Potlatch reports 3Q net earnings of $25.6 million

Oct 24, 2011. /Lesprom Network/. Potlatch Corporation reported financial results for the 3Q ended September 30, 2011. Net earnings for the quarter were $25.6 million, compared to $18.1 million for Q3 2010. Included in Q3 2010 results was a non-strategic timberland sale of approximately 41,700 acres in Wisconsin and Arkansas for $28.7 million, which provided $0.12 of positive EPS impact, as the company said in a press release received by Lesprom Network. “Each of our business segments posted improved results during the 3Q compared to the same period a year ago,” said Michael Covey, Chairman, President and CEO of Potlatch Corporation. “Total harvest volume and pricing was higher due to strong demand in our Northern region. This strength was partially offset by continued weak demand for sawlogs in our Southern region that impacted harvest volumes and prices and led to the deferral of some of our planned harvest in Arkansas during the 2Q. We did receive some benefit from increased thinning operations in our Southern pine plantations, which generated higher sales of pine pulpwood. In our Wood Products business, prices for wood products declined modestly over the quarter, but were offset by increased lumber shipments. Our Real Estate segment recorded solid results, completing 33 land sales transactions during the quarter,” concluded Mr. Covey. During the 3Q, Potlatch paid a regular quarterly cash distribution on the company’s common stock of $0.51 per share. Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.45 million acres of timberland in Arkansas, Idaho and Minnesota. Potlatch, a verified forest practices leader, is committed to providing superior returns to stockholders through long-term stewardship of its forest resources. The company also conducts a land sales and development business and operates wood products manufacturing facilities through its taxable REIT subsidiary.