Potlatch Corp Q2 Profit Up - Quick Facts

(RTTNews) - Potlatch Corporation(PCH), a Real Estate Investment Trust, Wednesday reported an increase in net income for the quarter, reflecting good performance across all segments leading to higher revenue.   The company reported net income of $19.2 million or $0.47 per share for the three-month period, compared with $15.5 million or $0.38 per share during the same quarter last year. Included in the net income was $1.75 million accrued for environmental remediation at the Company's Avery Landing site.

On average, seven analysts polled by Thomson Reuters expected earnings per share of $0.31 for the quarter. Analysts' estimates typically exclude one-time items.

The company generated revenues of $133.2 million for the quarter, compared with $117.5 million reported during the corresponding quarter previous year. Analysts expected the company to report revenues of $131.71 million for the quarter.

Michael Covey, chairman and chief executive officer said, "...Our Wood Products segment had its best quarter in almost a decade. Lumber prices increased significantly in the first quarter and peaked in April, which benefited us greatly as we had a large number of shipments during this period. These strong pricing gains were somewhat tempered as prices softened in May and June..."