Weyerhaeuser Q1 profit rises 27 pct

Fri Apr 25, 2014 3:32am EDT
 
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April 25 (Reuters) - Timber conglomerate Weyerhaeuser Co's first-quarter profit rose 27 percent as its acquisition of Longview Timber began paying off.

Weyerhaeuser bought Longview Timber Holdings from Brookfield Asset Management Inc last June for $2.65 billion, including assumption of debt.

Net profit rose to $183 million, or 31 cents per share, in the quarter ended March 31 from $144 million, or 26 cents per share, a year earlier.

On an adjusted basis, the company earned 26 cents per share.

Revenue rose 1.7 percent to $1.98 billion. (Reporting By Shubhankar Chakravorty and Arnab Sen in Bangalore; Editing by Gopakumar Warrier)