Business Briefs

Weyerhaeuser breaks even in 3Q

Weyerhaeuser Co. said Friday it broke even in the third quarter, partly on after-tax proceeds of $98 million from the sale of 143,000 acres of Oregon timberland. The last time it posted a quarterly profit was a year ago when it sold a packaging business worth $6 billion.

The Federal Way, Wash., company has shuttered lumber mills in Yellow Bluff and Castleberry this year, laying off nearly 500 people.

Weyerhaeuser's results in the third quarter, also helped by a $74 million federal tax credit, compared with profit of $280 million, or $1.33 per share, in the third quarter of 2008.

Excluding special items, Weyerhaeuser lost 26 cents per share, beating Wall Street expectations of a 45-cents loss, according to Thomson Reuters.

Wood products losses were $97 million before taxes, down by $65 million.

Sales fell 33 percent to $1.4 billion. Weyerhaeuser slashed costs and expenses by 48 percent.

ISH adds new board members

International Shipholding Corp. has named Harris Morrissette of Mobile and Kenneth Beer of Lafayette, La., to its board of directors.

They replace International Shipholding founder and former chairman and chief executive Neils W. Johnsen and Edward Trowbridge, who resigned as planned.

CONTINUED 1 | 2 Next