NEW YORK (TheStreet) -- Weyerhaeuser Co.  (WY - Get Report) shares closed trading up 0.76% to $30.69 on Friday following the release of real estate investment trust's second quarter earnings results earlier today.

The Federal Way, WA-based company reported second quarter net income of $144 million, or 26 cents per diluted share, on revenue that fell 8% year over year to $1.81 billion.

Analysts' on average were expecting the company to report earnings of 20 cents per share on revenue of $1.81 billion.

The company, which is primarily engaged in growing and harvesting timber, said that it expects slightly lower returns from its timberlands segment in the current quarter while its wood products business is expected to garner a wider profit.

"In addition, we repurchased over $150 million of common shares in the quarter and neared completion of our existing authorization. Looking forward, we are well positioned to capitalize on the improving housing market, and we remain relentlessly focused on driving value for our shareholders through operational improvements and disciplined capital allocation," said CEO Doyle Simons. 

TheStreet Ratings team rates WEYERHAEUSER CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate WEYERHAEUSER CO (WY) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its respectable return on equity which we feel is likely to continue. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

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