Weyerhaeuser's wood products shine in Q2

Weyerhaeuser Company reported a 23.0% net sales increase in the second quarter, as well as the strongest quarter in over a decade for its Wood Products segment.

"Our businesses delivered solid second quarter operating results, with Wood Products capitalizing on improving markets and ongoing operational excellence initiatives to report its strongest quarter in over a decade," said Doyle Simons, president and CEO.

Net sales for the quarter came in at $1.66 billion, up from the previous year's $1.35 billion.

Meanwhile, net earnings were $157 million, or $0.21 per diluted share. This compares with net earnings of $133 million, or $0.26 per diluted share, for the same period last year.

In Wood Products, average lumber realizations increased 10% and average realizations for oriented strand board increased 12% over the first quarter.

"During the quarter we also announced the sale of our pulp and liquid packaging board facilities, repurchased over $830 million of common shares, and made strong progress on merger integration activities," added Simons. "Going forward, we remain relentlessly focused on successfully integrating Plum Creek, and fully capturing cost and operational synergies to drive superior value for our shareholders."

The results also included Plum Creek's financials starting from the merger date of February 19, 2016.