Feb 03, 2012. /Lesprom Network/. Weyerhaeuser Company reported net earnings of $65 million for the 4Q, or 12 cents per diluted share, on net sales from continuing operations of $1.6 billion. This compares with net earnings of $171 million, or 32 cents per diluted share, on net sales from continuing operations of $1.5 billion for the same period last year, as the company said in a press release received by Lesprom Network. Earnings for the 4Q 2011 include net after-tax charges of $12 million for restructuring and asset impairments. Excluding these items, the company reported net earnings of $77 million, or 14 cents per diluted share. This compares with net earnings before special items of $52 million in the 4Q 2010. For the full year 2011, Weyerhaeuser reported net earnings of $331 million, or $0.61 per diluted share, on net sales from continuing operations of $6.2 billion. This compares with net earnings of $1.281 billion on net sales from continuing operations of $6 billion for the full year 2010. Earnings for the full year 2010 include $1.064 billion from income tax adjustments related to Weyerhaeuser's conversion to a Real Estate Investment Trust (REIT). "In 2011 we took full advantage of opportunities to improve our performance in a weaker than expected US housing market," said Dan Fulton, President and CEO. "In Timberlands, we used our long term competitive strength in the Asian export markets to capitalize on emerging Chinese demand. Cellulose Fibers leveraged strong customer relationships and excellent operational performance to deliver a second consecutive year of record financial results. Our Real Estate business maintained profitability despite challenging market conditions, and Wood Products generated improved results. Through the sale of our hardwoods and Westwood Shipping Lines businesses we sharpened our strategic direction, and we remain focused on improving performance to generate superior sustainable returns for our shareholders in 2012." Timberlands segment's earnings from disposition of non-strategic timberlands increased $17 million to $21 million, compared with $4 million in the 3Q. Average selling prices for Western logs declined due to weaker Chinese export demand. These declines were partially offset by increased log sales volumes and slightly higher selling prices in the South. Fee harvest volumes rose, primarily in the South. Silviculture and road costs were lower, and fuel costs increased. Wood Products segment's 4Q 2011 results from continuing operations declined $18 million compared with the third quarter. Selling prices and volumes were seasonally lower for most products. The segment reduced operating rates to match weaker market demand, resulting in higher per unit manufacturing costs. 4Q includes special charges of $19 million for restructuring and asset impairments. 3Q included special charges of $46 million related to restructuring, asset impairments, and sale of the hardwoods operations. Weyerhaeuser completed the sale of the hardwoods operations in the third quarter. Cellulose Fibers segment's 4Q earnings declined $1 million compared with 3Q. Average selling prices for pulp declined throughout the 4Q. By the end of the quarter, commodity prices for Northern bleached softwood kraft (NBSK) pulp had fallen to levels last seen in the 1Q 2010. The effect of the price decline was mostly offset by increased sales volumes. There were no annual maintenance outages in the 3Q or 4Q. Weyerhaeuser Company, one of the world's largest forest products companies, began operations in 1900.