Weyerhaeuser reported a second-quarter net profit of $133 million on sales of $1.8 billion, compared with year-earlier earnings of $280 million on $2 billion in sales.
The latest earnings per share were 26 cents, compared with 47 cents in last year’s second quarter.
The Federal Way-based timber company said its log sales declined 6.6 percent to $1 billion, while operating income from the segment fell 30 percent to $71 million. In lumber and engineered wood products, sales were down 4.7 percent and operating income dropped 70 percent to $27 million.
Weyerhaeuser said its cellulose fibers business, which generated sales of $467 million for the quarter and contributed $27 million to pretax earnings, is expected to have “significantly higher earnings” in the third quarter due to fewer scheduled maintenance outages.