Weyerhaeuser Co. reported net earnings of $41 million for the first quarter, or 8 cents per diluted share, on net sales of $1.5 billion. This compares with net earnings of $99 million on net sales from continuing operations of $1.4 billion for the same period last year.

Earnings for the first quarter of 2012 include after-tax gains of $32 million from special items. Excluding these items, the company reported net earnings of $9 million, or 2 cents per diluted share. This compares with net earnings before special items of $3 million, or breakeven results per diluted share, in the first quarter of 2011.

Federal Way-based Weyerhaeuser is one of the world's largest forest products companies.