UPDATE 1-Weyerhaeuser earnings beat Street but sales drop

Published: 01 Nov 2009 16:49:09 PST

* Q3 breakeven vs. EPS $1.33 year earlier

* Ex. items, loss 26 cts per share

* Street expected loss 45 cents per share

* Revenue drops 33 percent

NEW YORK, Oct 30 - Timber developer and home builder Weyerhaeuser Co posted an adjusted third-quarter profit on Friday that widely beat Wall Street's expectations, though sales plunged.

For the quarter, the company broke even, compared with a profit of $280 million, or $1.33 per share, in the year-ago period.

Excluding one-time items such as an alternative fuel credit and impairment and restructuring charges, Weyerhaeuser posted a loss of $56 million, or 26 cents per share.

Sales fell 33 percent to $1.41 billion, narrowly missing the $1.42 billion analysts had expected.