22 October 2004 – Federal Way (WA): Weyerhaeuser has posted an impressive Q3, with net income increasing seven-fold on the back of sustained wood prices and timberland sales.
Net income for the quarter soared to $549 million, or EPS of $2.45, up from $82 million, or EPS of $0.37, in the same period in 2003.
About $195 million of the increase came from the sale of timberlands in Georgia and a woodland re-allocation agreement with the government of British Columbia, Canada.
Sales went up to $5.85 billion, from $5.18 billion for last year’s Q3.
But the company warned that wood and paper prices were currently going down, which would lower profits in the months ahead.
Steve Rogel chairman and CEO said: "While we expect to see normal seasonal downturns in the fourth quarter, we are well positioned in our markets."