Weyerhaeuser second-quarter earnings surged as the forest products company improved its revenue more than expected. Revenue in wood products rose 27% as lumber prices increased 13% and prices for OSB improved 9%, the company said.
"We are seeing signs of a rebound in the US housing market, and as markets strengthen, the operational improvements within our wood products business are yielding clear results," said chief executive Dan Fulton.
Weyerhaeuser posted second-quarter profits of US$84m, up from US$10m a year before and almost double the first quarter US$41m. Sales increased 11% to US$1.79bn.
Improving lumber markets also helped lift Canfor Corp, which reported higher sales volumes at better pricing levels. Net profits were C$4.5m in the second quarter, compared with a C$2.1m a year before and reversing a C$16.2m loss for the first quarter.
West Fraser Timber said rising lumber prices also helped it report net earnings of C$26.9m for the second quarter on sales of C$774m. The result brought net earnings for the first six months to C$10m on sales of C$1.5bn.
