Weyerhaeuser 4th-Quarter Profit Plunges 64%
05 Février 2016 - 10:10AM
Dow Jones News
By WSJ Staff
Weyerhaeuser Co. (WY) reported a 64% decline in fourth-quarter
profit, hurt by one-time charges and lower sales volumes at its
wood-products segment.
The company's fourth-quarter net income fell to $59 million, or
11 cents a share, from $166 million, or 31 a share, a year earlier.
Excluding charges, including an asset impairment by an equity
affiliate and Plum Creek merger-related costs, the company earned
24 cents a share, compared with 27 cents a year earlier.
In November, Weyerhaeuser said it would buy Plum Creek Timber
Co. (PCL), creating a company that would hold the largest private
ownership of timberland in the U.S.
In the latest quarter, Weyerhaeuser's net sales slipped 3% to
$1.73 billion. The company said net sales at its wood-products
segment fell sequentially to $922 million in the fourth quarter,
but it expects higher earnings from the segment in the first
quarter.
Federal Way, Wash.-based Weyerhaeuser also forecast
significantly lower earnings from its cellulose fibers segment and
comparable earnings for the Timberlands segment for the first
quarter.
(END) Dow Jones Newswires
February 05, 2016 03:55 ET (08:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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