ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

PCH PotlatchDeltic Corporation

43.48
0.97 (2.28%)
Last Updated: 19:59:04
Delayed by 15 minutes
Share Name Share Symbol Market Type
PotlatchDeltic Corporation NASDAQ:PCH NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.97 2.28% 43.48 43.42 43.56 43.88 42.455 42.60 360,915 19:59:04

PotlatchDeltic Corporation Reports Fourth Quarter and Full Year 2024 Results

27/01/2025 9:10pm

Business Wire


PotlatchDeltic (NASDAQ:PCH)
Intraday Stock Chart


Wednesday 29 January 2025

Click Here for more PotlatchDeltic Charts.

PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $5.2 million, or $0.07 per diluted share, on revenues of $258.1 million for the quarter ended December 31, 2024. Net loss was $0.1 million, or $0.00 per diluted share, on revenues of $254.5 million for the quarter ended December 31, 2023.

Net income for the full year 2024 was $21.9 million, or $0.28 per diluted share, on revenues of $1.1 billion. Net income for the full year 2023 was $62.1 million, or $0.77 per diluted share, on revenues of $1.0 billion. Excluding after tax special items consisting of gain on insurance recoveries and CatchMark merger-related expenses, adjusted net income was $35.0 million, or $0.43 per diluted share, for 2023.

2024 Highlights

  • Generated Total Adjusted EBITDDA of $232.1 million and Total Adjusted EBITDDA margin of 22%
  • Completed the Waldo, Arkansas sawmill expansion and modernization project
  • Sold 34,100 acres of four-year average age Southern timberlands for $57 million or $1,700 per acre
  • Acquired 16,000 acres of high-quality mature Southern timberlands for $31 million or $1,900 per acre
  • Repurchased 847,000 shares for $35 million, or $41 per share
  • Refinanced $176 million in debt during 2024 at below market rates
  • Maintained strong liquidity of $451 million as of December 31, 2024

“I am pleased with our performance across all our business segments in 2024, especially against challenging market conditions,” said Eric Cremers, President and Chief Executive Officer. “Our results reflect the strong performance of our Real Estate business and the stability provided by our Timberland operations. Additionally, we successfully achieved several strategic initiatives for the year, highlighted by the completion of the expansion and modernization project at our Waldo, Arkansas sawmill. In 2024, our balanced and disciplined capital allocation strategy focused on returning $177 million in capital to our shareholders through our quarterly dividend and value-enhancing share repurchases, investing in high-return capital projects and making an accretive timberland acquisition. As we look ahead in 2025, while ongoing challenges to housing affordability continue to create headwinds, we are optimistic about the prospects of improving lumber markets and remain confident in the demand fundamentals that drive growth in our businesses. With a strong balance sheet and a continued focus on operational excellence, we believe we are well-positioned to drive sustainable, long-term value for our shareholders,” stated Mr. Cremers.

Financial Highlights

(in millions, except per share data - unaudited)

 

Q4 2024

 

 

Q3 2024

 

 

Q4 2023

 

Revenues

 

$

258.1

 

 

$

255.1

 

 

$

254.5

 

Net income (loss)

 

$

5.2

 

 

$

3.3

 

 

$

(0.1

)

Weighted average shares outstanding, diluted (in thousands)

 

 

78,608

 

 

 

79,277

 

 

 

79,630

 

Net income (loss) per diluted share

 

$

0.07

 

 

$

0.04

 

 

$

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss)1

 

$

5.2

 

 

$

3.3

 

 

$

(0.1

)

Adjusted Net Income (Loss) Per Diluted Share1

 

$

0.07

 

 

$

0.04

 

 

$

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA1

 

$

53.3

 

 

$

45.9

 

 

$

40.7

 

Total Adjusted EBITDDA Margin1

 

 

20.7

%

 

 

18.0

%

 

 

16.0

%

Dividends per share

 

$

0.45

 

 

$

0.45

 

 

$

0.45

 

Net cash from operations

 

$

45.4

 

 

$

26.5

 

 

$

41.8

 

Cash and cash equivalents

 

$

151.6

 

 

$

161.1

 

 

$

230.1

 

1 Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Diluted Share, Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures. Refer to "Non-GAAP Measures" and Non-GAAP Reconciliations below for more information and reconciliations to GAAP, where applicable.

