Potlatch Corporation (NASDAQ:PCH) today reported financial results for the first quarter ended March 31, 2011.
“The year is off to a good start in each of our business segments,” said Michael Covey, chairman, president and chief executive officer of Potlatch Corporation. “Favorable logging conditions in Idaho allowed our Resource segment to roll forward some of our planned harvest for the year, in order to capture better than anticipated pricing. Our Wood Products segment benefitted from relatively strong lumber prices in January and February, though prices have recently softened. Our Real Estate segment had another solid quarter, completing the first of three phases of a non-strategic and rural real estate land sales transaction in Idaho along with a continued steady flow of other HBU and rural recreational land sales,” concluded Mr. Covey.
Q1 2011 FINANCIAL SUMMARY
- Total consolidated revenues increased 16 percent from $105.4 million in Q1 2010 to $122.2 million in Q1 2011.
- Net earnings for the quarter were $7.7 million, or $0.19 per diluted common share, compared to $1.2 million, or $0.03 per diluted common share for Q1 2010.
- Q1 2010 earnings included a $3.0 million after-tax charge, or $0.07 per share, related to health care reform legislation passed in Q1 2010.
- Cash provided by operating activities from continuing operations was $20.2 million for Q1 2011 compared to $11.9 million for Q1 2010.
Q1 2011 BUSINESS PERFORMANCEResource Resource segment revenues increased 15 percent from $44.8 million in Q1 2010 to $51.6 million in Q1 2011. Operating income for the segment was $14.1 million, compared to $12.8 million in Q4 2010 and $9.9 million in Q1 2010. Q1 2010 results include Wisconsin operations which were sold in the second half of 2010.