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Weyco Earnings

Posted on 29th October 2010 at 08:07

Weyerhaeuser is out with its third-quarter earnings report today, announcing a net profit of $81 million for the quarter, compared to a break-even report in the same quarter last year. The Federal Way-based timber company had a one-time gain of $1 billion on income tax adjustments, reporting net earnings in the quarter of $1.1 billion, along with sales of $1.7 billion. Even with this outstanding report, company officials remain cautious; President and CEO Dan Fulton says that the overall housing market remains uncertain, as the expiration of the housing tax credit led to a “precipitous” drop in prices and volumes for wood products.