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SEATTLE - Weyerhaeuser Company (NYSE:WY) reported third quarter earnings that exceeded analyst expectations, but shares fell 2% as investors appeared to look past the better-than-expected results.
The timber and wood products company posted adjusted earnings per share of $0.06 for the third quarter, significantly better than the analyst consensus estimate of -$0.05. Revenue came in at $1.72 billion, surpassing the $1.69 billion analysts had expected.
Despite the positive results, Weyerhaeuser ’s stock declined following the announcement.
Weyerhaeuser, one of the world’s largest private owners of timberlands with approximately 10.4 million acres in the U.S., has been operating since 1900. The company also manages additional public timberlands under long-term licenses in Canada and is a major manufacturer of wood products in North America.
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