Weyerhaeuser loses $175M in Q4
Weyerhaeuser Co. reported a net loss of $175 million, or a loss of 83 cents per share, which compares with a net loss of $1.2 billion, or a loss of $5.73 per share a year earlier. The results were worse than what analysts were expecting.
Net sales fell to $1.1 billion from $1.4 billion in 2008.
In the latest quarter, Weyerhaeuser reported several one-time charges. Without those charges, the company would have reported a net loss of $109 million, or a loss of 52 cents per share.
For fiscal 2009, the Federal Way, Wash.-based timber giant (NYSE: WY) reported a net loss of $545 million, or a loss of $2.58 per share, compared with a net loss of $1.2 billion, or a loss of $5.57 per share in fiscal 2008. Net sales fell to $5.5 billion from $8.1 billion in 2008.
Analysts polled by Thomson Reuters First Call expected a fourth-quarter loss of 38 cents per share and sales of $1.37 billion. For fiscal 2009, they expected a loss of $1.92 per share and sales of $5.49 billion.
Company officials called the year "disappointing."
“The weak housing market continues to present challenges and affect our financial performance. 2009 has been another tough year and our financial results are disappointing,” said Dan Fulton, president and CEO, in a statement.
Weyerhaeuser owns and manages more than 1 million acres of forestland in Oregon.
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