Jul 22, 2005. /Lesprom Network/. Weyerhaeuser Company reported on Thursday second quarter net earnings of $420 million, or $1.71 per diluted share, on net sales of $5.8 billion. This compares with $369 million, or $1.57 per diluted share, on net sales of $5.7 billion for the second quarter of 2004. Second quarter 2005 earnings include the following after-tax items: - A gain of $110 million, or 45 cents per diluted share, related to the sale of the company's operations in coastal British Columbia. - A charge of $44 million, or 18 cents per diluted share, related to a planned repatriation of $1.1 billion of eligible Canadian earnings under the provisions of the American Jobs Creation Act of 2004. - A gain of $37 million, or 15 cents per diluted share, related to the recognition of a deferred gain from previous timberlands sales. - A charge of $12 million, or 5 cents per diluted share, related to litigation. "This year's overall results are good, despite conditions that were more difficult than second quarter of last year," said Steven R. Rogel, Chairman, President and Chief Executive Officer. "We're pleased with this short-term performance, but we also recognize that many of our businesses face significant long-term challenges. We remain focused on finding ways to enhance the earnings performance of our entire portfolio, regardless of market conditions." Second quarter earnings increased slightly from the first quarter due primarily to higher domestic log prices. Export prices were flat quarter to quarter. Fee harvest was down slightly. Third quarter earnings are expected to be slightly lower than the second quarter, due to reduced harvest and sales activity from normal seasonal shutdowns. Export prices are expected to be modestly higher, but not enough to offset anticipated declines in domestic log prices.