By Lauren Pollock
Weyerhaeuser Co. said its second-quarter earnings dropped 51%,
hurt by the delayed arrival of the spring selling season and the
strong U.S. dollar.
Earnings easily beat estimates, but revenue declined slightly
more than expected.
The Washington state-based company is one of the world's largest
private owners of timberlands.
Its earnings slipped to $144 million, or 26 cents a share, from
$291 million, or 48 cents a share, a year earlier. Sales declined
to $1.81 billion from $1.96 billion.
Analysts polled by Thomson Reuters had guided for earnings of 20
cents a share and revenue of $1.82 billion.
In the timberlands segment, sales dropped sequentially, and the
company forecast another decline in the current quarter thanks to
lower fee harvest volumes. The wood products segment, meanwhile,
posted higher sequential sales and is expected to continue growing
in the current quarter.
Write to Lauren Pollock at lauren.pollock@wsj.com
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