Weyerhaeuser broke even in the third quarter, as it continued to suffer from the US housing downturn.
The result compares to a US$280m net profit a year ago, while sales reached US$1.4bn, down from US$2.1bn.
The Wood Products division recorded a US$97m loss, a US$65m improvement from the second quarter, due to higher lumber and OSB sale prices, continued cost control measures and lower log costs. Volumes were down in all product lines except engineered wood products.
“With three of our four business segments linked closely to US housing starts, this recession continues to affect our financial performance,” said Dan Fulton, president and CEO.
“Although we saw signs of improvement in the housing sector early in the third quarter, the market remains fragile. In response, we continue cutting costs and improving operations to weather the prolonged downturn and emerge a stronger company when the housing market eventually recovers.”
