Weyerhaeuser Co. and International Paper Corp. both...

Weyerhaeuser Co. and International Paper Corp. both reported sharp increases in first-quarter profit, primarily because of higher prices and strong demand for pulp and paper.

Federal Way, Wash.-based Weyerhaeuser said it earned $206.6 million, or $1 per share, in the three months ended March 26, up 63% from $126.6 million, or 62 cents per share, during the same period a year ago. Sales rose 15%, to $2.75 billion from $2.39 billion in the first quarter of 1994.

The pulp, paper and packaging segment had operating income of $210 million, compared to $5 million in the 1994 first quarter. That offset a drop--from $283 million to $239 million--in income from its timberlands and wood products division.

International Paper said it earned $246 million, or $1.95 a share, for the three months ended March 31, compared to $76 million, or 61 cents per share, during the same period last year.

Sales rose 32%, to $4.5 billion from $3.4 billion in the quarter a year ago.