Potlatch Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Full Year 2016
January 26, 2016 at 05:15 pm IST
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Potlatch Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported revenues of $137,989,000 compared to $146,237,000 a year ago. Operating income was $9,855,000 compared to $26,603,000 a year ago. Income before income taxes was $1,514,000 compared to $20,169,000 a year ago. Net income was $3,549,000 or $0.09 per basic and diluted share compared to $20,136,000 or $0.49 per basic and diluted share a year ago. Net cash from operations was $18.9 million compared to $23.7 million a year ago.
For the year, the company reported revenues of $575,336,000 compared to $606,950,000 a year ago. Operating income was $58,907,000 compared to $132,506,000 a year ago. Income before income taxes was $26,146,000 compared to $109,597,000 a year ago. Net income was $31,714,000 or $0.77 per diluted share compared to $89,910,000 or $2.20 per diluted share a year ago. Net cash from operating activities was $74,014,000 compared to $131,372,000 a year ago. Capital expenditures were $32.7 million for the year.
The company anticipates better results in 2016 based on a belief that the recovery in the U.S. housing market will continue and that lumber prices will improve. The company expects net interest expense will average a little over $8 million per quarter in 2016. The company estimates an annual tax rate of 10% to 15% in 2016. The company has budgeted capital expenditures of $19 million for 2016. Earnings for each of the remaining three quarters are expected to be higher than the comparable quarters in 2015.
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 Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Full Year 2016