Weyerhaeuser has reduced its first quarter net losses to US$20m, compared to US$264m a year ago.
The company’s wood products business mirrored the overall result, recording a loss of US$19m (2008: US$266m net loss).
“After many difficult quarters, we’re encouraged by the improvement in our performance,” said president and CEO Dan Fulton.
He said better market conditions and work completed to improve long-term competitiveness had helped buoy the results.
“While the pace of the housing recovery remains uncertain, we’re moving in the right direction,” Mr Fulton added.
The wood products business recorded a US$40m pre-tax gain from the sale of British Columbia forest licences and associated rights and US$4m from the sale of a sawmill. Lumber and OSB sales increased “substantially”, but were partially offset by higher log costs.
Weyerhaeuser expects second quarter results from single-family homebuilding operations to be comparable to the first quarter.
