SEATTLE - Weyerhaeuser Company (NYSE:WY) reported third quarter 2024 financial results that exceeded earnings expectations but fell short on revenue. The timber and wood products company's stock edged up 1% following the announcement.
Weyerhaeuser posted adjusted earnings per share of $0.05 for the quarter, surpassing the analyst consensus estimate of -$0.01. This represents a significant earnings beat, with the company returning to profitability after analysts had projected a small loss.
Revenue for the quarter came in at $1.68 billion, slightly below the consensus estimate of $1.72 billion. This figure represents a decline from the same quarter last year, reflecting ongoing challenges in the housing and construction markets.
The company's CEO commented on the results, stating, "Despite a challenging market environment, our team's focus on operational excellence and cost discipline enabled us to deliver solid third quarter performance."
Weyerhaeuser, one of the world's largest private owners of timberlands, manages approximately 10.5 million acres in the U.S. and 14 million acres under long-term licenses in Canada. The company's performance is often seen as an indicator of broader trends in the housing and construction industries.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.