FEDERAL WAY (dpa-AFX) - Forest products company Weyerhaeuser Co. (WY) reported a plunge in first-quarter 2012 net earnings to $41 million or $0.08 per share from $99 million or $0.18 per share last year. However, excluding special items, quarterly earnings were $0.02 versus a breakeven per share in the prior-year quarter. On average, 12 analysts polled by Thomson Reuters expected breakeven per share for the quarter. Analysts' estimates typically exclude one-time items.
First-quarter 2011 included net earnings of $1 million from discontinued operations, or breakeven per share, on net sales of $156 million. Discontinued operations include Weyerhaeuser's hardwoods and Westwood Shipping Lines businesses, which were sold in the third quarter of 2011.
Net sales and revenues totaled $1.49 billion compared with $1.42 billion for the same period last year, whereas 8 analysts estimated revenues of $1.53 billion for the quarter.
Weyerhaeuser said it expects a slight profit from the Real Estate segment in the second quarter, and a land sale completed in April 2012 would contribute some $10 million to earnings. The company also anticipates a small loss from single family homebuilding operations. Home closings should increase seasonally.
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