Weyerhaeuser Co., a century-old producer of forest products, reported its highest revenue in more than four years, adding heft to recent government data showing that a recovery in the U.S. housing market has taken hold.
Fourth-quarter revenue rose 25% to $2-billion (U.S.) – best since the third quarter of 2008 – and the company said it expected significantly higher current-quarter earnings in its wood products business, its largest.
The business, which sells lumbers and structural panels to residential and light commercial markets, had net revenue of $832-million in the December quarter. About 21% of the company’s pretax earnings of $182-million came from the business.
Chief Executive Dan Fulton said the recovering housing market helped Weyerhaeuser improve its profit and raise dividend last year, and that the company would look to build on that.
From Forest Industry Network: http://forestindustry.com/industry-news/200/weyerhaeuser-posts-best-sales-4-years-us-housing-recovery