Deltic Timber Corporation's 2Q 2017 net sales totaled $55.4 million, versus $56.8 million for 2Q 2016. Net income was $2.7 million, or $.22 per diluted share, versus net income of $4.2 million, or $.35 per diluted share, for the same period of 2016, as the company said in the press release received by Lesprom Network.
Financial results for the 2Q 2017 benefited from increased operating income in Woodlands and lower corporate general and administrative expenses. However, overall the quarter was lower than the previous year due to reduced operating rates in Manufacturing resulting from ongoing capital improvement and maintenance projects.
“Deltic continues to make progress to sharpen our focus on relentless execution and increase shareholder value,” commented John D. Enlow, Deltic’s President and CEO. “The Woodlands segment continued to see favorable sawlog demand and benefited from increased pulpwood and chip-n-saw harvests, despite the impact of wet weather conditions in our operating areas during the quarter. Pricing across pulpwood and chip-n-saw grades remained relatively stable, with modest increases in sawlog pricing compared to the same quarter last year. In Manufacturing, our average sales price for lumber sold increased five percent with continued favorable demand. As expected, the medium density fiberboard (“MDF”) plant continued to be adversely impacted during the 2Q 2017 due to worn press chains, which are scheduled to be replaced in August of this year.”
Deltic Timber Corporation owns approximately 530,000 acres of timberland, operates two sawmills and a medium density fiberboard plant, and is engaged in real estate development.
