Federal Way, WA, July 23--Weyerhaeuser Co. reported Friday that second-quarter profit rose sharply on favorable market conditions for wool products and timberlands, as well as a robust housing market that drove real estate performance.
Quarterly earnings more than doubled to $369 million, or $1.57 per share, from $157 million, or 71 cents per share, a year ago. Excluding items, the company posted profits of $1.67 per share, beating analysts' estimates of $1.13 cents per share by a huge margin.
Sales rose to $5.89 billion from $4.93 billion in the second quarter of 2003.
The company said that despite recent price weakness in some product lines, wood products earnings are expected to remain healthy and price increases in pulp, paper and packaging continue to be implemented.
