Weyerhaeuser reports billion dollar-plus profit

The third-quarter sale of Weyerhaeuser Real Estate Co. boosted the Weyerhaeuser Co.’s earnings by some $966 million, the company reported Friday.

The Federal Way-based forest product company’s net earnings for the quarter were $1.15 billion compared with $157 million in the same quarter last year. That amounts to $2.15 a share compared with 27 cents a share in the same quarter in 2013.

Earnings without the effect of the sale and other special items amounted to $178 million compared with $136 million in the prior year’s third quarter.

“Our relentless focus on operational excellence resulted in another very good quarter for earnings and cash flow generation as we continue to drive sustainable performance improvements in each of our businesses,” said Doyle Simons, the company’s chief executive officer.

The company reported that he had increased its dividend and moved forward on its share repurchase plan to the tune of $130 million in the third quarter.

Weyerhaeuser in recent years has been refocusing its business on timberlands and core wood products, divesting itself of divisions not tightly related to its central business.