Weyerhaeuser is showing financial growth with their wood products. Their latest quarterly report shows a growth in net earnings, compared with the same time last year.
Net earnings for the first quarter of 2017 were about $170 million. However, it's a dip from the fourth quarter of 2017. The company says they made about $270 million in profits on sales of just under $2 billion.
"I am extremely pleased with our first quarter performance, as we fully capitalized on strong lumber, OSB and Western log markets to drive outstanding results, including the highest first quarter Wood Products EBITDA on record,” said Doyle R. Simons, president and chief executive officer.
“This includes exceptional work by our teams to mitigate the effect of ongoing freight service disruptions. Looking forward, we are relentlessly focused on capturing the full benefit of improving housing starts and favourable market dynamics to drive value for shareholders."
Weyerhaeuser isn’t the only local mill reporting a successful financial quarter. From a net loss of $386 million in the fourth quarter of 2017, Dryden’s Domtar Mill is reporting that their net earnings in the first quarter of 2018 exceeds $54 million. Domtar earned roughly $20 million in the first quarter of 2017.
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Domtar reports successful quarter