Weyerhaeuser Co. reported net sales of $1.79 billion for its third fiscal quarter, compared with net sales of $1.57 billion for the third quarter of 2011.
Net earnings for the quarter, which ended Sept. 30, were $117 million, compared with $157 million in the third quarter of 2011. (That quarter included $24 million in net earnings from discontinued operations.) Before special items, Weyerhaeuser reported net earnings for the third quarter of $117 million, compared with $66 million a year ago.
Sales in the wood products segment increased by $40 million to $816 million during the third quarter. The segment's earnings before special items improved $29 million compared with the second quarter due to strong markets and effective execution of performance improvement initiatives, the company said. Sales realizations were higher across nearly all product lines, most significantly in oriented strand board, which increased 25%. Sales volumes for engineered wood products increased, and volumes for lumber and oriented strand board declined slightly.
Weyerhaeuser anticipates lower earnings from the wood products segment in the fourth quarter due to seasonal declines in pricing and demand for most products, according to its financial statement.