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Weyerhaeuser Company (NYSE: WY), Federal Way, WA, reported profit of $1.12 billion for the third quarter on net sales of $1.7 billion. This compares with essentially break-even results on net sales of $1.4 billion for the same period last year.
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"Cellulose Fibers reported a record performance, as it benefited from stronger production levels, lower costs and higher prices," said Dan Fulton, president and CEO. "Meanwhile, the work done by our real estate business to restructure its operations and product offerings resulted in an operating profit despite challenging market conditions.
"It's obvious, however, that the overall housing market remains in an uncertain state as the expiration of the housing tax credit led to a precipitous drop in prices and volume for our Wood Products business. The housing market also affects our Timberlands business, where we continue to defer harvest due to lower log demand," Fulton said.
Year-to-date, sales were $4.89 billion, up 19.5 percent over the same period a year ago. Profit was $1.11 billion, compared to a net loss of $370 million last year.