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.
- 4 Mount Rainier High teens charged in alleged gang rape on field trip
- Donate to a charity? IRS sets rules for taking deductions
- How opera, QVC and his ‘Dirty Jobs’ gig prepared Mike Rowe for the Seattle stage
- Justice Antonin Scalia dead at 79
- Examining if the Seahawks would be a good fit for Matt Forte