S&P 500 (NYSE:SPY) component Weyerhaeuser Co. (NYSE:WY) reported its results for the second quarter. Weyerhaeuser Company is a forest products company which mainly grows and harvests trees, builds homes and makes a range of forest products.
Weyerhaeuser Earnings Cheat Sheet for the Second Quarter
Results: Net income for the forest products company fell to $10 million (2 cents per share) vs. $14 million (7 cents per share) a year earlier. This is a decline of 29% from the year earlier quarter.
Revenue: Fell 2% to $1.61 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: WY reported adjusted net income of 6 cents per share. By that measure, the company fell short of the mean estimate of 9 cents.
Quoting Management: “We are confident that our ongoing efforts to sharpen our focus and reduce costs are positioning us to achieve our goal of generating superior sustainable returns for our shareholders,” said Dan Fulton, president and chief executive officer. “The recently announced agreements to sell our hardwoods and Westwood Shipping Lines operations demonstrate the focus we are placing on our strategic direction.”
(Source: Xignite Financials)