Weyerhaeuser‘s net earnings increased by US$337m year-on-year, despite disappointing fourth-quarter results for its wood products and timberland divisions.
Net earnings reached US$790m in 2007 on sales of US$3.9bn, which fell by US$862m year-on-year.
Timberlands recorded pre-tax net earnings of US$152m in the quarter, down by US$13m from the third quarter, while wood products losses increased from US$131m to US$313m.
Weyerhaeuser attributed the poor results in the two divisions to the continued US housing decline, as well as impairment and restructuring costs.
“The continuing erosion of the US housing market created very unfavourable market conditions for our timberlands, wood products and real estate businesses,” said chairman and chief executive officer Steven Rogel.
“Despite difficult market conditions, which we expect to continue through 2008, Weyerhaeuser remains focused on managing through the downturn and positioning the company to take full advantage of stronger markets once conditions improve.”
