UPDATE: Weyerhaeuser Posts Downbeat Q3 Profit
Weyerhaeuser Co. (NYSE: WY) 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.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.