Weyerhaeuser Company (NYSE: WY), Federal Way, WA, reported profit of $99 million on net sales of $1.6 billion in the first quarter of 2011. This compares with a net loss of $20 million on net sales of $1.4 billion for the same period last year.
| We Deliver Distribution News to Your Inbox Sign up below to receive MDM Update, your free weekly distribution news update by email. |
“During the first quarter we continued to make progress in our drive to improve our financial performance despite anemic housing market conditions,” said Dan Fulton, president and CEO. “We are leveraging our strength in the export markets to take advantage of increased demand from Asia. Our businesses are running more efficiently and our work to eliminate costs continues.”
Timberlands segment first-quarter sales were $421 million, a year-over-year increase of 13 percent. Strong export demand resulted in improved selling prices and volumes for western logs.
Wood Products segment first-quarter sales were $645 million, up 4 percent over the same period a year ago. Selling prices increased across most product lines between the fourth quarter 2010 and first quarter 2011. Per unit manufacturing costs declined due to continued cost reductions and improved operating rates for lumber and oriented strand board.
Cellulose Fiber segment sales were $506 million in the first quarter, versus sales of $410 million a year ago.
Real Estate sales in the first quarter increased 6 percent to $160 million.
