FEDERAL WAY, Washington (
, the forest-products company, said Friday it swung to a profit in the first quarter on the sale of timberlands in southwest Washington.
Weyerhaeuser earned $99 million, or 18 cents a share, up from a year-earlier loss of $20 million, or 10 cents a share.
The first quarter included an after-tax gain of $96 million on the sale of 82,000 acres of non-strategic timberlands in southwest Washington. Excluding the item, earnings were $3 million, or breakeven on a per-share basis.
Net sales rose 11% to $1.58 billion.
Analysts surveyed by Thomson Reuters expected Weyerhaeuser to earn 15 cents a share on revenue of $1.66 billion.
Weyerhaeuser said it expects "slightly higher" second-quarter earnings compared with the first quarter.
-- Written by Joseph Woelfel
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