UPDATE: Weyerhaeuser Q2 Profit Beats Street View

Weyerhaeuser Co

reported a 43% rise in its second-quarter profit. The Federal Way, Washington-based company posted a quarterly net profit of $280 million, or $0.47 per share, up from $196 million, or $0.35 per share, in the year-ago period. The latest quarter results included after-tax earnings of $22 million from discontinued operations and net after-tax gains of $24 million from special items. Excluding special items, it earned $0.40 per share. The company said that Q3 results will include around $1 billion net gain on the divestiture of WRECO. Its revenue from continuing operations increased 5% to $2 billion. However, analysts were expecting earnings of $0.35 per share on revenue of $2.27 billion. Weyerhaeuser's sales from Timberlands segment rose to $397 million from $377 in the first-quarter, while sales from Wood Products segment surged to $1.1 billion from $898 million. Its sales from Cellulose Fibers segment climbed to $490 million versus $461 million in the first quarter. "The strong results for each of our businesses in the second quarter reflect our relentless focus on operational excellence," said Doyle Simons, president and chief executive officer. Weyerhaeuser shares declined 1.57% to close at $31.32 yesterday.