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Weyco 3Q

Posted on 28th October 2011 at 08:16

Weyerhaeuser is out with its third-quarter results this morning, stating that they realized net earnings of $157 million in the most recent three-month period. Weyco reports net sales from continuing operations of $1.6 billion. In the same period last year, the company had net earnings of $1.116 billion on net sales of $1.5 billion. This year’s third-quarter report includes after-tax gains of $91 million from special items, which also includes $83 million from foreign tax credits. Excluding those items, the company had net income of $66 million. Last year, the third-quarter report was inflated by more than a billion dollars in tax income related to the conversion to a Real Estate Investment Trust. CEO Dan Fulton says that all segments of the business faced “challenging markets” in the third quarter, including a drop in demand from China. He says that they remain focused on improving performance, while being prepared to “flex” operations as markets improve.