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Federal Way, Wash.-based Weyerhaeuser reported net earnings of $157 million for the third quarter, compared with net earnings of $1.12 billion in the same period last year. Third-quarter net sales from continuing operations were $1.6 billion, up 6.7% from $1.5 billion in the third quarter of 2010.
“All of our businesses faced challenging markets in the third quarter, as the U.S. housing market languished and we experienced a slowdown in demand from China,” said Dan Fulton, president and CEO. "We remain focused on improving performance with today's level of demand, while being prepared to flex all of our operations as markets improve."
Discontinued operations include the company’s hardwoods and Westwood Shipping Lines businesses, which were sold in the third quarter.
The Timberlands segment saw earnings declined $50 million in the third quarter compared with the second. Results from continuing operations of the Wood Products segment improved $10 million compared with the second quarter, as reduced log costs were partially offset by slightly lower sales volumes across most product lines. Third-quarter earnings of the Cellulose Fibers segment improved $55 million compared with the second quarter. The Real Estate segment's earnings increased $2 million compared with the second quarter.