Potlatch Corp. on Tuesday reported financial results for the 2009 third quarter ended Sept. 30. The company reported $46 million in earnings from continuing operations for the quarter, compared to just $3.7 million in the 2nd quarter, and up from nearly $25 million in the 3rd quarter of 2008.
Chief Financial Officer Erik Cremers says the numbers reflect the company’s continued improvements in several areas.
Chief financial officer Erik Cremers comments
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The timber deed sale boosted 3rd quarter numbers for the Resource segment, which reported income of $55.4 million, compared to $4.5 million in the 2nd quarter, and $30.7 million a year ago.
Results from the Real Estate segment were lower compared to 2008’s 3rd quarter, primarily due to a higher cost basis for land sold in 2009. Operating income for the segment was $1.5 million.
The Wood Products segment posted improved results for the third consecutive quarter. The segment operated at positive cash flow, while reporting an operating loss of $1.5 million dollars – that was an improvement over the loss of $3 million in the 2nd quarter, and a loss of $11.2 million in the 1st quarter.
