Deltic Timber Reports Net Income Of $6 Million
by October 23, 2014 5:52 am 91 views
Deltic Timber Corp. reported third quarter net income of $5.97 million, slightly higher than $5.81 million in last year’s comparable quarter. The El Dorado-based timber and real estate company saw revenues rise to $58.3 million compared to $56.52 million one year ago.
The company said it saw improvements in its woodlands and real estate segments, and it benefitted from a lower effective income tax rate.
“Pine sawtimber stumpage prices are higher than a year ago, and we also capitalized on the opportunity to sell some non-strategically located timberland with higher and better use potential for an attractive per-acre price, benefitting Deltic’s Woodlands segment results for the period,” said Deltic Timber CEO Ray Dillon.
“In our real estate segment, we had a successful lot offering in a new small-lot neighborhood that is very near to our Chenal Valley development, and we also continue to see increased interest in our commercial acreage there,” Dillon added.
Deltic is the developer of upscale Chenal Valley in west Little Rock.
Shares of Deltic Timber (NYSE:DEL) closed Wednesday at $67.21. The company’s stock has traded between $58.05 and $69.74 per share during the last 12 months.