Business Performance: Q4 2024 vs. Q3 2024

Timberlands

Fourth Quarter 2024 Highlights

  • Timberlands Adjusted EBITDDA decreased $1.8 million from Q3 2024
  • Northern harvest volumes decreased due to normal seasonality
  • Northern sawlog prices increased primarily due to higher indexed sawlog prices
  • Southern sawlog and pulpwood prices were relatively stable

(in millions - unaudited)

 

Q4 2024

 

 

Q3 2024

 

 

$ Change

 

Timberlands Revenues

 

$

95.3

 

 

$

105.1

 

 

$

(9.8

)

 

 

 

 

 

 

 

 

 

 

Timberlands Adjusted EBITDDA1

 

$

34.0

 

 

$

35.8

 

 

$

(1.8

)

1 Refer to Segment Information below for additional information.

Wood Products

Fourth Quarter 2024 Highlights

  • Wood Products Adjusted EBITDDA increased $18.4 million from Q3 2024
  • Average lumber prices increased 11% to $445 per thousand board feet (MBF) in Q4 2024
  • Lower per-unit manufacturing costs primarily due to increased production at the Waldo sawmill following the restart in Q3 2024 related to the expansion and modernization project
  • Log costs decreased primarily due to improved log recovery

(in millions - unaudited)

 

Q4 2024

 

 

Q3 2024

 

 

$ Change

 

Wood Products Revenues

 

$

160.3

 

 

$

139.4

 

 

$

20.9

 

 

 

 

 

 

 

 

 

 

 

Wood Products Adjusted EBITDDA1

 

$

8.8

 

 

$

(9.6

)

 

$

18.4

 

1 Refer to Segment Information below for additional information.

Real Estate

Fourth Quarter 2024 Highlights

  • Real Estate Adjusted EBITDDA decreased $12.4 million from Q3 2024
  • Sold 5,919 acres of rural land at an average price of $2,923 per acre
  • Sold 45 residential lots at an average price of $101,400 per lot

(in millions - unaudited)

 

Q4 2024

 

 

Q3 2024

 

 

$ Change

 

Real Estate Revenues

 

$

25.1

 

 

$

38.7

 

 

$

(13.6

)

 

 

 

 

 

 

 

 

 

 

Real Estate Adjusted EBITDDA1

 

$

19.4

 

 

$

31.8

 

 

$

(12.4

)

1 Refer to Segment Information below for additional information.

Non-GAAP Measures

This press release includes certain financial measures that are not in accordance with accounting principles generally accepted in the United States (GAAP). Management believes that these non-GAAP measures, when read in conjunction with our GAAP financial statements, provide useful information to investors and other interested parties as described below. The presentation of these non-GAAP financial measures should be considered only as supplemental to, are not intended to be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may not be the same as or comparable to other similarly titled non-GAAP measures presented by other companies due to potential inconsistencies in methods of calculation.

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share are non-GAAP measures that represent GAAP net income (loss) and GAAP net income (loss) per diluted share before certain items, net of tax, that management believes impact the ability to compare the performance of our business, either period-over-period or with other businesses.

Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures that remove the impact of specific items that management believes do not directly reflect the core business operations on an ongoing basis and can be used to evaluate the operational performance of assets under management.

We define Total Adjusted EBITDDA Margin as Total Adjusted EBITDDA divided by Revenues.

Reconciliations of Total Adjusted EBITDDA, Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share to their most comparable GAAP measures are set forth in the accompanying “Non-GAAP Reconciliations” at the end of this release.

