Weyerhaeuser Expects to Top Second-Quarter Consensus Forecast
Weyerhaeuser
(WY) - Get Report
expects to easily beat analysts' earnings expectations for the second quarter, but the forest products company said the bottom line will still fall well short of the year-ago period.
The company forecast earnings of 70 cents to 75 cents a share for the second quarter. Ten analysts polled by
Thomson Financial/First Call
are expecting income of 56 cents a share. The company earned $1.25 in the year-earlier period.
Weyerhaeuser, which earlier this year launched a hostile takeover bid for
Willamette Industries
(WLL) - Get Report
, attributed the better-than-expected outlook to strong wood products prices and a one-time adjustment. However, the company said it was still hurt by costs associated with the strike of four West Coast operations by the
Association of Western Pulp and Paper Workers
and other factors.
The company plans to report second-quarter earnings July 24. Shares of Weyerhaeuser recently gained 17 cents, or 0.3%, to $53.30 on the
New York Stock Exchange
.