Weyerhaeuser Profit Rises, as Lumber and Western Log Prices Increase

Dow Jones07-31

Weyerhaeuser logged higher profit in its second quarter, helped by a rise in prices for lumber and western logs.

The timberland company reported net income of $162 million, or 23 cents a share, compared with $87 million, or 12 cents a share, a year earlier.

Adjusted earnings per share were 13 cents. Analysts polled by FactSet expected 8 cents.

Adjusted earnings before interest, taxes, depreciation and amortization were $310 million.

Revenue fell to $1.87 billion from $1.88 billion. Analysts polled by FactSet expected $1.85 billion.

Chief Executive Devin Stockfish said despite macroeconomic uncertainty and inflationary pressures, the company was encouraged by the recent increase in pricing for lumber and western logs.

The company said that for lumber, sales volumes were moderately higher and log costs were slightly higher. Unit manufacturing costs were higher, partially driven by operational disruptions in response to transportation constraints.

In its Timberlands unit, the company expects higher sales volume, moderately higher log costs and slightly lower unit manufacturing costs in its third quarter.

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