(RTTNews) - Lumber and wood producer Weyerhaeuser Co. (WY: News ) Friday reported break-even results for the third quarter, compared with a profit last year. The result represents a fragile housing market as the company tries to weather the extended financial turmoil with cost cutting. On an adjusted basis, the company recorded a narrower than expected loss.

The company reported a break-even for the third quarter, compared with net profit attributable to shareholders of $280 million or $1.33 per share last year.

The current-year quarter results included a gain of $98 million or $0.46 per share on sale of 140,000 acres of non-strategic timberlands, $74 million or $0.35 per share of alternative fuel mixture credits, Corporate and Wood Products asset impairments and restructuring charges of $62 million or $0.29 per share, Real Estate asset impairments and restructuring charges of $33 million or $0.16 per share, and income tax adjustments of $21 million or $0.10 per share.

Included in the company's last year quarter results were a gain of $303 million or $1.44 per share on the sale of Containerboard, Packaging & Recycling operations, a gain of $158 million or $0.75 per share on the sale of Australian operations, real estate-related charges of $144 million or $0.69 per share, Wood Products asset impairments of $24 million or $0.11 per share and Restructuring activities related charges of $10 million or $0.05 per share.

Excluding items, the company reported a net loss of $56 million, or $0.26 per share, wider than $3 million, or $0.01 per share, in the third quarter of 2008. On average, 16 analysts polled by Thomson Reuters expected the company to report a loss of $0.45 per share in the quarter. Analysts' estimates typically exclude special items.

For the second quarter, the company's net loss was $106 million or $0.50 per share.
Weyerhaeuser also said that total net sales and revenues declined to $1.41 billion from $2.11 billion in the prior-year quarter. Analysts estimated revenues of $1.42 billion for the quarter. The company had reported net sales and revenues of $1.39 billion for the second quarter.

Commenting on the results, Dan Fulton, president and chief executive officer of the company, stated, "With three of our four business segments linked closely to U.S. housing starts, this recession continues to affect our financial performance."

"Although we saw signs of improvement in the housing sector early in the third quarter, the market remains fragile. In response, we continue cutting costs and improving operations to weather the prolonged downturn and emerge a stronger company when the housing market eventually recovers," Fulton noted.

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