Potlatch Corporation reported net income of $24.3 million, or $0.59 per diluted share, on revenues of $163.2 million for the 2Q ended June 30, 2017.
Net loss was $31.3 million, or $0.77 per diluted share, on revenues of $141.5 million in the 2Q 2016. Excluding the after-tax loss of $36.7 million on the sale of central Idaho timber and timberlands, net income was $5.4 million, or $0.13 per diluted share for the quarter ended June 30, 2016.
"The power of our leverage to lumber prices was reflected in our strong financial performance in the 2Q," said Mike Covey, chairman and CEO. "Our Wood Products segment shipped a record volume of lumber for the third time in four quarters, maximizing the benefit of robust lumber prices. Lumber prices also lifted mixed sawlog prices in Idaho and cedar sawlog prices remain at record levels," 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. Potlatch, a certified forest practices leader, is committed to providing superior returns to stockholders through long-term stewardship of its forest resources.
