Weyerhaeuser Earns $450M in 4th Quarter

Federal Way, Washington, February 9, 2007--Forest products maker Weyerhaeuser Co. said Friday it swung to a profit in the fourth quarter from a year-ago loss, although lower domestic log prices still weighed on results.

The company earned $450 million, or $1.88 per share, compared with a loss of $211 million, or 86 cents per share, during the same period in 2005 which included charges to close some of its paper and lumber plants.

The latest quarter included a gain of $227 million, or 95 cents per share, for the refund of anti-dumping duties on Canadian softwood lumber sold in the U.S., and $43 million, or 18 cents per share, on the sale of its composite panels assets in Ireland, as well as charges that totaled 20 cents per share.

Excluding those items, the company earned 95 cents per share in the latest quarter.

Revenue fell 1 percent to $5.66 billion from $5.72 billion.

Analysts polled by Thomson Financial forecast a profit of 75 cents per share on revenue of $5.36 billion. The estimates typically exclude one-time items.

The company said lower domestic log prices, primarily in the West, affected its results in the quarter. Costs also rose due to unfavorable weather and production cuts that sought to balance harvest with demand.