Forest products company Weyerhaeuser Co. (WY: Quote) posted a surge in first-quarter net earnings to $144 million, or $0.26 a share, from $41 million, or $0.08 a share last year. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.23 for the quarter. Analysts' estimates typically exclude one-time items. Net earnings before special items were $9 million, or $0.02 per share, for the same period last year.
Net sales for the recent quarter reached $1.95 billion, compared with $1.49 billion for the first quarter of 2012. Analysts estimated revenues of $1.87 billion for the quarter.
The company's Wood Products business reported its strongest quarterly earnings since 2005, as it effectively leveraged operational improvements in a strengthening housing market. Dan Fulton, president and chief executive stated, "Our shareholders are benefiting from this improved performance with the decision by our Board of Directors this month to increase our quarterly dividend by 18 percent."
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by RTT Staff Writer
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