Weyerhaeuser Easily Beats Estimates (WY)

Weyerhaeuser Company WY released financial results on Monday morning that easily beat Wall Street estimates. Weyerhaeuser Company (WY) announced that it swung to a 2nd quarter profit, reporting earnings of $14 million, or 7 cents per share, from a net loss of $106 million, or 50 cents per share, a year earlier. Excluding special items, the company reported earnings of 20 cents per share. The company's revenue surged to $1.81 billion, up from $1.39 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 14 cents per share, on revenue of $1.68 billion. “In the second quarter we returned to profitability and all businesses were cash positive from operations,” said president and chief executive officer Dan Fulton. “I’m encouraged by our ability to profitably manage operations in an uncertain climate and with the lack of a sustained housing recovery. On July 11, we announced the final major milestone in our plan to become a REIT by declaring our special dividend. We look forward to the benefits that the REIT structure will bring to our shareholders.” Federal Way, Washington based Weyerhaeuser Company ended the previous trading day at $16.49 per share. The consensus price target of analysts covering the company's stock is $27.33 per share. Weyerhaeuser Company is one of the world’s largest forest products companies. The company grows and harvests trees, builds homes and makes a range of forest products. Read more from Benzinga's Company news.