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Weyco Report

Posted on 30th July 2010 at 08:18

After a number of quarterly reports written in red ink, Weyerhaeuser reported a profit in the second quarter of 2010, reporting that sales were up in all segments of the company. Second-quarter net income is reported at $14 million, compared to a loss of $106 million in the same period last year. Excluding debt repayment charges, a gain from a unit sale and several other one-time items, Weyco posted a profit of 20 cents per share. Analysts had predicted 14 cents a share. Revenue was up by 30 percent, to $1.81 billion. The street had been predicting $1.68 billion. CEO Dan Fulton says that the company has returned to profitability, and all businesses were “cash-positive” from operations. He says that the conversion to a Real Estate Investment Trust will help to benefit the bottom line, and they also expect break-even results in the home-building segment in the third quarter.