Feb 04, 2011. /Lesprom Network/. Weyerhaeuser Company reported net earnings of $171 million for the 4Q, on net sales of $1.7 billion. This compares with a net loss of $175 million on net sales 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 2010 include after-tax gains of $119 million from special items. Excluding those items, the company reported net earnings of $52 million in the 4Q 2010. This compares to a net loss before special items of $109 million in the 4Q 2009. For the full year 2010, Weyerhaeuser reported net earnings of $1.281 billion, on net sales of $6.6 billion. This compares with a net loss of $545 million on net sales of $5.5 billion for the full year 2009. 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). “The actions we took in 2010 enhanced our ability to return value to our shareholders through our long-term strategy," said Dan Fulton, President and CEO. "The most significant, our conversion to a REIT, enhances our ability to manage and grow our core asset – more than six million acres of valuable timberlands. “The record year for our Cellulose Fibers segment due to strong market conditions and excellent operational performance highlighted our 2010 results,” Fulton said. “Extremely challenging housing market conditions affected the financial performance of our Timberlands, Wood Products and Real Estate segments. We anticipate these market challenges will continue in 2011. However, I expect better performance due to ongoing operational improvements, which will create cost efficiencies and enhance the relative competitiveness of our businesses." Timberlands segment’s 4Q earnings declined $19 million compared with 3Q, primarily due to fewer dispositions of non-strategic timberlands. Per unit logging costs also increased, as western operations took downtime to match lower seasonal and market demand. 4Q included $19 million from disposition of non-strategic timberlands, compared with $34 million in the 3Q. Weyerhaeuser continues to defer timber harvest. Wood Products segment’s results before special items improved $15 million compared with the 3Q. 4Q included special items of $103 million for asset impairments, closures and restructuring. 4Q results improved due to slightly lower log costs and reduced selling, general and administrative expenses. These factors were partially offset by seasonally lower sales volumes. Cellulose Fibres segment’s 4Q earnings declined $43 million compared with 3Q due to increased maintenance costs and lower production resulting from an annual outage at the New Bern, N.C. mill. Fiber, chemical and energy costs also increased. There were no maintenance outages in the 3Q. Weyerhaeuser Company, one of the world’s largest forest products companies.