Aug 01, 2014. /Lesprom Network/. Weyerhaeuser Company reported 2Q net earnings to common shareholders of $280 million, or 47 cents per diluted share, on net sales from continuing operations of $2 billion. This compares with net earnings of $196 million, or 35 cents per diluted share, on net sales from continuing operations of $1.9 billion for the same period last year, as the company said in the press release received by Lesprom Network.

Earnings for 2Q 2014 include after-tax earnings of $22 million from discontinued operations. Discontinued operations relate to Weyerhaeuser Real Estate Company (WRECO), which was combined with TRI Pointe Homes, Inc. (TRI Pointe) through a Reverse Morris Trust transaction on July 7, 2014.

2Q results also include net after-tax gains of $24 million from special items, primarily related to a postretirement plan amendment. Excluding discontinued operations and special items, the company reported net earnings of $234 million, or 40 cents per diluted share. This compares with net earnings from continuing operations before special items of $183 million, or 33 cents per diluted share, for 2Q 2013 and $143 million, or 24 cents per diluted share, for 1Q 2014.

"The strong results for each of our businesses in the second quarter reflect our relentless focus on operational excellence," said Doyle Simons, president and CEO. "Through the recent divestiture of our homebuilding business and last year's Longview Timber acquisition, we have created a focused forest products company committed to driving operational improvements and fully capitalizing on the continued measured recovery in U.S. housing markets and the overall economy.

Timberlands segment - Western sales volumes increased due to continued steady demand for domestic and Chinese export logs, partially offset by reduced Japanese demand. Average sales realizations for Western logs declined slightly in domestic and most export markets. Logging and road costs increased seasonally. In the South, slightly higher average log price realizations were partially offset by lower fee harvest volumes due to wet weather. Earnings from disposition of non-strategic timberlands increased by $20 million compared with the first quarter.

Wood Products segment’ sales volumes rose seasonally across all product lines, and average selling prices for engineered wood products increased. These improvements were partially offset by lower average realizations for lumber and oriented strand board.

Cellulose Fibers segment - Average price realizations for pulp and liquid packaging board improved compared with the first quarter, and sales volumes increased. Mill operating performance was strong, and maintenance costs declined due to fewer scheduled annual outage days.

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900.