Weyerhaeuser profit slumps as wood products sales fall

U.S. timber company Weyerhaeuser reported a fall in third-quarter profit on Thursday, hurt by lower sales of its wood products. Demand for products such as plywood used in residential construction projects has come under pressure as two-decade high mortgage rates keep aspiring homeowners from the housing market. Net sales in its wood products segment slumped about 13% to $1.54 billion in the quarter, compared with a year earlier.