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Wood firms beat Street
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January 20, 1999: 1:50 p.m. ET
Boise Cascade and Weyerhaeuser Co. both beat Street 4Q expectations
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NEW YORK (CNNfn) - Two forestry companies beat Wall Street's predictions for their fourth-quarter earnings Wednesday.
Boise, Idaho-based Boise Cascade Corp. (BCC) said that in the fourth quarter of 1998 the company saw net income of $7.6 million, or 8 cents per diluted share, excluding nonroutine pretax charges of about $42.4 million or 33 cents per share for cost reduction and restructuring. In the year-ago quarter, Boise Cascade's net income was $7.2 million or a loss of 2 cents per diluted share.
Analysts' estimates saw the company losing 1 cent in the quarter, according to First Call.
Full year 1998 sales were $6.2 billion, compared $5.5 billion in 1997.
Boise Cascade was down 1/16 at 33-7/16 in recent trading.
Tacoma, Wash.-based Weyerhaeuser Co. (WY) reported fourth quarter net earnings of $75 million before nonrecurring items, or 38 cents per common share. This figure beat the First Call estimate of 31 cents per share.
During the same period last year, net earnings before nonrecurring items was $108 million, or 54 cents per common share.
For 1998, Weyerhaeuser reported net earnings of $339 million before nonrecurring items, or $1.71 per common share, for 1998. This compares with $351 million before nonrecurring items, or $1.76 per common share, for 1997.
Net sales for 1998 were $10.8 billion compared with $11.2 billion the prior year.
Weyerhaeuser was up 1-7/8 at 57-3/8.
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