Timber and real estate firm, Deltic Timber Corp., saw its third quarter profits more than quadruple from one year ago as rising sales from its mill segment boosted earnings.
The El Dorado-based company reported quarterly net income of $3.2 million on revenue of $36.499 million. One year ago, Deltic posted a profit of $720,000 on sales of $31.371 million.
“The profitable performance of Deltic’s diverse asset base for the third quarter continues to be encouraging given the uncertain economic conditions that exist,” said CEO Ray Dillon. “The importance of the company’s vertical integration strategy continues to be proven by the economic leverage of our ownership of efficient sawmills, as evidenced by their financial performance during the quarter. With the cash flows generated by these facilities, we repaid another $7 million of debt during the third quarter.”
Year-to-date, Deltic’s net income is $6.831 million compared to $2.867 million in last year’s comparable nine-month reporting period. Revenues are up 12% from a year ago.
Deltic Timber’s stock closed trading Wednesday (Oct. 24) at $66.75. Shares of the company have traded from a low of $53.47 to a high of $76.03 in the last 52 weeks.