‘Harsh’ Winter Weather Hurts Deltic Timber’s First Quarter
by April 21, 2014 9:47 pm 92 views
Deltic Timber Corp. saw its first quarter earnings slide from a year ago as a rough winter slowed business conditions. On the flip side, Deltic saw revenues grow, made a strategic land investment, and noted improving real estate conditions in its different segments.
For the quarter ended March 31, 2014, Deltic Timber posted net income of $4.9 million on revenue of $55.3 million. One year ago, the El Dorado-based timber and real estate firm recorded profits of $6.7 million on revenue of $41.5 million.
“Harsh winter weather conditions existed for much of the United States during the first quarter,” said Deltic Timber CEO Ray Dillon. “Despite the negative impact this had on the consumption of softwood lumber for construction, Deltic’s operations again generated solid financial results.
Other financial highlights of the quarter included:
- A significant timberland acquisition in the Ola region that contributed to capital expenditures topping $109 million.
- Residential lot sales totaled 23 lots in 2014’s first quarter versus 12 lot sales in the first quarter of 2013.
- Average per lot sales prices were $88,900 compared to $74,400 one year ago.
- There were no commercial real estate acreage sales in the first quarter of either year.
Deltic Timber (NYSE: DEL) shares closed trading on Monday (April 21) at $60.50. The company’s stock has traded between $57.40 and $69.68 during the past year.