UPDATE: Weyerhaeuser Posts Downbeat Q3 Profit

Weyerhaeuser Co.

reported a 25% drop in its third-quarter profit. Weyerhaeuser's quarterly profit fell to $117 million, or $0.22 per share, from $157 million, or $0.29 per share, in the year-ago period. Excluding other items, Weyerhaeuser earned $0.12 per share. Its revenue surged 13% to $1.77 billion. However, analysts were expecting earnings of $0.18 per share on revenue of $1.79 billion. Weyerhaeuser's gross margin rose to 19.6% from 18.2%. Weyerhaeuser shares closed at $27.30 yesterday.