Weyerhaeuser Breaks Even Despite Housing Business

Federal Way, WA, Oct. 30, 2009--Weyerhaeuser Co. said Friday it broke even in the third quarter after a tough string of losses.

"With three of our four business segments linked closely to U.S. housing starts, this recession continues to affect our financial performance," said CEO Dan Fulton. "Although we saw signs of improvement in the housing sector early in the third quarter, the market remains fragile."

Weyerhaeuser gained $98 million from the sale of 140,000 acres of forestland and $74 million from a federal tax credit.

Excluding special items, Weyerhaeuser lost 26 cents per share, easily beating Wall Street expectations of 45 cents.

Sales from continuing operations fell to $1.4 billion from $2.1 billion as lumber demand from home building remained weak.