Potlatch Corp., of Spokane, announced this morning 2012 fourth-quarter net income of $13.9 million, or 34 cents a diluted share, up considerably from a net loss of $1.5 million, or 4 cents a share, in the year-earlier period.

For all of last year, Potlatch posted net income of $42.6 million, or $1.05 a share, up from $40.3 million, or $1 a share, in 2011.

In a press release, Potlatch's Chairman, President, and CEO Michael Covey said, "Operating results for 2012 greatly exceeded our expectations. Market conditions improved considerably as we moved through the year, resulting in significantly better results versus what we were predicting at this time last year."

He added that the company's wood products segment experienced "a real turnaround" in its markets, specifically with strong demand for manufactured wood products. That segment has had three consecutive quarters of its highest operating income in more than five years, the company said.