Stronger housing market boosts Potlatch earnings

Potlatch Corp.’s income grew by 27 percent last year and the Spokane-based company is expecting another strong year in 2015, based on continuing recovery in the U.S. housing market, officials said today. Potlatch reported net income of $89.9 million, or $2.20 per share, on revenue of $607 million in 2014. That compared to 2013 income of $70.6 million, or $1.73 per share, on revenues of $570 million. During the fourth quarter, the company had net income of $20.1 million, or 49 cents per share, compared to 2013’s fourth quarter income of $13.7 million, or 34 cents per share. Potlatch is a real estate investment trust with 1.6 million acres of timberland in Idaho, Minnesota and the South. The company plans to increase its timber harvest to 4.5 million tons this year, said Mike Covey, the company’s chairman and CEO.