Forest products company Weyerhaeuser Co. Friday reported a first-quarter profit, reversing a year-earlier loss, as prices surged for its lumber and structural panels.
The company said it earned $121 million, or 54 cents a share, in the quarter, compared with a loss of $54 million, or 24 cents a share, a year earlier.
Weyerhaeuser said its latest results included charges of about 18 cents a share from a litigation settlement and restructuring, and a gain of 10 cents a share from the sale of a mill.
Analysts' average earnings estimate, excluding one-time items, was 54 cents a share, according to Reuters Research, a unit of Reuters Group Plc.
Sales in the quarter rose to $5.04 billion from $4.61 billion a year earlier.
In addition to strength from its wood products business, Federal Way, Washington-based Weyerhaeuser said it is seeing improvement in its pulp, paper and containerboard markets. However, it also said it is experiencing transportation problems that are making it "increasingly challenging to meet customer needs."
The company's shares closed at $67.80 on the New York Stock Exchange on Thursday. During the first quarter the shares rose 2.3 percent, slightly outpacing the benchmark Standard & Poor's 500 index, which rose 1.3 percent.
