Federal Way's Weyerhaeuser Co. on Friday surprised Wall Street with earnings of 32 cents a share in the fourth quarter, a sharp reversal from a loss of 83 cents a share in the same quarter of 2009.
Wall Street analysts had predicted a profit of just 5 cents a share in 2010’s final quarter.
The company said higher sales of wood, wood products and cellulose helped bolster the earnings. Net sales rose from $1.45 billion in the last quarter of 2009 to $1.66 billion in the final quarter of 2010.
For the year, the wood products producer reported a profit of $1.28 billion compared with a loss of $545 million in 2009.
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In the fourth quarter, earnings amounted to $171 million compared with a loss of $175 million in the same quarter in 2009.
The company’s stock rose by 3.05 percent to $24.30 a share Friday on the earnings news.