The figures are a big improvement from 2012, when Weyerhaeuser reported net profits of US$385m and sales of US$7.05bn.

The company’s wood products division enjoyed a good year but sales volumes declined across all product lines in the fourth quarter, partly because of severe winter weather.

Seasonally lower OSB prices were offset by higher average selling prices for lumber and engineered wood products.

Weyerhaeuser anticipates higher wood products earnings in the first quarter of 2014.