This just in from The Associated Press:
Weyerhaeuser Co., one of the world’s largest lumber and packaging producers, said today its third-quarter profit dropped 55 percent as weakness in the housing construction market hurt its wood products and real estate businesses.
But excluding one-time items, the results beat Wall Street expectations, sending shares higher even as the company said it expects market conditions to remain challenging.
Despite forecasting some difficult quarters ahead, Chief Executive Steven Rogel said the company is well positioned to benefit significantly when the housing market eventually recovers.
"We remain bullish on the housing market," Rogel said in a conference call with analysts and reporters. "As we’ve discussed before, the long-term demographic trends support not only a rebound from today’s levels but a strong housing market for the long term."
Net income fell to $101 million, or 47 cents per share, in the three months ended Sept. 30, compared to $224 million, or 91 cents per share, a year ago.
Excluding one-time items, including write-downs on the value of certain assets, the company earned $118 million, or 55 cents per share, in the latest quarter.
Analysts surveyed by Thomson Financial expected earnings of 49 cents per share. The estimates typically exclude one-time items.
Revenue fell nearly 10 percent to $4.15 billion from $4.55 billion a year ago. Analysts expected revenue of $4.39 billion.
Weyerhaeuser shares rose $1.60, or 2.2 percent, to close at $75.91 today.