FEDERAL WAY, Wash. (AP) -- Weyerhaeuser Co., one of the world's largest wood products companies, turned a profit in the first quarter, mostly because it sold acres of timberland in southwest Washington.
The Federal Way, Wash., company on Friday reported net income of $99 million, or 18 cents per share, in the first three months of the year, compared with a loss of $20 million, or 10 cents per share, last year.
Earnings in the most recent quarter included an after-tax gain of $96 million on the previously announced sale of 82,000 acres of timberlands in southwest Washington. Excluding this item, the company reported net earnings of $3 million.
Revenue rose 11 percent to $1.58 billion.
The company said it's taking advantage of higher demand from Asia by exporting more there. Strong export demand led to better selling prices and volumes for western logs.
It's also making further strides in reducing costs in the face of "anemic housing market conditions."
In the second quarter, it expects to post a smaller loss in its wood products segment because of seasonally higher volumes. It expects slightly higher earnings in its timberlands and cellulose fibers businesses and a small profit in its home-building operations due to higher expected home sale closings.