Potlatch Corp., of Spokane, today reported third-quarter net income of $22.2 million, or 54 cents a diluted share, up from $18.6 million, or 46 cents a share, in the 2012 third quarter.
The company reported an $8 million increase in revenues for the latest quarter, to $157.9 million from $151.9 million in the year-earlier quarter.
Michael Covey, the company's chairman and CEO, said in a press release that Potlatch did well in all of its business segments and that the 53 sales transactions it recorded in its real estate segment was among the highest number of transactions it has recorded since its conversion to a real estate investment trust in 2006.
"Our resource segment's harvest volumes, revenues, and earnings increased significantly in the third quarter, which is typically our seasonally strongest quarter of the year," Covey said. "Our lumber shipments have remained strong."
Average lumber prices were lower in the third quarter than they were in the previous quarter, but increased throughout the three-month period.