Pope Resources reported net income of $3.4 million, or $0.77 per ownership unit, on revenue of $17.3 million for the 1Q ended March 31, 2017. This compares to net loss attributable to unitholders of $1 million, or $0.25 per ownership unit, on revenue of $11.1 million for the 1Q 2016.
"Our overall average log price realizations improved slightly compared to the previous quarter, with lower-valued species mix masking improvements in the markets for Douglas-fir and whitewood sawlogs," said Tom Ringo, President and CEO. "We trace this improvement in log markets to reductions in log supply caused by unusual amounts of rain and snow in our Pacific Northwest operating region, combined with incremental demand due to market expectations of pending duties on Canadian lumber imports."
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.