Pope Resources reported net income of $3.3 million, or $0.75 per ownership unit, on consolidated revenue of $25 million, for Q1 2019. This compares to net income of $5.7 million, or $1.31 per ownership unit, on consolidated revenue of $25 million, for Q1 2018.
"Log demand in our Pacific Northwest operating region was moderate in Q1 2019," said Tom Ringo, President and CEO, "as a harsh winter for the west coast produced disappointing housing starts and lumber take-away, while uncertainty in trade relations with China constrained export markets. We are cautiously optimistic that log prices will strengthen as the spring and summer building season leads to improved log and lumber demand. If and when a trade agreement with China is reached, our export log market should improve as well, providing an additional catalyst for further improvement in log prices. Meanwhile, higher Q1 volume this year compared to last is due to several factors: volume sliding into early 2019 due to severe weather in late 2018, the Partnership's 10% increase in annual sustainable volume, plus more harvest from the Funds' timberlands due to acquisitions."
Pope Resources, a publicly traded limited partnership, and its subsidiaries Olympic Resource Management and Olympic Property Group, own and manage 120,000 acres of timberland and 2,000 acres of development property in Washington.
