By Colin Kellaher
Weyerhaeuser Co. /zigman2/quotes/200438029/composite WY -2.01% on Friday reported second-quarter earnings that topped expectations, as low lumber manufacturing costs helped offset market and weather-related challenges.
The Seattle forest-products company posted net income of $128 million, or 17 cents share, for the quarter, down from $317 million, or 42 cents a share, a year earlier.
On an adjusted basis, Weyerhaeuser reported a profit of 16 cents a share for the quarter. Analysts polled by FactSet, on average, were expecting adjusted earnings of 10 cents a share.
Sales fell to 18% to $1.69 billion, shy of the $1.72 billion Wall Street was expecting.
Adjusted earnings before interest, taxes, depreciation and amortization fell to $343 million from $637 million a year earlier but topped the $326.8 million analysts had forecast.
"Looking forward, although record-setting rainfall has held back U.S. housing activity in the first half of 2019, we see solid underlying market conditions and continue to expect the housing market will follow a modest growth trajectory," the company said.
Write to Colin Kellaher at email@example.com