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Tuesday, March 19, 2024
March 19, 2024

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Weyerhaeuser profit drops 30 percent in first quarter

The Columbian
Published:

SEATTLE — Weyerhaeuser’s profit from continuing operations dropped 30 percent in the first quarter compared with a year earlier, the Federal Way-based company reported Friday.

Excluding special items, Weyerhaeuser earned $99 million, or 19 cents a share, in the first quarter, missing analyst predictions of 25 cents a share. This is down from $143 million, or 24 cents a share, in the same quarter last year.

Net sales also missed estimates, dropping almost 1 percent to $1.72 billion. Analysts surveyed by Bloomberg News had predicted $1.76 billion.

All three branches of Weyerhaeuser’s business — timberlands, wood products and cellulose fibers — saw dips in revenue for the quarter.

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