Weyerhaeuser said its 2013 net earnings jumped 40 percent to $540 million, or 95 cents a share, as net sales rose 20 percent to $8.5 billion.
The company said strong construction markets in China drove increased demand and selling prices for Western logs, and its results benefited from a full quarter’s harvest from its Longview Timber acquisition.
Weyerhauser’s earnings fell slightly short of Wall Street projections, and its stock lost 2.9 percent, closing at $29.88, compared with the S&P 500’s 0.7 percent loss.
The 2013 earnings include after-tax charges of $114 million for special items, primarily for the previously announced write-down of a Las Vegas real estate project that was not included in the company’s merging of its homebuilding unit with TRI Pointe Homes.
- Seattle company copes with backlash on $70,000 minimum wage
- Man shot dead in South Seattle while on phone with mom
- Seahawks sign four-year extension with linebacker Bobby Wagner worth a reported $43 million
- Impressions from Day 2 of Seahawks' training camp
- Higher wages a surprising success for Seattle restaurant Ivar's