Oct 29, 2010. /Lesprom Network/. Weyerhaeuser Company reported net earnings of $1.116 billion for the 3Q, on net sales of $1.7 billion. This compares with essentially break-even results on net sales of $1.4 billion for the same period last year, company said in a statement received by Lesprom Network. Earnings for the 3Q 2010 include $1.035 billion from income tax adjustments, primarily related to the reversal of deferred taxes as a result of Weyerhaeuser’s conversion to a real estate investment trust (REIT). Excluding the income tax adjustments, the company reported net earnings of $81 million in the 3Q 2010, a $137 million increase compared with the $56 million loss before special items reported in the 3Q 2009. Sales of Weyerhaeuser climbed 18.3% to $1.66 billion from $1.41 billion a year ago. “Cellulose Fibers reported a record performance, as it benefited from stronger production levels, lower costs and higher prices,” said Dan Fulton, President and CEO. “Meanwhile, the work done by our real estate business to restructure its operations and product offerings resulted in an operating profit despite challenging market conditions. It’s obvious, however, that the overall housing market remains in an uncertain state as the expiration of the housing tax credit led to a precipitous drop in prices and volume for our Wood Products business. The housing market also affects our Timberlands business, where we continue to defer harvest due to lower log demand.” Weyerhaeuser Company, one of the world’s largest forest products companies, began operations in 1900.