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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 (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
“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
(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
(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
(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250127808735/en/
Investors Wayne Wasechek 509.835.1521
Media Anna Torma 509.835.1558
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