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Sunday, October 20, 2019  Spokane, Washington  Est. May 19, 1883
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News >  Business

Lower lumber prices resulted in lower profits for Potlatch Corp.

From staff reports

A strong U.S. dollar contributed to lower lumber prices, which created a challenging year for Potlatch Corp., company officials said Tuesday.

Potlatch reported fourth-quarter income of $3.5 million, or 9 cents per share, on revenues of $138 million. During the fourth quarter of 2014, the company earned $21.8 million, or 53 cents per share, on revenues of $174.5 million.

For all of 2015, the Spokane-based company reported net income of $31.7 million, compared to $89.9 million for 2014.

“We anticipate better results in 2016, based on a belief that the recovery in the U.S. housing market will continue and that lumber prices will improve,” said Mike Covey, the company’s chairman and CEO.

Potlatch is a real estate investment trust, with 1.6 million acres of timberland in Idaho, Minnesota, Alabama, Arkansas and Mississippi. The company expects to harvest 4.4 million tons of logs this year, and sell 20,000 to 25,000 acres of timberland.

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