Revenue during the quarter grew 12.99 percent to $171.40 million from $151.70 million in the previous year period.

Cost of revenue went up marginally by 0.52 percent or $0.60 million during the quarter to $116.60 million. Gross margin for the quarter expanded 844 basis points over the previous year period to 31.97 percent.

Total expenses were $121.70 million for the quarter, down 1.78 percent or $2.20 million from year-ago period. Operating margin for the quarter expanded 1067 basis points over the previous year period to 29 percent.

Operating income for the quarter was $49.70 million, compared with $27.80 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $87.20 million compared with $65.80 million in the prior year period. At the same time, adjusted EBITDA margin improved 750 basis points in the quarter to 50.88 percent from 43.38 percent in the last year period.

"Our strong overall results this quarter reflect the balance and diversity of our portfolio, as favorable Real Estate and New Zealand Timber results more than offset the impact of lower harvest volumes across all our regions," said David Nunes, president and chief executive officer. "Southern Timber volumes decreased 23% relative to the prior year quarter as our ability to harvest in Texas and Louisiana continued to be hampered by wet ground conditions from heavy rainfall, and as we reduced volumes in certain eastern markets following unseasonably dry weather, which led to higher mill inventories and softer market conditions. Average stumpage prices in Southern Timber increased by 1%, primarily due to geographic mix. In the Pacific Northwest, harvest volumes decreased 32% relative to the prior year quarter, partially offset by a 3% increase in average domestic and export sawtimber prices. New Zealand Timber results were well above the prior year quarter even though harvest volumes were 23% lower. This performance improvement was driven by an 18% increase in export prices, reflecting strong demand from China for Radiata pine logs, as well as a 25% increase in domestic sawtimber prices as a result of solid domestic demand and a strengthening of the New Zealand dollar. Real Estate results were significantly above the prior year quarter due to a large Non-Strategic / Timberland sale in Georgia and continued strong demand for Rural HBU properties."

The company has spent $254.10 million cash to meet investing activities during the nine month period as against cash outgo of $142.90 million in the last year period.

Cash flow from financing activities was $146.80 million for the nine month period as against cash outgo of $90.10 million in the last year period.

Cash and cash equivalents stood at $110 million as on Sep. 30, 2016, up 67.29 percent or $44.25 million from $65.76 million on Sep. 30, 2015.

Real estate inventory stood at $70.30 million as on Sep. 30, 2016.

Total assets grew 15.42 percent or $356.94 million to $2,671.40 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,222.80 million as on Sep. 30, 2016, up 30.33 percent or $284.56 million from year-ago.

Return on assets moved up 79 basis points to 1.90 percent in the quarter. At the same time, return on equity moved up 129 basis points to 2.72 percent in the quarter.