Catchmark Timber Trust (CTT) Misses Q3 EPS by 1c
Catchmark Timber Trust (NYSE: CTT) reported Q3 EPS of ($0.09), $0.01 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $24.6 million versus the consensus estimate of $23.61 million.
Brian M. Davis, CatchMark's Chief Executive Officer, said: "We are encouraged by the evident momentum in homebuilding recovery driven by the combination of favorable demographics, low interest rates, and low historical housing supply. These trends bode well for product price improvements in 2021 and beyond to meet rising demand for timber products. Despite 2020's weather and pandemic related challenges, we delivered consistent cash flow during the third quarter and stayed on course to achieve our full-year operating objectives. At the same time, we continue to realize the benefits of our established and proven business strategy, focusing on prime properties in high demand mill markets. As a result, we continue to attain premium pricing for our timber sales significantly above industry averages. In addition, we remain on course to meet our timberland sales goals for the year."
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