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Weyerhaeuser logs YOY decline in Q3 net earnings

Weyerhaeuser Co.'s third-quarter net earnings stood at $99 million, or 13 cents per share, on net sales of $1.67 billion, representing a decline from $255 million, or 34 cents per share, on net sales of $1.91 billion in the same quarter in 2018.

The S&P Global Market Intelligence consensus EPS estimate for the third quarter was 10 cents.

Adjusted EBITDA for the quarter declined in the aggregate from the year-ago period to $308 million from $505 million.

Excluding a net after-tax benefit of $40 million, the timber real estate investment trust booked net earnings worth $59 million, or 8 cents per share for the three months ended Sept. 30. Net earnings before special items in the third quarter of 2018 was $214 million.

For the fourth quarter, Weyerhaeuser said it expects earnings and adjusted EBITDA to be "comparable" and "slightly lower," respectively, than the third quarter for the timberlands segment. Meanwhile, the company expects fourth-quarter earnings before special items and adjusted EBITDA to be lower than the previous quarter for the wood products segment. The company expects its fourth-quarter earnings and adjusted EBITDA from its real estate, energy and natural resources segment to be lower than the third quarter.