Weyerhaeuser beats first quarter profit estimates on strong domestic demand
According to U.S. government data released on Wednesday new home sales surged to a six-month high in March, as buyers hurried to capitalize on declining mortgage rates, benefiting firms like Weyerhaeuser which supply lumber for new home construction. The company owns about 10.5 million acres of timberlands across the U.S., primarily in the West, South, and Northeast. Last year, Weyerhaeuser acquired 84,300 acres of timberlands in Alabama through three transactions totaling $244 million.