Deltic Timber Corporation managed to generate more positive sales flow to its coffers in the first quarter of 2014, though its net income was not as impressive as last year's.
Net sales for the three months ended March 31 were $55.4 million, up 33.2% year-over-year.
Net income for the quarter was $4.9 million, down from 2013's $6.8 million. President and CEO Ray Dillon attributed the decrease to lower operating income for the company's Manufacturing segment; harsh winter weather conditions slowed construction activity through much of the country.
“Harsh winter weather conditions existed for much of the United States during the first quarter," said Dillon. "Despite the negative impact this had on the consumption of softwood lumber for construction, Deltic’s operations again generated solid financial results. While the volume of lumber sold and the average sales price received for it were both down from a year ago, the company harvested its planned volume for pine sawtimber and pine pulpwood for the quarter, benefitted from improved natural gas prices, and sold almost twice as many residential real estate lots than it did in the first quarter of last year."
Dillon added that Deltic Timber also successfully acquired timberlands in the Ola Region during the quarter, which bodes well for its future earnings.