Timber conglomerate Weyerhaeuser Co reported a better-than-expected quarterly profit as its strategy of focusing on wood products paid off.Higher volumes and lower costs helped the wood products business, which makes products for roofs, walls and flooring, post a 20 percent jump in sales.The business brought in $1.08 billion of Weyerhaeuser's total revenue of $1.96 billion and contributed $102 million to pre-tax profit in the second quarter ended June 30.The company, which divested its homebuilding unit last year to concentrate on its core wood businesses, said it expects "comparable" earnings from the wood products business in the current quarter.
Weyerhaeuser Company, formerly Weyerhaeuser Timber Company, is a forest products company. Shares of WY fell by 1.57% or $-0.5/share to $31.32. In the past year, the shares have traded as low as $26.64 and as high as $33.75. On average, 8381420 shares of WY exchange hands on a given day and today's volume is recorded at 5407874.
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