Wood products producer Weyerhaeuser reported revenues of $1.64 billion for its second fiscal quarter, a 2% drop from $1.61 billion in revenues during the same period last year.
Sales in Weyerhaeuser's wood products segment dropped 10.3% to $726 million from $809 million a year ago.
The Federal Way, Wash.-based company, which also operates divisions in timber sales, cellulose fibers and real estate, registered a profit of $10 million, compared with $14 million in the second quarter of 2011. Excluding one-time charges, earnings in the most recent quarter were $32 million.
Operating losses for the wood products division, which includes dimensional lumber, engineered wood products, oriented strand board (OSB) and plywood, were posted at $61 million in the second quarter of 2011, compared with a loss of $4 million a year earlier ago.
Excluding the sale of its hardwood products division, Weyerhaeuser said it anticipates “a comparable loss from the [wood products] segment in the third quarter." The company also said it "expects lower selling prices for lumber and oriented strand board and lower sales volumes across most product lines, offset by lower log costs and modest cost improvements."