FEDERAL WAY, Wash. — Weyerhaeuser Co., one of the world's largest lumber companies, said Friday that its second-quarter net income fell 29 percent, mostly because of a continued slide in its core wood products business.
The company earned $10 million, or 2 cents per share, compared with $14 million, or 7 cents per share, a year earlier. Excluding one-time charges in the most recent quarter, earnings were $32 million, or 6 cents per share. This compares with earnings excluding charges of $42 million, or 20 cents per share, in the second quarter of 2010.
Revenue fell 2 percent to $1.61 billion from $1.64 billion.
Analysts, who typically exclude one-time items from their estimates, were expecting a profit of 19 cents per share on revenue of $1.76 billion, according to FactSet.
Revenue in Weyerhaeuser's core wood products segment dropped to $726 million from $809 million the year before. Revenue in the next-largest segment, cellulose fibers, rose to $526 million from $468 million.
Excluding a deal to sell its hardwoods business, Weyerhauser expects to post a loss in its wood products unit in the third quarter. It sees continued strength in cellulose fibers.