"Continued improvement in housing starts is supporting domestic log prices and export demand is generally adding pricing tension to our markets, says Tom Ringo, CEO of log and lumber supplier Pope Resources.
Lumber source Pope Resources reported net income more than tripled, to $2 million, as revenue declined by $2 million. Since the October 2015 expiration of the Softwood Lumber Agreement , Canadian lumber has been sold duty-free into the U.S. market. The influx has played a role in keeping log prices in check.
Pope Resources (NASDAQ: POPE) reported net income of $436,000, on revenue of $12.7 million for the quarter ended June 30, 2016. This compares to net income attributable to unitholders of $289,000 on revenue of $13.9 million for the comparable period in 2015.
Pope Resources, together with the State of Washington’s Department of Ecology (Ecology), announced that the two parties have agreed on the scope for the final portion of the environmental clean-up effort in and around Port Gamble Bay, a process that began in 2002.