Washington-based timberland firm Weyerhaeuser Co. reported more than double quarterly earnings as it benefited from an improving housing market, AP reported.

The company said it made USD196 million net profit during the second quarter, up from USD84 million a year earlier.

Weyerhaeuser also reported a 19 percent increase in quarterly revenue to USD2.14 billion, from USD1.79 billion a year ago.

Earnings from its largest segment, wood products, more than tripled to USD136 million.

The company, however, expected the segment to report lower profits in the third quarter as prices for oriented strand board continue to fall.

The decline will be partially offset by higher sales volumes across most wood product lines.

Source: MENAFN.COM

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