Weyerhaeuser's net earnings quadrupled in Q2
Weyerhaeuser's recently released second-quarter results highlighted more than one major milestone for the company.
On a year-ago basis, net earnings before special items quadrupled to $196 million, compared with last year's second-quarter earnings of $47 million.
Net sales increased by approximately 20% to a post-recession record of $2.1 billion.
“This was a milestone quarter for Weyerhaeuser,” said Dan Fulton, president and CEO. “We moved forward both strategically and operationally with the acquisition of Longview Timber and by delivering strong operating results in this improving housing market.”
Lumber sales volumes improved 13% compared with the first quarter, and sales volumes for most other products improved slightly. Earnings from disposition of non-strategic timberlands increased $11 million compared with the first quarter.
The company also acquired 645,000 acres of timberlands in Washington and Oregon this quarter.