Deltic Timber Earnings More Than Double
by February 26, 2014 10:08 pm 88 views
Deltic Timber Corp. posted slightly lower fourth quarter earnings, but the El Dorado-based timber and real estate company scored big with full-year net income more than doubling its previous year’s profits.
Deltic Timber fourth quarter net income was $2.3 million compared to net income of $2.4 million one year ago. For the full year, Deltic’s profits topped $26.2 million, up from $9.2 million in 2012.
Revenues climbed higher in 2013 to $164.92 million, a 33% increase from $123.77 million in 2012.
“Led by our manufacturing segment, which was expanded during the year with the acquisition of the remaining ownership interest of Del-Tin Fiber, Deltic’s operations established a new record for financial performance in 2013,” said Ray Dillon, Deltic Timber’s CEO. “The benefits of the company’s strategy of owning vertically integrated assets and managing them intensively to achieve growing results were very evident.”
Dillon said that increased earnings and cash flows allowed the company to invest in a capital program to boost operations, pay increased dividends, and repurchase a portion of common stock. Deltic also paid down $2 million in outstanding debt from its revolving credit facility.
Deltic Timber (NYSE: DEL) shares closed Wednesday (Feb. 26) at $65.23. The company’s stock has traded between $57.29 and $73.47 during the past year.