Weyerhaeuser Reports Break-Even Results for Third Quarter
"With three of our four business segments linked closely to U.S. housing starts, this recession continues to affect our financial performance," said Dan Fulton, president and CEO. "Although we saw signs of improvement in the housing sector early in the third quarter, the market remains fragile. In response, we continue cutting costs and improving operations to weather the prolonged downturn and emerge a stronger company when the housing market eventually recovers."
For the first nine months, sales were $6.3 billion, down 35.6% from the prior year. The company recorded a year-to-date loss of $370 million, compared to profit of $36 million for the first nine months of 2008.
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