Conference Call Information

A live conference call and webcast will be held Tuesday, January 28, 2025, at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time). Investors may access the webcast at www.potlatchdeltic.com by clicking on the Investors link or by conference call at 1-888-510-2008 for U.S./Canada and 1-646-960-0306 for international callers. Participants will be asked to provide conference I.D. number 7281983. Supplemental materials that will be discussed during the call are available on the above website.

A replay of the conference call will be available two hours following the call until February 4, 2025 by calling 1-800-770-2030 for U.S./Canada or 1-609-800-9909 for international callers. Callers must enter conference I.D. number 7281983 to access the replay.

About PotlatchDeltic

PotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) with ownership of 2.1 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest management, is committed to corporate responsibility. More information can be found at www.potlatchdeltic.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company’s revenues, costs, expenses and liquidity; disciplined and opportunistic capital allocation strategy; long-term housing fundamentals; housing affordability; demand for lumber; and similar matters. Words such as “believe,” “continue,” “look ahead,” “ongoing,” “prospects,” and similar expressions are intended to identify such forward-looking statements. You should carefully read forward-looking statements, including statements that contain these words, because they discuss the future expectations or state other “forward-looking” information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, many of which are beyond PotlatchDeltic’s control, such as changes in the U.S. housing market; changes in timberland values; changes in timber harvest levels on the company’s lands; changes in timber prices; changes in policy regarding governmental timber sales; availability of logging contractors and shipping capacity; changes in the United States and international economies and effects on our customers and suppliers; changes in interest rates; credit availability and homebuyers’ ability to qualify for mortgages; availability of labor and developable land; changes in the level of construction and remodeling activity; changes in foreign demand; changes in tariffs, quotas and trade agreements involving wood products; currency fluctuation; changes in demand for our products and real estate; changes in production and production capacity in the forest products industry; competitive pricing pressures for our products; unanticipated manufacturing disruptions; disruptions or inefficiencies in our supply chain and/or operations; changes in general and industry-specific environmental laws and regulations; unforeseen environmental liabilities or expenditures; weather conditions; fires at our facilities and on our timberland and other catastrophic events; restrictions on harvesting due to fire danger; changes in raw material, fuel and other costs; transportation disruptions; share price; our ability to achieve the expected returns on our capital investments in our facilities; our ability to participate in the natural climate solutions and forest carbon sequestration markets; the successful execution of the company’s strategic plans and the other factors described in PotlatchDeltic’s Annual Report on Form 10-K and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof.

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Operations

Unaudited

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

December 31,

(in thousands, except per share amounts)

 

2024

 

2024

 

2023

 

2024

 

2023

Revenues

 

$

258,147

 

 

$

255,131

 

 

$

254,503

 

 

$

1,062,076

 

 

$

1,024,075

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

223,483

 

 

 

227,556

 

 

 

233,862

 

 

 

945,672

 

 

 

899,578

 

Selling, general and administrative expenses

 

 

21,330

 

 

 

20,403

 

 

 

20,612

 

 

 

83,212

 

 

 

75,730

 

CatchMark merger-related expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,453

 

Gain on fire damage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,436

)

 

 

 

244,813

 

 

 

247,959

 

 

 

254,474

 

 

 

1,028,884

 

 

 

938,325

 

Operating income

 

 

13,334

 

 

 

7,172

 

 

 

29

 

 

 

33,192

 

 

 

85,750

 

Interest expense, net

 

 

(10,874

)

 

 

(9,635

)

 

 

(8,435

)

 

 

(28,923

)

 

 

(24,218

)

Non-operating pension and other postretirement employee benefits

 

 

201

 

 

 

200

 

 

 

(229

)

 

 

803

 

 

 

(914

)

Other

 

 

1,767

 

 

 

1,516

 

 

 

629

 

 

 

3,115

 

 

 

1,267

 

Income (loss) before income taxes

 

 

4,428

 

 

 

(747

)

 

 

(8,006

)

 

 

8,187

 

 

 

61,885

 

Income taxes

 

 

766

 

 

 

4,056

 

 

 

7,866

 

 

 

13,689

 

 

 

216

 

Net income (loss)

