accordingly,” said Dan Fulton, president and chief executive officer. “As a result of actions we’ve already taken, we have a strong balance sheet and good liquidity.”