Weyerhaeuser Company today reported net earnings to common shareholders of $196 million — or 35 cents per diluted share — for the second quarter.
As there were no special items this period, this compares with net earnings before special items of $47 million, or 9 cents per diluted share, for the same period last year. Net sales for the second quarter of 2013 totaled $2.1 billion, compared with net sales of $1.8 billion for the second quarter of 2012.
“This was a milestone quarter for Weyerhaeuser,” said Dan Fulton, the company's president and CEO. “We moved forward both strategically and operationally with the acquisition of Longview Timber LLC and by delivering strong operating results in this improving housing market.”
Earnings from the Longview operations will be included in Weyerhaeuser's Timberlands segment beginning in the third quarter. Weyerhaeuser is anticipating lower earnings from the Timberlands segment on the whole during 3Q, since the positive contribution from a partial quarter of Longview Timber earnings won't offset a normal seasonal decline in the contribution from the company's existing operations.
Still, the company expects higher earnings in other areas, including single-famlly homebuilding. Single-family closing volume, Weyerhaeuser said in today's release, should increase seasonally to more than 700 single-family homes. The company also expects higher selling-related expenses due to the additional closing volume, as well as somewhat higher earnings from land and lot sales.