Weyerhaeuser (WY -0.54%) is building strong gains in its business from a foundation of wood. The company has reported its Q3 results, showing that it posted net sales of $2.18 billion, a robust 23% gain from the $1.77 billion in the same period the previous year. Attributable net income also increased, by 34% to $157 million ($0.27 per diluted share), from Q3 2012's $117 million ($0.22).
Much of the growth is attributable to a thriving housing market, a key customer segment for the company.
Analysts had been expecting revenue of $2.09 billion and EPS of $0.21 for the quarter.
The company provided selected forward guidance for its current Q4. It believes it will post "comparable" earnings for its Timberlands segment, lower earnings for wood products, and "significantly higher" take in both the real estate and cellulose fibers businesses.
Following the announcement of the results, the company's stock closed the day up 3.6%, or $1.09, to $31.39.
