logo
  

Stock Alert: Weyerhaeuser Loses 14%

Shares of Weyerhaeuser Company (WY), one of the world's largest private owners of timberlands, are down more than 14% Friday morning.

Today, The company said in its quarterly results that it is taking measures to enhance financial flexibility due to the COVID-19 pandemic, including reducing Capex, lowering non-essential expenses, refinancing 2021 maturities and suspending quarterly dividend.

Looking forward, Weyerhaeuser expects second-quarter earnings to be significantly lower than first quarter. In late March, market demand for Southern sawlogs began to decrease sharply due to the severe economic impact of COVID-19. The company is planning to reduce production of its wood products.

However, first-quarter results were better-than-expected.

Net earnings in the first quarter were $150 million, or $0.20 per share compared with net loss of $289 million, or $0.39 per share in the same quarter a year ago.

Excluding items, earnings of $0.18 per share beat the consensus estimate of analysts polled by Thomson Reuters at $0.13.

Net sales for the quarter were $1.7 billion, up from $1.6 billion in the same period last year. The consensus estimate was at $1.65 billion.

WY is currently trading at $18.68. It has traded in the range of $13.10- $31.58 in the last 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Invest in the Best Pharma Stocks by Subscribing to RTT Biotech Investor.
Editors Pick
The U.S. Food and Drug Administration (FDA) approved Boehringer Ingelheim's Cyltezo as the first interchangeable biosimilar to AbbVie's top-selling drug Humira or adalimumab. Cyltezo, originally approved in August 2017, is both biosimilar to, and interchangeable with Humira for Cyltezo's approved uses. The Food and Drug Administration may be planning to allow people to receive Covid-19 vaccine booster shot that is different from the initial dose, reports indicate. The agency is likely to make the announcement on mix and match approach on coronavirus booster vaccines on Wednesday. The move will be part of FDA's expected authorization of boosters for the Moderna and Johnson & Johnson vaccines. Drug major Johnson & Johnson on Tuesday raised again its forecast for fiscal 2021 earnings and sales, which are above market view, after reporting higher results in the third quarter. The company's quarterly adjusted earnings also beat market estimates. In pre-market activity on the NYSE, JNJ shares were gaining around 1.24 percent to trade at $162.10.
Follow RTT