RTTNews | Jul 31, 2020 01:01AM EDT

01:00 Friday, July 31, 2020 (RTTNews.com) - Weyerhaeuser Co. (WY), a private owner of timberlands, reported Friday that its second-quarter net earnings declined to $72 million or $0.10 cents per share from last year's $128 million or $0.17 cents per share.

Adjusted net earnings were $77 million or $0.11 cents per share, compared to $123 million or $0.16 per share a year ago.

On average, seven analysts polled by Thomson Reuters expected breakeven earnings per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA for the second quarter of 2020 was $386 million, compared to $343 million for the same period last year.

Net sales were $1.63 billion, lower than prior year's $1.69 billion. Analysts were looking for revenues of $1.42 billion.

Looking ahead, Devin Stockfish, president and chief executive officer, said, "Entering the third quarter, U.S. housing activity is improving, but against a backdrop of rising COVID-19 infection rates and the rollback of certain economic reopening plans."

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