Weyerhaeuser Q2 Profit Beats Views

reported better-than-expected earnings for its second quarter on Friday. The Federal Way, Washington-based company posted quarterly net earnings to common shareholders of $133 million, or $0.26 per share, compared to $280 million, or $0.47 per share, in the year-ago period. Its sales slipped to $1.81 billion from $1.96 billion. However, analysts were expecting earnings of $0.20 per share on revenue of $1.72 billion. During the quarter, the company repurchased over $150 million of common shares. "Each of our businesses delivered solid second quarter operating results, as operational excellence efforts helped mitigate the delayed arrival of the spring building season and the continuing challenge of a strong U.S. dollar," said Doyle Simons, president and chief executive officer. "In addition, we repurchased over $150 million of common shares in the quarter and neared completion of our existing authorization. Looking forward, we are well positioned to capitalize on the improving housing market, and we remain relentlessly focused on driving value for our shareholders through operational improvements and disciplined capital allocation." Weyerhaeuser shares rose 0.53 percent to close at $30.46 yesterday.