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Weyco Quarter One

Posted on 26th April 2013 at 16:24

2013 is off to a good start for Weyerhaeuser, as the Federal Way-based timber and paper company reports net earnings of $144 million for the first quarter of the year, compared to $41 million in the same quarter last year. Company officials say that the long-awaited rebound in the housing industry is a major contributor to the bottom line, with new house construction at its highest level since June of 2008. CEO Dan Fulton says that this is the strongest quarter for the wood products segment since 2005. Total revenue was up 35 percent in the quarter, up to $1.95 billion. Weyerhaeuser is also raising its quarterly dividend, going up to 20 cents per share. While this is an upbeat report, the company is predicting slightly lower selling prices in the upcoming quarter, along with higher raw material prices.