Weyerhaeuser Up after Earnings
Shares of forest product company Weyerhaeuser Co. (NYSE: WY) are up over 4% in morning trade after the company reported profits and revenues for its December quarter that exceeded analyst estimates.
The company said Friday it earned $65 million, or 12 cents per share, in the last quarter of 2011. That compares to earnings of $171 million, or 32 cents per share, a year earlier. Earnings excluding special items for restructuring and asset impairments came in at 14 cents per share in the latest quarter. This comfortably beat analyst estimates that called for 6 cents per share in earnings.
Revenue fell 3 percent to $1.62 billion from $1.66 billion in the last three months of 2010. This also beat analyst estimates that were looking for $1.6 billion in revenues. For the full year, Weyerhaeuser earned $331 million, or 61 cents per share, on $6.2 billion in revenue from continuing operations.
The cellulose unit, Weyerhaeuser’s key earnings driver, was affected by lower pulp prices, but the price decline was mostly offset by higher sales volumes.
“In 2011 we took full advantage of opportunities to improve our performance in a weaker than expected US housing market,” said Dan Fulton, president and chief executive officer. “In Timberlands, we used our long term competitive strength in the Asian export markets to capitalize on emerging Chinese demand. Cellulose Fibers leveraged strong customer relationships and excellent operational performance to deliver a second consecutive year of record financial results”.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht. |