Business Services Industry
Timberland Sales Boost Profit at Weyerhaeuser.
Knight Ridder/Tribune Business News, December, 2002
By Bradley Meacham, The Seattle Times Knight Ridder/Tribune Business News
Dec. 12--Weyerhaeuser said it plans to report higher-than-expected profit this quarter as proceeds from sales of timberlands compensate for losses in its wood business.
In a statement, the Federal Way company said profit for the three months through Dec. 31 would be about 50 cents a share, including $97 million from the sale of timberlands in Washington and profit from higher harvest volumes.
Without one-time gains, profit would be about 25 cents a share, in line with analyst estimates, said spokesman Bruce Amundson. Weyerhaeuser shares rose 67 cents to $48.25 in trading after the announcement.
Weyerhaeuser lost $15 million, or seven cents a share, in...
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