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* 1st-qtr revenue rises 1.7 pct to $1.98 billion
* Profit $0.31/share vs. $0.26/share year earlier
* Adj profit $0.26/share vs est $0.24 (Adds details, background, outlook, shares)
April 25 (Reuters) - Timber conglomerate Weyerhaeuser Co reported a better-than-expected first-quarter profit as its acquisition of Longview Timber Holdings began paying off but said it expected low prices and higher costs to hurt timberland earnings in the current quarter.
Weyerhaeuser bought Longview Timber from Brookfield Asset Management Inc last June for $2.65 billion, including assumption of debt.
"Our Timberlands business is realizing increasing benefits from the Longview Timber acquisition and reported its highest quarterly earnings excluding land sales since 2006," Weyerhaeuser Chief Executive Doyle Simons said in a statement.
Weyerhaeuser, which manages 21 million acres of forests, said it expected earnings to rise in its wood products and cellulose fibers businesses in the second quarter.
Cellulose fibers are used in a wide range of products, from diapers and textiles to paper and plastics. The company said it expected higher price realizations and volumes for pulp and liquid packaging board in the current quarter.
Net profit rose 27 percent 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.
Analysts on average had expected a profit of 24 cents per share on revenue of $2.08 billion, according to Thomson Reuters I/B/E/S.
Federal Way, Washington-based Weyerhaeuser's shares closed up 0.49 percent at $28.74 on the New York Stock exchange on Thursday. (Reporting By Shubhankar Chakravorty and Arnab Sen in Bangalore; Editing by Gopakumar Warrier and Don Sebastian)