Weyerhaeuser (NYSE:WY) earnings for first quarter of 2020 have WY stock taking a beating on Friday. That comes after reporting adjusted earnings per share (EPS) of 18 cents, which beats out Wall Street’s estimate of 13 cents. Its revenue of $1.73 billion also comes in above analysts’ estimates of $1.65 billion.
Here’s what else is worth noting from the most recent Weyerhaeuser earnings report.
- Adjusted per-share earnings are 63.6% higher than the 11 cents from the same time last year.
- Revenue for the quarter comes in 5.5% above the $1.64 billion reported in the first quarter of 2019.
- Operating income of $240 million is a 37.9% increase year-over-year from $174 million.
- The Weyerhaeuser earnings report also includes a net income of $150 million.
- That’s much better than the company’s net loss of $289 million from the same period of the year prior.
Devin Stockfish, president and CEO of Weyerhaeuser, said this in the Q1 earnings report:
“In late March, we took steps to enhance financial flexibility and position Weyerhaeuser’s businesses for changing market dynamics. During the second quarter, customer market conditions have deteriorated across our businesses, consistent with the broader macroeconomic environment. As a result, we are taking further actions, including temporarily suspending the quarterly dividend, to preserve liquidity and financial flexibility.”
Stockfish notes that Weyerhaeuser is prepared to weather the novel coronavirus and has a track record for surviving tough situations.
WY stock was down 17.7% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.