Weyerhaeuser misses expectations

22 April 2005 – Federal Way (WA): Weyerhaeuser missed Q1 expectations despite posting a sharp rise in its Q1 earnings.

The forest products company reported net income of $239 million, or EPS of $0.98, compared to $121 million or EPS of $0.54 a year earlier. Sales rose 10 per cent to $5.55 billion.

Excluding charges, Weyerhaeuser would have earned $1.03 per share, but still well short of analysts’ estimates of $1.13. Its results were hit by the disappointing performance of its wood products sector, which suffered as torrential rain slowed home building in the important Californian market.