Weyerhaeuser earnings tumble

NEW YORK (Reuters) - Weyerhaeuser Co. (WY.N) said on Friday its second-quarter earnings fell due to higher costs and a weak U.S. housing market.

The No. 2 U.S. timber and forest products company said net income fell to $32 million, or 15 cents a share, from $298 million, or $1.19 a share, a year earlier.

Excluding items, the company earned 48 cents a share in the latest quarter.

The company's shares have fallen 16.1 percent over the last three months, tracking a 12 percent drop in the Standard & Poor's Paper and Forest Products Index.