 

$

5,194

 

 

$

3,309

 

 

$

(140

)

 

$

21,876

 

 

$

62,101

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.07

 

 

$

0.04

 

 

$

 

 

$

0.28

 

 

$

0.78

 

Diluted

 

$

0.07

 

 

$

0.04

 

 

$

 

 

$

0.28

 

 

$

0.77

 

Dividends per share

 

$

0.45

 

 

$

0.45

 

 

$

0.45

 

 

$

1.80

 

 

$

1.80

 

Weighted-average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

Basic

 

 

78,458

 

 

 

79,173

 

 

 

79,630

 

 

 

79,236

 

 

 

79,985

 

Diluted

 

 

78,608

 

 

 

79,277

 

 

 

79,630

 

 

 

79,339

 

 

 

80,167

 

PotlatchDeltic Corporation

Condensed Consolidated Balance Sheets

Unaudited

 

 

 

At December 31,

(in thousands, except per share amounts)

 

2024

 

2023

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

151,551

 

 

$

230,118

 

Customer receivables, net

 

 

23,358

 

 

 

21,892

 

Inventories, net

 

 

82,926

 

 

 

78,665

 

Other current assets

 

 

41,295

 

 

 

46,258

 

Total current assets

 

 

299,130

 

 

 

376,933

 

Property, plant and equipment, net

 

 

408,913

 

 

 

372,832

 

Investment in real estate held for development and sale

 

 

50,809

 

 

 

56,321

 

Timber and timberlands, net

 

 

2,357,151

 

 

 

2,440,398

 

Intangible assets, net

 

 

13,861

 

 

 

15,640

 

Other long-term assets

 

 

175,579

 

 

 

169,132

 

Total assets

 

$

3,305,443

 

 

$

3,431,256

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

95,628

 

 

$

82,383

 

Current portion of long-term debt

 

 

99,552

 

 

 

175,615

 

Current portion of pension and other postretirement employee benefits

 

 

5,098

 

 

 

4,535

 

Total current liabilities

 

 

200,278

 

 

 

262,533

 

Long-term debt

 

 

935,100

 

 

 

858,113

 

Pension and other postretirement employee benefits

 

 

76,272

 

 

 

67,856

 

Deferred tax liabilities, net

 

 

21,123

 

 

 

36,641

 

Other long-term obligations

 

 

35,000

 

 

 

35,015

 

Total liabilities

 

 

1,267,773

 

 

 

1,260,158

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $1 par value, 200,000 shares authorized and 78,684 and 79,365 shares issued and outstanding

 

 

78,684

 

 

 

79,365

 

Additional paid-in capital

 

 

2,315,176

 

 

 

2,303,992

 

Accumulated deficit

 

 

(470,331

)

 

 

(315,291

)

Accumulated other comprehensive income

 

 

114,141

 

 

 

103,032

 

Total stockholders’ equity

 

 

2,037,670

 

 

 

2,171,098

 

Total liabilities and stockholders' equity

 

$

3,305,443

 

 

$

3,431,256

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

December 31,

(in thousands)

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

5,194

 

 

$

3,309

 

 

$

(140

)

 

$

21,876

 

 

$

62,101

 

Adjustments to reconcile net income (loss) to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

26,729

 

 

 

25,893

 

 

 

30,827

 

 

 

113,098

 

 

 

121,154

 

Basis of real estate sold

 

 

13,348

 

 

 

12,905

 

 

 

9,768

 

 

 

86,870

 

 

 

31,392

 

Change in deferred taxes

 

 

(880

)

 

 

(3,057

)

 

 

(3,702

)

 

 

(12,776

)

 

 

(9,269

)

Pension and other postretirement benefits

 

 

1,144

 

 

 

1,143

 

 

 

1,613

 

 

 

4,575

 

 

 

6,446

 

Equity-based compensation expense

 

 

2,542

 

 

 

2,946

 

 

 

2,643

 

 

 

11,010

 

 

 

9,115

 

Gain on fire damage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,436

)

