Potlatch Corp., of Spokane, reported third-quarter net income of $18.6 million, or 46 cents a diluted share, down from $25.6 million, or 63 cents a share, in the 2011 third quarter.
While Potlatch's results were down compared with the year-earlier quarter, company Chairman, President, and CEO Michael Covey says the results exceeded the company's expectations.
"Our wood products segment has now had two consecutive quarters of their highest quarterly operating income in over five years," Covey says.
Also, he says, the stronger-than-anticipated demand for manufactured wood products that began in this year's first quarter continued through the third quarter.
Revenues for the quarter were $151.9 million, slightly below the $152.9 million in revenue during the year-earlier quarter.
Third quarter 2011 results were bolstered by land sales. During that quarter, Potlatch sold 41,700 acres of timberland in Wisconsin and Arkansas for a total of $28.7 million, which contributed about 12 cents per share to the company's quarterly earnings.