FEDERAL WAY, WA - Lumber giant Weyerhaeuser (NYSE: WY) fourth quarter earnings rose 31% to $166 million on revenues of $1.8 billion.For the year, net income more than tripled to $1.8 billion, with gains driven by healthy construction and divestitures. This compares with net earnings of $540 million, for the same period last year.

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Full year 2014 includes after-tax earnings of $998 million from discontinued operations related to the divestiture of Weyerhaeuser Real Estate Company and $84 million from special items. Excluding these items, the company reported net earnings of $700 million. This compares with net earnings from continuing operations before special items of $572 million in 2013.

Western fee harvest volumes increased and log realizations improved in domestic and Japanese markets, but were offset by weaker demand and pricing for Chinese export logs

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