Amortization related to redesignated forward-starting interest rate swaps

 

 

2,806

 

 

 

2,674

 

 

 

2,624

 

 

 

10,766

 

 

 

10,329

 

Interest received under swaps with other-than-insignificant financing element

 

 

(7,170

)

 

 

(7,536

)

 

 

(6,995

)

 

 

(29,673

)

 

 

(25,646

)

Other, net

 

 

(271

)

 

 

(1,033

)

 

 

(1,978

)

 

 

(1,278

)

 

 

(2,447

)

Change in working capital and operating-related activities, net

 

 

6,011

 

 

 

(3,040

)

 

 

(2,081

)

 

 

(1,025

)

 

 

(26,188

)

Real estate development expenditures

 

 

(2,783

)

 

 

(2,583

)

 

 

(4,261

)

 

 

(8,088

)

 

 

(11,504

)

Funding of pension and other postretirement employee benefits

 

 

(1,262

)

 

 

(5,168

)

 

 

(1,160

)

 

 

(8,565

)

 

 

(3,336

)

Proceeds from insurance recoveries

 

 

 

 

 

 

 

 

14,645

 

 

 

1,680

 

 

 

36,400

 

Net cash from operating activities

 

 

45,408

 

 

 

26,453

 

 

 

41,803

 

 

 

188,470

 

 

 

159,111

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

 

(11,713

)

 

 

(25,575

)

 

 

(67,848

)

 

 

(63,891

)

 

 

(95,916

)

Timberlands reforestation and roads

 

 

(5,474

)

 

 

(6,476

)

 

 

(6,850

)

 

 

(24,764

)

 

 

(23,863

)

Acquisition of timber and timberlands

 

 

(38

)

 

 

(822

)

 

 

(158

)

 

 

(32,341

)

 

 

(1,834

)

Proceeds from property insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,356

 

Interest received under swaps with other-than-insignificant financing element

 

 

6,700

 

 

 

7,010

 

 

 

6,478

 

 

 

27,634

 

 

 

23,757

 

Other, net

 

 

548

 

 

 

134

 

 

 

496

 

 

 

1,300

 

 

 

1,196

 

Net cash from investing activities

 

 

(9,977

)

 

 

(25,729

)

 

 

(67,882

)

 

 

(92,062

)

 

 

(95,304

)

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

Distributions to common stockholders

 

 

(35,408

)

 

 

(35,486

)

 

 

(35,715

)

 

 

(142,350

)

 

 

(143,595

)

Repurchase of common stock

 

 

(7,604

)

 

 

(3,508

)

 

 

(13,605

)

 

 

(35,017

)

 

 

(25,011

)

Proceeds from long-term debt

 

 

176,000

 

 

 

 

 

 

40,000

 

 

 

176,000

 

 

 

40,000

 

Repayment of long-term debt

 

 

(175,735

)

 

 

 

 

 

(40,000

)

 

 

(175,735

)

 

 

(40,000

)

Other, net

 

 

(2,090

)

 

 

(943

)

 

 

(789

)

 

 

(5,269

)

 

 

(3,104

)

Net cash from financing activities

 

 

(44,837

)

 

 

(39,937

)

 

 

(50,109

)

 

 

(182,371

)

 

 

(171,710

)

Change in cash, cash equivalents and restricted cash

 

 

(9,406

)

 

 

(39,213

)

 

 

(76,188

)

 

 

(85,963

)

 

 

(107,903

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

161,131

 

 

 

200,344

 

 

 

313,876

 

 

 

237,688

 

 

 

345,591

 

Cash, cash equivalents and restricted cash at end of period1

 

$

151,725

 

 

$

161,131

 

 

$

237,688

 

 

$

151,725

 

 

$

237,688

 

1

Includes $0.2 million, $0.0 million, and $7.6 million at December 31, 2024, September 30, 2024, and December 31, 2023, respectively, that were or are intended to be reinvested in timber and timberlands and classified as restricted cash in Other current and long-term assets in the Condensed Consolidated Balance Sheets.

