Weyerhaeuser beats first quarter profit estimates on strong domestic demand

April 24 (Reuters) - Weyerhaeuser WY.N beat Wall Street estimates for first-quarter profit on Thursday, as the lumber firm was helped by robust domestic demand.

According to U.S. government data released on Wednesday new home sales surged to a six-month high in March, as buyers hurried to capitalize on declining mortgage rates, benefiting firms like Weyerhaeuser which supply lumber for new home construction.

The company owns about 10.5 million acres of timberlands across the U.S., primarily in the West, South, and Northeast. Last year, Weyerhaeuser acquired 84,300 acres of timberlands in Alabama through three transactions totaling $244 million.

The company's Timberlands segment reported quarterly adjusted core profit of $167 million for the January-March quarter, up 16% from a year earlier.

However, in March, Weyerhaeuser said that its operations could be significantly impacted by changes in tariffs, duties, taxes, or customs due to shifts in U.S. and foreign trade policies.

The Seattle, Washington-based company further warned that U.S. import tariffs could raise its costs for products and raw materials. If it can't pass these costs to customers, it might face financial difficulties and may have to close facilities.

Weyerhaeuser said it expects second-quarter adjusted core profit will be about $15 million lower than the first quarter in the Timberlands segment.

The company reported an adjusted profit of 11 cents per share for the quarter ended March 31, beating analysts' average estimate by 1 cent, according to data compiled by LSEG.