Weyerhaeuser Profit Doubles on Land Sale
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Weyerhaeuser Co. said second-quarter earnings more than doubled on gains from the sale of timberland. But it warned that profit in the third quarter would be hurt by lower demand and prices.
Net income last quarter rose to $157 million, or 71 cents a share, from $72 million, or 32 cents, a year earlier. Sales rose less than 1% to $4.93 billion from $4.92 billion, the Federal Way, Wash.-based company said.
Excluding a $95-million gain from a land sale in Washington state and other items, the company had profit of 41 cents a share. It was expected to earn 26 cents, the average estimate of analysts surveyed by Thomson First Call.
Weyerhaeuser shares fell 89 cents to $55.26 on the NYSE.
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