Federal Way, Wash.-based Weyerhaeuser reported first-quarter sales of $1.984 billion, up slightly from $1.951 billion in the first quarter last year.
“Despite unusually severe winter weather, we delivered strong operating results in the quarter," said Doyle Simons, president and CEO. "Our Timberlands business is realizing increasing benefits from the Longview Timber acquisition and reported its highest quarterly earnings, excluding land sales since 2006."
The company posted net earnings of $183 million, up from $144 million in last year’s quarter.
Looking into the second quarter, Weyerhaeuser expects higher earnings from single-family homebuilding in the second quarter, and a moderate increase in earnings from land and lot sales. Single-family closing volumes should increase seasonally, and average closing prices should improve slightly, the company said.