Weyerhaeuser grows its top line in Q2

Weyerhaeuser Company forged ahead in the second quarter with revenue, even as after-tax special items put a large dent in its bottom line.

Net sales for the quarter came in at $1.8 billion, up 9.2% from the second quarter of 2016.

Net earnings from continuing operations came in at $24 million, compared to $130 million in the year-ago period.

However, excluding after-tax special items of $188 million, which includes $147 million non-cash impairment for our Uruguay operations and $31 million for product remediation, the company reported net earnings of $212 million, up from $130 million for the same period last year and $167 million for Q1 of this year.

"Each of our businesses delivered strong second quarter operating results, leveraging ongoing operational excellence initiatives to capitalize on improving markets," said Doyle R. Simons, president and CEO. "In the quarter, we also announced the pending sale of our Uruguay operations and completed the asset value optimization process for our Western timberlands. Looking forward, we are extremely well positioned to continue to capitalize on the improving housing market, and remain relentlessly focused on driving value for our shareholders through operational improvements and disciplined capital allocation."

Weyerhaeuser also sold its Cellulose Fibers businesses in 2016, which showed up as discontinued operations during this quarterly report.