Weyerhaeuser has blamed a slide in quarterly wood products earnings on continued uncertainty in the market.

The company reported total net earnings of US$72m on net sales of US$4.6bn in the second quarter of 2002, compared to US$171m and US$3.8bn for the same period last year. Wood products earnings were US$64m compared with US$110m in 2001.

The results were hit by the costs of closing four facilities and integrating Willamette Industries. But they were boosted by the return of US$29m in provisional countervailing duties.

&#8220The wood product markets continued to be unsettled due to the Canadian softwood lumber issue and excess supply in some product lines”

Steven Rogel, CEO, Weyerhaeuser

Weyerhaeuser chief executive Steven Rogel said: “The wood product markets continued to be unsettled due to the Canadian softwood lumber issue and excess supply in some product lines.”

Despite strong demand, prices were mixed but some modest improvement is expected in the third quarter as inventories decrease.