Federal Way, WA, July 21--Weyerhaeuser reported second-quarter profit rose 14 percent, helped by a gain on the sale of its British Columbia operations, but forecast lower third-quarter earnings due to seasonal shutdowns.
The company reported earnings of $420 million, or $1.71 per share, compared with $369 million, or $1.57 per share, in the prior-year period. Sales edged up 2 percent to $5.84 billion from $5.73 billion last year.
Excluding a gain of $110 million, or 45 cents per share, related to the sale of the company's operations in coastal British Columbia, a charge of $44 million related to a planned repatriation of $1.1 billion of eligible Canadian earnings, as well as other items, Weyerhaeuser would have reported profit of $1.34 per share in the latest period.
Analysts has forecast earnings of $1.19 per share on sales of $5.8 billion.
The company said third-quarter earnings will fall slightly below second-quarter results, due to lower harvest and sales from normal seasonal shutdowns. Export prices are expected to be modestly higher, but not enough to offset anticipated declines in domestic log prices.
Analysts are currently forecasting third-quarter earnings of $1.10 per share, on average.
