NEWS: Weyerhaeuser's third-quarter net income climbed 34 percent, partly due to the acquisition of Longview Timber. Its performance topped analysts' estimates.
DETAILS: The lumber company said Friday that Longview Timber, which it agreed to buy for $2.65 billion in June, contributed a partial quarter of earnings. Weyerhaeuser also reported better earnings from the southern timberlands.
Selling prices for lumber dropped 7 percent and average selling prices for oriented strand board fell 26 percent. This was somewhat offset by better average selling prices for engineered wood products, higher sales volumes across all product lines and lower Western log costs.
NUMBERS: Weyerhaeuser Co. earned $157 million, or 27 cents per share, for the period ended Sept. 30. That compares with $117 million, or 22 cents per share, a year earlier.
Revenue increased 23 percent to $2.18 billion from $1.77 billion.
Analysts surveyed by FactSet expected earnings of 21 cents per share on revenue of $2.09 billion.
STOCK: The shares closed at $30.30 on Thursday. Year to date, the stock is up 9 percent.