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UPDATE 1-Weyerhaeuser profit beats on strong wood product sales

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Aug 1 (Reuters) - Timber conglomerate Weyerhaeuser Co reported a better-than-expected quarterly profit as its strategy of focusing on wood products paid off.

Higher volumes and lower costs helped the wood products business, which makes products for roofs, walls and flooring, post a 20 percent jump in sales.

The business brought in $1.08 billion of Weyerhaeuser's total revenue of $1.96 billion and contributed $102 million to pre-tax profit in the second quarter ended June 30.

The company, which divested its homebuilding unit last year to concentrate on its core wood businesses, said it expects "comparable" earnings from the wood products business in the current quarter.

Weyerhaeuser, however, warned of "significantly" lower earnings from a business that grows and harvests trees and in another unit that make fibers used in diapers and textiles.

Third-quarter will also include a net gain of about $1 billion related to the divestiture of its homebuilding unit, the company said.

Second-quarter net profit jumped 43 percent to $280 million, or 47 cents per share.

Excluding items, Weyerhaeuser earned a profit of 40 cents per share, higher than the average analyst estimate of 35 cents, according to Thomson Reuters I/B/E/S.

Net sales rose 5 percent, but fell short of the expected $2.27 billion.

Weyerhaeuser's shares have risen more than 10 percent in the last 12 months.

(Reporting by Anannya Pramanick and Arnab Sen in Bangalore; Editing by Gopakumar Warrier)