April 30 (Reuters) - U.S.-based timber company

Weyerhaeuser surpassed Wall Street expectations for

first-quarter profit on Thursday, helped by the monetization of

timberland development rights that resulted in significant cash

flow.

During the quarter, its strategic land solutions unit

recorded a $94 million conservation easement transaction,

allowing the company to monetize certain non-core assets.

Weyerhaeuser also completed in February the previously

announced divestiture of non-core timberlands in Virginia for

$192 million. First-quarter pretax special items included a $58

million gain from the sale.

"Looking forward, we are encouraged by the recent increase

in lumber pricing and are well positioned to navigate a range of

market conditions," President and CEO Devin W. Stockfish said.

The Seattle, Washington-based company posted an adjusted

profit of $0.11 per share for the three months ended March 31,

compared with analysts' expectations of $0.05 per share,

according to data compiled by LSEG.

Weyerhaeuser maintained full-year forecasts for the

strategic land solutions business, but anticipates

second-quarter adjusted core profit to be about $70 million

lower sequentially, in the

For the wood products segment, the company expects

second-quarter adjusted core profit to be comparable to the

first quarter.

Weyerhaeuser shares rose 1.1% in extended trading. As of

Thursday's close, the stock was up 3.5% this year.