Weyerhaeuser, Federal Way, WA, reported a net loss of $96 million for the second quarter of 2008 on net sales of $3.6 billion. This compares with net earnings of $32 million on net sales of $4.3 billion for the same period last year.
"We continue to position our company for future growth," said Daniel Fulton, president and CEO. "This week we took a significant step to focus our portfolio by completing the transaction with International Paper, a value-creating move for shareholders.
"Unprecedented conditions in the housing market are reflected in the second quarter results of our Real Estate, Wood Products and Timberlands businesses. In addition, high oil and energy prices have adversely affected all of our businesses. We're not satisfied with the results and are continuing to take restructuring action consistent with our more focused portfolio."
Weyerhaeuser has reclassified the Containerboard, Packaging and Recycling operations as discontinued due to the sale of the segment's assets to International Paper earlier this month. Weyerhaeuser's Australia operations have also been reclassified as discontinued operations due to the sale of these assets that occurred in July.