Federal Way’s Weyerhaeuser Co. rode the reviving housing business to sharply higher profits in the first quarter, the highest quarterly earnings since 2005, the company said today.
The results even surprised Wall Street, which had recently revised its own estimates higher to account for the increasing activity in the housing market. The company reported net earnings of $144 million or 26 cents a share for the quarter ending in March.
A recent average of Wall Street analysts’ predictions called for the timber and wood products company to report a profit of 22 cents a share in the first quarter.
This …