Weyerhaeuser Swings To A Profit, Helped By Refund Of Duties

Weyerhaeuser swung to a fourth-quarter profit, helped by a refund of $227 million in countervailing and anti-dumping duties on Canadian softwood lumber sold in the U.S.

The Federal Way, Wash., forest products company said earnings for the quarter ended Dec. 31 were $450 million, or $1.88 a share, compared with a loss of $211 million, or 86 cents a share, a year earlier.

The company said its earnings from continuing operations of $1.67 a share, excluding one-time items, Weyerhaeuser earned 74 cents a share -- a penny below Thomson Finanical's consensus of analysts' estimates. In the year-ago period, the company lost 98 cents a share. Excluding one-time items, Weyerhaeuser posted a profit of 94 cents a share.

Revenue fell 1.1% to $5.66 billion from $5.72 billion a year ago, but came in above analysts' expectations of $5.36 billion.

In addition, the company said it expects first-quarter earnings for its timberlands unit will be slightly lower than in the fourth quarter. Significant losses also are expected in its wood products unit in the first quarter.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video