Weyerhaeuser, one of world's largest private owners of timberland, reported net earnings of $99 million for the first quarter 2014, or 18 cents per diluted share, on net sales of $1.6 billion. This compares with a net loss of $20 million on net sales of $1.4 billion for the same period last year.
Earnings for the first quarter of 2011 include an after-tax gain of $96 million on the previously announced sale of 82,000 acres of non-strategic timberlands in southwest Washington. Excluding this special item, the company reported net earnings of $3 million. This compares to a net loss before special items of $15 million in the first quarter of 2010.
"During the first quarter we continued to make progress in our drive to improve our financial performance despite anemic housing market conditions," said Dan Fulton, president and chief executive officer. "We are leveraging our strength in the export markets to take advantage of increased demand from Asia. Our businesses are running more efficiently and our work to eliminate costs continues. We remain focused on making further improvements to achieve our goal of delivering superior returns."
