Weyerhaeuser tops quarterly profit estimates, forecasts higher timberlands earnings

July 30 (Reuters) - Wood products maker Weyerhaeuser beat Wall Street estimates for second-quarter adjusted profit on Thursday and said it expects its timberlands business to post slightly higher earnings in the third quarter despite macroeconomic uncertainty.

Shares of the company were up nearly 1% in extended trading. Weyerhaeuser reported second-quarter adjusted profit of 13 cents per share, compared with analysts' average estimate of 9 cents per share, according to data compiled by LSEG.

• "Despite ongoing macroeconomic uncertainty and near-term inflationary pressures, we are encouraged by the recent increase in pricing for lumber and western logs," said CEO Devin Stockfish.
• "We are confident in the long-term demand fundamentals," Stockfish said.
• Weyerhaeuser expects third-quarter earnings before special items and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in its timberlands business to be slightly higher than the second quarter.
• Second-quarter adjusted EBITDA for timberlands was $123 million.
• In its strategic land solutions business, the company expects third-quarter adjusted profit to be about $30 million lower than the second quarter and adjusted EBITDA to be about $45 million lower, because of the timing and mix of real estate sales.
• For its wood products business, Weyerhaeuser expects third-quarter adjusted profit and adjusted EBITDA to be slightly lower than the second quarter.
• In June, Weyerhaeuser completed the divestiture of 29,000 acres of non-core timberlands in Oregon for $114 million.