UPDATE: Weyerhaeuser Q3 Profit Surges 34%

Weyerhaeuser Co

reported a 34% rise in its third-quarter profit. Weyerhaeuser's quarterly profit surged to $157 million, or $0.27 per share, from $117 million, or $0.22 per share, in the year-ago period. Its revenue climbed 23% to $2.18 billion. However, analysts were estimating earnings of $0.21 per share on revenue of $2.09 billion. Weyerhaeuser's gross margin rose to 20.8% from 19.6%. Weyerhaeuser shares closed at $30.30 yesterday.