PotlatchDeltic Corporation

Segment Information

Unaudited

 

 

 

Three months ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

December 31,

(in thousands)

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenues

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

95,285

 

 

$

105,132

 

 

$

97,414

 

 

$

392,169

 

 

$

411,077

 

Wood Products

 

 

160,335

 

 

 

139,412

 

 

 

150,100

 

 

 

601,924

 

 

 

635,672

 

Real Estate

 

 

25,089

 

 

 

38,701

 

 

 

27,909

 

 

 

170,629

 

 

 

87,988

 

 

 

 

280,709

 

 

 

283,245

 

 

 

275,423

 

 

 

1,164,722

 

 

 

1,134,737

 

Intersegment Timberlands revenues

 

 

(22,562

)

 

 

(28,114

)

 

 

(20,920

)

 

 

(102,646

)

 

 

(110,656

)

Other intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6

)

Consolidated revenues

 

$

258,147

 

 

$

255,131

 

 

$

254,503

 

 

$

1,062,076

 

 

$

1,024,075

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA1

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

34,033

 

 

$

35,824

 

 

$

33,304

 

 

$

138,729

 

 

$

151,321

 

Wood Products

 

 

8,871

 

 

 

(9,581

)

 

 

(6,488

)

 

 

(7,654

)

 

 

20,487

 

Real Estate

 

 

19,364

 

 

 

31,861

 

 

 

21,908

 

 

 

147,021

 

 

 

67,775

 

Corporate

 

 

(12,441

)

 

 

(12,203

)

 

 

(12,448

)

 

 

(49,065

)

 

 

(45,406

)

Eliminations and adjustments

 

 

3,476

 

 

 

1

 

 

 

4,458

 

 

 

3,069

 

 

 

6,057

 

Total Adjusted EBITDDA

 

 

53,303

 

 

 

45,902

 

 

 

40,734

 

 

 

232,100

 

 

 

200,234

 

Interest expense, net2

 

 

(10,874

)

 

 

(9,635

)

 

 

(8,435

)

 

 

(28,923

)

 

 

(24,218

)

Depreciation, depletion and amortization

 

 

(26,347

)

 

 

(25,487

)

 

 

(30,419

)

 

 

(111,497

)

 

 

(119,518

)

Basis of real estate sold

 

 

(13,348

)

 

 

(12,905

)

 

 

(9,768

)

 

 

(86,870

)

 

 

(31,392

)

CatchMark merger-related expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,453

)

Gain on fire damage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,436

 

Non-operating pension and other postretirement employee benefits

 

 

201

 

 

 

200

 

 

 

(229

)

 

 

803

 

 

 

(914

)

Loss on disposal of assets

 

 

(274

)

 

 

(338

)

 

 

(518

)

 

 

(541

)

 

 

(557

)

Other

 

 

1,767

 

 

 

1,516

 

 

 

629

 

 

 

3,115

 

 

 

1,267

 

Income (loss) before income taxes

 

$

4,428

 

 

$

(747

)

 

$

(8,006

)

 

$

8,187

 

 

$

61,885

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

16,562

 

 

$

16,778

 

 

$

19,386

 

 

$

67,755

 

 

$

75,009

 

Wood Products

 

 

9,447

 

 

 

8,395

 

 

 

10,783

 

 

 

42,585

 

 

 

43,506

 

Real Estate

 

 

137

 

 

 

138

 

 

 

129

 

 

 

549

 

 

 

526

 

Corporate

 

 

201

 

 

 

176

 

 

 

121

 

 

 

608

 

 

 

477

 

 

 

 

26,347

 

 

 

25,487

 

 

 

30,419

 

 

 

111,497

 

 

 

119,518

 

Bond discounts and deferred loan fees2

 

 

382

 

 

 

406

 

 

 

408

 

 

 

1,601

 

 

 

1,636

 

Total depreciation, depletion and amortization

 

$

26,729

 

 

$

25,893

 

