Weyerhaeuser Profit Drops To $21 Million

Weyerhaeuser Co. is reporting significantly reduced first-quarter earnings, saying it reflects the company’s ongoing effort to narrow its portfolio and upgrade its core businesses’ assets.

Earning for the timber-products company were $21 million, or 10 cents a share, after a $25 million after-tax charge, compared with $142 million, or 72 cents a share, a year earlier.

Net sales in both quarters were $2.6 billion.

The after-tax charge included losses from anticipated consolidation or closure of some recycling facilities, closure of Weyerhaeuser’s corrugated products machine at Longview and the sale of Shemin Nurseries.