Weyerhaeuser Restores Dividends As Profits Rise

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<p>Weyerhaeuser Co. reinstated its dividend payout on Friday as the company announced a three-fold increase in third-quarter profits.

The Seattle-based Timberlands owner made quarterly profit of $ 283 million, or 38 cents per share, compared to $ 99 million, or 13 cents, for the same period last year. Excluding items, Weyerhaeuser reported adjusted earnings of 52 cents per share for the quarter, down from 8 cents last year and analysts’ forecast of 45 cents.

Sales reached $ 2.11 billion, compared to $ 1.67 billion.

The board declared a quarterly dividend of 17 cents per share and said it remained focused on a “disciplined and prudent allocation of capital” to sustainably increase the base dividend and generate long-term value for shareholders.

Managing Director Devin Stockfish said: “As the fourth quarter begins, Weyerhaeuser is operating from a strong financial position, and we are increasingly confident that recent housing strength in the United States will continue despite headwinds. current macroeconomics. “

Write to Ian Walker at ian.walker@wsj.com