Federal Way's Weyerhaeuser Co.'s first quarter earnings increased by 27 percent in spite of harsh weather in much of the country, the company reported Friday.
The company earned $183 million compared with $144 million in the same period last year. On a per share basis, the earnings in the quarter just concluded were 31 cents compared with 26 cents in the same period in 2013. Sales remained steady at $2 billion.
Subtracting $30 million in one-time earnings, earnings per share amounted to 26 cents, the same as in 2013. But that amount beat analysts' predictions of a 24 cent-per-share profit.
The company's wood products business was the best performer among the company's divisions with pre-tax earnings up 10 percent to $64 million. Sales volumes in that division were lower than in the first quarter of 2013, but profits were higher due in part to higher prices.
"Despite unusually severe winter weather, we delivered strong operating results in the quarter," said the company's president, Doyle Simons. "Our timberlands business is realizing increasing benefits from the Longview Timber acquisition and reported its highest quarterly earnings excluding land sales since 2006. We are relentlessly focused on driving operational excellence in each of our businesses to grow a truly great company."
Weyerhaeuser is a real estate investment trust with some 7 million acres of timberland holdings in the United States and 14 million acres of timberland under management in Canada.