Bolstered by strong wood product and timber sales, Weyerhaeuser Company, out of Federal Way, WA, August 1 reported 2Q 2014 earnings of US$280 million from operations of US$2 billion. Net earnings were US$234 million, or 40 cents per diluted share. This compares with net earnings of US$183 million, or 33 cents per diluted share, for 2Q 2013, and US$143 million, or 24 cents per diluted share, for 1Q 2014.
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During 2Q, average selling prices for engineered wood products increased. Weyerhaeuser officials expect comparable earnings from the Wood Products segment in 3Q. During 2Q, sales volumes increased due to continued steady demand for domestic and Chinese export logs. Earnings from disposition of non-strategic timberlands increased by US$20 million compared with 1Q.
Conifex Timber, out of Vancouver, BC, reported Wednesday net income of $2 million for the 2Q 2014 compared to net income of $1.6 million for the previous quarter and net income of $2.4 million for the 2Q 2013.
The Company recorded consolidated operating income of $4.4 million for the 2Q 2014 compared to $2.8 million in the previous quarter, and $3.3 million in the 2Q 2013.
Lumber segment operating income improved by $1 million over the previous quarter and $0.7 million over the same quarter last year. The Company recorded a foreign exchange translation loss of $0.8 million for the 2Q 2014 and $0.2 million in the 2Q 2013 compared to a translation gain of $0.2 million in the previous quarter.