Deltic’s profit slides to $2.7M in quarter
Deltic Timber reported a $2.7 million profit on $55.4 million in net sales for the second quarter of this year, down from a profit of $4.2 million on $56.8 million in sales for the same period a year ago.
Deltic’s quarterly earnings report, released Wednesday, said earnings per share were 22 cents, compared with 35 cents a year ago.
The El Dorado-based company said its woodlands division saw an increase in demand for saw logs and benefited from an increase in pulpwood and chip-and-saw harvests despite a wet spring. The division had net sales of $10.2 million for the quarter, compared with $9.5 million a year ago. Operating income grew from $4.4 million to $5 million.
Its manufacturing division reported sales prices on lumber were 5 percent higher, on average. It sold 66.9 million board feet of lumber in the second quarter, a 4 percent drop from a year ago. The company attributed a $3 million downturn in operating income to higher operating expenses, especially in maintenance.
The company sold four residential lots during the quarter, compared with 22 a year ago, but said the sale of 69 lots in its Wildwood development in west Little Rock was nearly complete.