FEDERAL WAY, Wash. (AP) -- Weyerhaeuser Co.'s fourth-quarter net income sank 62 percent compared to a year ago when the lumber and real estate company's results included a $119 million after-tax gain.
The performance topped Wall Street expectations. Its shares rose 63 cents, or 3.1 percent, to $20.77 in premarket trading.
The Federal Way, Wash., company said Friday it earned $65 million, or 12 cents per share, in the last quarter of 2011. That compares to earnings of $171 million, or 32 cents per share, a year earlier.
Earnings excluding special items for restructuring and asset impairments came to 14 cents per share in the latest period. Analysts surveyed by FactSet expected, on average, adjusted earnings of 6 cents per share.
Revenue fell 3 percent to $1.62 billion from $1.66 billion in the last three months of 2010 when results also included $148 million from discontinued items. Analysts expected revenue of $1.6 billion.
The company employs about 12,800 people in 11 countries and operates timberlands, wood products, cellulose fibers and real estate businesses.
For the full year, Weyerhaeuser earned $331 million, or 61 cents per share, on $6.2 billion in revenue from continuing operations.
Copyright 2012 The AP.