Potlatch Corp. (PCH) reported second-quarter 2015 net income of $711,000 or $0.02 per share, down from $16.3 million or $0.40 per share in the second quarter of 2014.
Quarterly revenues dropped to $128.7 million from $143.9 million in the prior year.
Analysts polled by Thomson Reuters expected the company to report break even per share and revenues of $132.79 million for the quarter. Analysts' estimates typically exclude special items.
"Our earnings were pressured in the second quarter as a result of the slide in lumber prices over the first five months of the year and seasonally light harvest volumes," said Mike Covey, chairman and chief executive officer.
"While it took a bit longer than expected, we were pleased to see the sharp recovery in lumber prices late in the quarter. In the second half of the year, we expect higher lumber prices, along with seasonally higher harvest levels and continued strength in the Minnesota rural recreation real estate market to result in much stronger earnings," said Mike Covey.
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