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Weyerhaeuser Co. (NYSE: WY), Federal Way, WA, reported first-quarter sales of $2 billion, a 33 percent increase compared to the same period a year earlier. Profit jumped 251 percent to $144 million.
"Our Wood Products business reported its strongest quarterly earnings since 2005, as we effectively leveraged operational improvements in a strengthening housing market,” said Dan Fulton, president and CEO.
For the second quarter, the company expects a slight profit from single-family homebuilding. Home closings should increase seasonally to approximately 600 single-family homes, with a slightly lower average closing price due to mix.