Weyerhaeuser stock was on its way down Friday following the release of its earnings report for the third quarter of 2018.
During the third quarter of the year, Weyerhaeuser (NYSE:WY) reported earnings per share of 28 cents. This is a drop from the company’s earnings per share of 34 cents from the same time last year. It was also bad news for Weyerhaeuser stock by coming in well below Wall Street’s earnings per share estimate of 37 cents for the quarter.
Weyerhaeuser’s most recent earnings report also includes net income of $255 million. This is better than the company’s net income of $130 million that was reported in the third quarter of the previous year.
Operating income reported by Weyerhaeuser for the third quarter of 2018 came in at $337 million. This is an increase from the wood manufacturing company’s operating income of $205 million from the same period of the year prior.
Weyerhaeuser also reported revenue of $1.91 billion for the third quarter of the year. This is up from the company’s revenue of $1.87 billion that was reported in the third quarter of 2017. However, it was a blow to Weyerhaeuser stock today by coming in below analysts’ revenue estimate of $1.98 billion for the period.
Weyerhaeuser took time in its most recent earnings report to provide guidance for the fourth quarter of 2018. The company says that it is expecting earnings for the quarter to be lower than the third quarter of the year. That’s not good news for Weyerhaeuser stock as Wall Street is looking for earnings per share of 32 cents on revenue of $1.85 billion for the quarter.
MY stock was down 6% as of noon Friday and is down 15% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.