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Potlatch improved 3Q net income to $33.7 million
Potlatch Corporation reported net income of $33.7 million, or $0.82 per diluted share, on revenues of $190.4 million for the quarter ended September 30, 2017. Net income was $27.6 million, or $0.68 per diluted share, on revenues of $174 million in the quarter ended September 30, 2016.
Excluding amounts related to a lumber swap and an environmental claim related to Avery Landing, adjusted net income was $38.7 million, or $0.94 per diluted share for the 3Q 2017.
“Our geographical diversity was apparent in our strong third quarter results, which were driven by robust northern sawlog markets and western lumber prices,” said Mike Covey, chairman and CEO. “Cedar sawlog prices remain at a record level and mixed sawlog prices benefited from the increase in lumber prices in the quarter. 2017 is proving to be a banner year for Potlatch given solid earnings and our separate announcement that we have reached an agreement to merge with Deltic,” stated Mr. Covey.
Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.4 million acres of timberland in Alabama, Arkansas, Idaho, Minnesota and Mississippi.
Source: Lesprom Networks