Potlatch Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter and Full Year of 2017
January 31, 2017 at 06:45 am EST
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Potlatch Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported revenues of $155,681,000 against $137,989,000 a year ago. Operating income was $25,716,000 against $9,855,000 a year ago. Income before income taxes was $18,792,000 against $1,514,000 a year ago. Net income was $14,373,000 against $3,549,000 a year ago. Net income per diluted share was $0.35 against $0.09 a year ago. Net cash from operations was $27.7 against $18.9 a year ago. EBITDDA was $35.1 million in the fourth quarter compared to $48.8 million last quarter. The sequential decline in earnings and EBITDDA is normal in the fourth quarter and is primarily due to seasonal factors. Capital expenditures were $4.6 million in the fourth quarter. Total capital expenditures, excluding acquisitions, were $19.3 million for the year.
For the year, the company reported revenues of $599,099,000 against $575,336,000 a year ago. Operating income was $35,554,000 against $58,907,000 a year ago. Income before income taxes was $6,613,000 against $26,146,000 a year ago. Net income was $10,938,000 against $31,714,000 a year ago. Net income per diluted share was $0.27 against $0.77 a year ago. Net cash from operating activities was $102,117,000 against $74,014,000 a year ago. Purchase of property, plant and equipment was $5,866,000 against $18,987,000 a year ago. Excluding the after-tax loss of $36.7 million or $0.89 per diluted share on sale of 172,000 acres in central Idaho, 2016 net income was $47.6 million, or $1.16 per diluted share. Net debt was $125 million.
The company expects the consolidated tax rate to be about 5% in the first quarter. The company expects earnings to be lower in the first quarter compared to the fourth quarter.
The company expected capital expenditures of $27 million for 2017. Approximately $15 million is for reforestation costs and logging road construction in resource segment.
PotlatchDeltic Corporation is a real estate investment trust (REIT) with operations in approximately nine states. The Company operates through three segments: Timberlands, Wood Products, and Real Estate. Timberlands segment includes planting and harvesting trees and building and maintaining roads. Wood Products segment manufactures, and markets lumber and plywood. Its products are sold to end users, retailers or wholesalers for nationwide distribution primarily for use in home building, repair and remodeling, industrial products and other construction activity. Real Estate segment consists primarily of the sale of rural land and real estate development and subdivision activity. The Company also own six sawmills and an industrial grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. It owns approximately 2.2 million acres of timberland in Alabama, Arkansas, Idaho, Georgia, Louisiana, Mississippi, and South Carolina.
Potlatch Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter and Full Year of 2017