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Weyerhaeuser Co. (NYSE: WY) reported second-quarter fiscal 2013 results before markets opened this morning. The wood products REIT posted diluted earnings per share (EPS) of $0.35 on revenues of $2.1 billion. In the same period a year ago, the company reported adjusted EPS of $0.09 on revenues of $1.8 billion. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.30 and $2.04 billion in revenues.

In its outlook for the third quarter, Weyerhaeuser said it expects the Timberland division to post lower earnings due primarily to normal seasonal decline. Sales fell from $1.07 billion in the second quarter a year ago to $988 million this year. Weyerhaeuser also expects earnings to fall in its Wood Products division, while staying steady in the Cellulose Fibers division. The company expects “slightly” higher profits in its Real Estate division, where it expects to sell more than 700 homes in the quarter.

The company’s CEO noted:

This was a milestone quarter for Weyerhaeuser. We moved forward both strategically and operationally with the acquisition of Longview Timber LLC and by delivering strong operating results in this improving housing market.

Consensus estimates call for third-quarter EPS of $0.28 on revenue of $2.1 billion. For the full year, the consensus estimate for EPS is $1.15 on $8.27 billion in revenues.

Prices for lumber, which provides half of Weyerhaeuser’s revenues, fell from around $380 on a futures contract to below $300 during the second quarter. Currently, prices are climbing back up, at around $320, and the futures contract going out to September 2014 is trading around $375. As new building increases, lumber prices will too, but we are heading into the slower part of the building season now and then comes winter. Weyerhaeuser’s looking soft for a while more.

Weyerhaeuser’s shares are down 0.9% in premarket trading, at $28.88, in a 52-week range of $22.62 to $33.24. The consensus target price for the shares was around $31.90 before today’s report.