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Weyerhaeuser Co., one of the industry’s largest supplier of wood products, reported net sales from continuing operations of $1.8 billion for its second fiscal quarter, a 12.5% increase over net sales from continuing operations of $1.6 billion in the second quarter a year ago.
Net earnings for the second quarter, which ended June 30, were $84 million, compared with net earnings of $10 million a year ago. Earnings for the second quarter of 2012 include after-tax gains of $37 million from special items. Excluding these items, the company reported net earnings of $47 million. This compares with net earnings before one-time items of $32 million in the second quarter of 2011.
"We are seeing signs of a rebound in the U.S. housing market, and as markets strengthen, the operational improvements within our wood products business are yielding clear results," said Dan Fulton, Weyerhaeuser’s president and CEO. "Our ongoing work to improve performance across all businesses is positioning us to capture the full benefit of the market recovery as it unfolds."
Net sales in the wood products division during the second quarter reached $776 million, up from $634 million during the first quarter of 2012. (Year-over-year comparisons were not available.)
The company attributed much of the increase to higher selling prices for lumber and oriented strand board and operational improvements. Lumber prices increased 13% and prices for oriented strand board improved 9%, according to the SEC filing. Sales volumes increased “substantially.” Special items for the second quarter include a $6 million pre-tax gain on the sale of property.
Weyerhaeuser anticipates lower earnings from the wood products segment in the third quarter of this year. The company expects comparable sales volumes for most products and seasonally lower selling prices for lumber.