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Federal Way, Wash.-based Weyerhaeuser reported net earnings of $1.116 billion for the third quarter, compared with essentially $0 in profit in the same quarter last year.
The company's net sales were $1.664 billion, up 18.3% from $1.407 billion in the same quarter last year.
Earnings for the third quarter of 2010 included $1.035 billion from income tax adjustments, primarily related to the reversal of deferred taxes as a result of Weyerhaeuser’s conversion to a real estate investment trust (REIT).
Excluding the income tax adjustments, the company reported net earnings of $81 million in the third quarter of 2010, a $137 million increase compared with the $56 million loss before special items reported in the third quarter of 2009.
"It’s obvious that the overall housing market remains in an uncertain state as the expiration of the housing tax credit led to a precipitous drop in prices and volume for our Wood Products business," said Dan Fulton, president and CEO. "The housing market also affects our Timberlands business, where we continue to defer harvest due to lower log demand.”