 

$

30,827

 

 

$

113,098

 

 

$

121,154

 

 

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold

 

 

 

 

 

 

 

 

 

 

Real Estate

 

$

13,348

 

 

$

12,908

 

 

$

9,802

 

 

$

86,878

 

 

$

31,431

 

Eliminations and adjustments

 

 

 

 

 

(3

)

 

 

(34

)

 

 

(8

)

 

 

(39

)

Total basis of real estate sold

 

$

13,348

 

 

$

12,905

 

 

$

9,768

 

 

$

86,870

 

 

$

31,392

 

1

Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA in Non-GAAP Reconciliations.

2

Bond discounts, deferred loan fees, non-cash amortization related to redesignated forward swaps, and interest income are included in interest expense, net in the Condensed Consolidated Statements of Operations.

PotlatchDeltic Corporation

Non-GAAP Reconciliations

Unaudited

 

 

 

Three months ended

 

Year ended

 

 

December 31,

 

September 30,

 

December 31,

 

December 31,

(in thousands, except per share amounts)

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Total Adjusted EBITDDA1

 

 

 

 

 

 

 

 

 

 

Net income (loss) (GAAP)

 

$

5,194

 

 

$

3,309

 

 

$

(140

)

 

$

21,876

 

 

$

62,101

 

Interest, net

 

 

10,874

 

 

 

9,635

 

 

 

8,435

 

 

 

28,923

 

 

 

24,218

 

Income taxes

 

 

(766

)

 

 

(4,056

)

 

 

(7,866

)

 

 

(13,689

)

 

 

(216

)

Depreciation, depletion and amortization

 

 

26,347

 

 

 

25,487

 

 

 

30,419

 

 

 

111,497

 

 

 

119,518

 

Basis of real estate sold

 

 

13,348

 

 

 

12,905

 

 

 

9,768

 

 

 

86,870

 

 

 

31,392

 

CatchMark merger-related expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,453

 

Gain on fire damage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,436

)

Non-operating pension and other postretirement benefit costs

 

 

(201

)

 

 

(200

)

 

 

229

 

 

 

(803

)

 

 

914

 

Loss on disposal of assets

 

 

274

 

 

 

338

 

 

 

518

 

 

 

541

 

 

 

557

 

Other

 

 

(1,767

)

 

 

(1,516

)

 

 

(629

)

 

 

(3,115

)

 

 

(1,267

)

Total Adjusted EBITDDA

 

$

53,303

 

 

$

45,902

 

 

$

40,734

 

 

$

232,100

 

 

$

200,234

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss)1

 

 

 

 

 

 

 

 

 

 

Net income (loss) (GAAP)

 

$

5,194

 

 

$

3,309

 

 

$

(140

)

 

$

21,876

 

 

$

62,101

 

Special items after tax:

 

 

 

 

 

 

 

 

 

 

CatchMark merger-related expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,453

 

Gain on fire damage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29,577

)

Adjusted Net Income (Loss)

 

$

5,194

 

 

$

3,309

 

 

$

(140

)

 

$

21,876

 

 

$

34,977

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss) Per Diluted Share1

 

 

 

 

 

 

 

 

 

 

Net income (loss) per diluted share (GAAP)

 

$

0.07

 

 

$

0.04

 

 

$

 

 

$

0.28

 

 

$

0.77

 

Special items after tax:

 

 

 

 

 

 

 

 

 

 

CatchMark merger-related expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.03

 

Gain on fire damage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.37

)

Adjusted Net Income (Loss) Per Diluted Share

 

$

0.07

 

 

$

0.04

 

 

$

 

 

$

0.28

 

 

$

0.43

 

1

See "Non-GAAP Measures" for further details on management's use of these measures.

 

Investors Wayne Wasechek 509.835.1521

Media Anna Torma 509.835.1558

1 Year PotlatchDeltic Chart

1 Year PotlatchDeltic Chart

1 Month PotlatchDeltic Chart

1 Month PotlatchDeltic Chart