Weyerhaeuser reports 1Q net earnings of $41 million

Apr 27, 2012. /Lesprom Network/. Weyerhaeuser Company reported net earnings of $41 million for the 1Q, or 8 cents per diluted share, on net sales of $1.5 billion. This compares with net earnings of $99 million on net sales from continuing operations of $1.4 billion for the same period last year, as the company said in a press release received by Lesprom Network. Earnings for the 1Q 2012 include after-tax gains of $32 million from special items. Excluding these items, the company reported net earnings of $9 million, or 2 cents per diluted share. This compares with net earnings before special items of $3 million, or breakeven results per diluted share, in the 1Q 2011. "Even as indicators of a modestly improving U.S. housing market begin to emerge, we remain relentlessly focused on improving our financial performance," said Dan Fulton, President and CEO. "We will take full advantage of recovering markets while positioning Weyerhaeuser for future growth, to the benefit of our shareholders." Timberlands segment's 1Q results improved slightly compared with the 4Q. Income from operations increased $13 million, primarily due to lower Western operating costs. This was mostly offset by a $12 million decline in earnings from the disposition of non-strategic timberlands. Fee harvest volumes increased. Wood Products segment's 1Q results before special items improved $39 million compared with the 4Q. Sales volumes and prices were higher across all product lines, and operating rates improved. These factors were partially offset by increased freight expense. Cellulose Fibers segment's 1Q earnings declined $90 million compared with 4Q. Average selling prices for pulp were lower, and sales volumes decreased. Maintenance costs increased significantly and production declined as the segment completed two planned annual maintenance outages in the 1Q. There were no annual maintenance outages in the 4Q. Weyerhaeuser Company, one of the world's largest forest products companies, began operations in 1900.