Weyerhaeuser Says It Will Miss Forecasts
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Forest products company Weyerhaeuser Co. said its fourth-quarter earnings will miss Wall Street’s expectations because of weaker-than-expected wood product prices, penalties on imports from its Canadian timberlands and overall economic weakness.
Weyerhaeuser, embroiled in a prolonged hostile effort to take over rival Willamette Industries Inc., said it expects fourth-quarter earnings near the break-even level.
Wall Street analysts were expecting 15 cents on average, according to Thomson Financial/First Call.
The Federal Way, Wash.-based firm earned 88 cents a share in the year-ago period.
The U.S. last month slapped an 11.9% anti-dumping duty on Weyerhaeuser’s imports of Canadian softwood lumber, which came on top of a 19.3% punitive tariff imposed earlier this year. In response, the company cut production at several of its Canadian mills.
Weyerhaeuser shares rose 8 cents to close at $53.68 on the New York Stock Exchange.
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