Pope Resources reported 3Q 2017 net income of $1.7 million, or $0.38 per ownership unit, on revenue of $18.8 million for the 3Q, ended September 30, 2017. This compares to net income of $2 million, or $0.45 per ownership unit, on revenue of $13.2 million for the 3Q 2016, as the company said in the press release received by Lesprom Network.
"These are good times to be a log-seller in the Pacific Northwest," said Tom Ringo, President and CEO. "Log supply in our region was crimped in 3Q by forest fires, none of which touched our lands. An additional supply limitation was low log/haul contractor availability to flex harvest volumes upward in the region. Meanwhile, demand remained strong as a slow-but-steady healing in US housing has strengthened domestic lumber producers even as export buyers continue to bid for PNW logs. We anticipate that 4Q will bring more of this upward-trending log market as operating curtailments due to winter weather replace fire as a supply constraint."
Net income for the nine months ended September 30, 2017 totaled $5.2 million, on revenue of $52 million. This compares to net income of $1.4 million, on revenue of $37 million for the nine months ended September 30, 2016.
Pope Resources, a publicly traded limited partnership, and its subsidiaries Olympic Resource Management and Olympic Property Group, own or manage 210,000 acres of timberland and development property in Washington, Oregon, and California.