PCL

   By WSJ Staff 
 

Weyerhaeuser Co. (WY) reported a 64% decline in fourth-quarter profit, hurt by one-time charges and lower sales volumes at its wood-products segment.

The company's fourth-quarter net income fell to $59 million, or 11 cents a share, from $166 million, or 31 a share, a year earlier. Excluding charges, including an asset impairment by an equity affiliate and Plum Creek merger-related costs, the company earned 24 cents a share, compared with 27 cents a year earlier.

In November, Weyerhaeuser said it would buy Plum Creek Timber Co. (PCL), creating a company that would hold the largest private ownership of timberland in the U.S.

In the latest quarter, Weyerhaeuser's net sales slipped 3% to $1.73 billion. The company said net sales at its wood-products segment fell sequentially to $922 million in the fourth quarter, but it expects higher earnings from the segment in the first quarter.

Federal Way, Wash.-based Weyerhaeuser also forecast significantly lower earnings from its cellulose fibers segment and comparable earnings for the Timberlands segment for the first quarter.

(END) Dow Jones Newswires

February 05, 2016 03:55 ET (08:55 GMT)

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