PotlatchDeltic Corporation Reports Third Quarter 2024 Results

Business Wire10-29

SPOKANE, Wash., October 28, 2024--(BUSINESS WIRE)--PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $3.3 million, or $0.04 per diluted share, on revenues of $255.1 million for the...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPotlatchDeltic Corporation Reports Third Quarter 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-29 04:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/potlatchdeltic-corporation-reports-third-quarter-201000965.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SPOKANE, Wash., October 28, 2024--(BUSINESS WIRE)--PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $3.3 million, or $0.04 per diluted share, on revenues of $255.1 million for the...</p>\n\n<a href=\"https://finance.yahoo.com/news/potlatchdeltic-corporation-reports-third-quarter-201000965.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4221","symbol_name":"木材房地产信托","start_time":0,"source_url":"https://finance.yahoo.com/news/potlatchdeltic-corporation-reports-third-quarter-201000965.html","article_id":"2479452163","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/_c.HMJU4NU_tzd993Htp5w--~B/aD01MTI7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/31db83fc87e42b2cd13892da06763492"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479452163","pubTimestamp":1730146200,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"SPOKANE, Wash., October 28, 2024----PotlatchDeltic Corporation  today reported net income of $3.3 million, or $0.04 per diluted share, on revenues of $255.1 million for the quarter ended September 30, 2024. Net income was $23.7 million, or $0.29 per diluted share, on revenues of $265.5 million for the quarter ended September 30, 2023. Excluding an after-tax gain on insurance recoveries, adjusted net income was $11.4 million, or $0.14 per diluted share for the third quarter of 2023.Generated Total Adjusted EBITDDA of $45.9 million and Total Adjusted EBITDDA margin of 18%. Completed construction on the Waldo, Arkansas sawmill expansion and modernization project. Repurchased 57,000 shares for $2.4 million, or $42 per share. Maintained strong liquidity of $460 million as of September 30, 2024. 1 Adjusted Net Income, Adjusted Net Income Per Diluted Share, Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures. Refer to \"Non-GAAP M","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4221":"木材房地产信托","REIT":"ALPS Active REIT ETF","PCH":"Potlatch Corporation","BK4084":"特种房地产投资信托"},"translate_title":"PotlatchDeltic Corporation报告2024年第三季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"REIT":1,"PCH":0.9},"content_text":"SPOKANE, Wash., October 28, 2024--(BUSINESS WIRE)--PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $3.3 million, or $0.04 per diluted share, on revenues of $255.1 million for the quarter ended September 30, 2024. Net income was $23.7 million, or $0.29 per diluted share, on revenues of $265.5 million for the quarter ended September 30, 2023. Excluding an after-tax gain on insurance recoveries, adjusted net income was $11.4 million, or $0.14 per diluted share for the third quarter of 2023.\nThird Quarter 2024 Highlights\n\nGenerated Total Adjusted EBITDDA of $45.9 million and Total Adjusted EBITDDA margin of 18%\nCompleted construction on the Waldo, Arkansas sawmill expansion and modernization project\nRepurchased 57,000 shares for $2.4 million, or $42 per share\nMaintained strong liquidity of $460 million as of September 30, 2024\n\n\"During the third quarter, our businesses delivered solid operational performance while navigating a challenging lumber market as well as the broader economic environment,\" said Eric Cremers, President and Chief Executive Officer. \"Additionally, our Wood Products division achieved a significant milestone with the successful completion of the construction phase of our Waldo, Arkansas sawmill expansion and modernization project. We believe this strategic investment positions the Waldo mill to be a top quartile sawmill, enabling it to generate an additional $25 million of Adjusted EBITDDA annually under a mid-cycle sales environment once the mill reaches its new capacity output. As for capital allocation, we will continue to be disciplined stewards of our shareholders’ capital and remain focused on returning capital to shareholders while prioritizing the long-term value for our shares. Looking forward, we believe that lumber markets are stabilizing as supply and demand in the industry continue to align. We are also optimistic that reductions in interest rates will serve as a catalyst, creating positive momentum in the housing and repair and remodel markets, thereby driving demand in our business,\" stated Mr. Cremers.\nFinancial Highlights\n\n\n\n($ in millions, except per share data)\n\nQ3 2024\n\n\nQ2 2024\n\n\nQ3 2023\n\n\n\nRevenues\n\n$\n255.1\n\n\n$\n320.7\n\n\n$\n265.5\n\n\n\nNet income\n\n$\n3.3\n\n\n$\n13.7\n\n\n$\n23.7\n\n\n\nWeighted-average shares outstanding, diluted (in thousands)\n\n\n79,277\n\n\n\n79,741\n\n\n\n80,379\n\n\n\nNet income per diluted share\n\n$\n0.04\n\n\n$\n0.17\n\n\n$\n0.29\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted Net Income1\n\n$\n3.3\n\n\n$\n13.7\n\n\n$\n11.4\n\n\n\nAdjusted Net Income Per Diluted Share1\n\n$\n0.04\n\n\n$\n0.17\n\n\n$\n0.14\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal Adjusted EBITDDA1\n\n$\n45.9\n\n\n$\n103.2\n\n\n$\n56.3\n\n\n\nTotal Adjusted EBITDDA Margin1\n\n\n18.0\n%\n\n\n32.2\n%\n\n\n21.2\n%\n\n\nDividends per share\n\n$\n0.45\n\n\n$\n0.45\n\n\n$\n0.45\n\n\n\nNet cash from operations\n\n$\n26.5\n\n\n$\n100.6\n\n\n$\n41.0\n\n\n\nCash and cash equivalents\n\n$\n161.1\n\n\n$\n199.7\n\n\n$\n302.8\n\n\n\n\n\n\n\n1 Adjusted Net Income, Adjusted Net Income 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.\n\n\n\nBusiness Performance: Q3 2024 vs. Q2 2024\nTimberlands\nThird Quarter 2024 Highlights\n\nTimberlands Adjusted EBITDDA increased $1.6 million from Q2 2024\nNorthern harvest volumes increased due to normal seasonality\nNorthern sawlog prices decreased primarily due to lower indexed sawlog prices\nSouthern sawlog and pulpwood prices were relatively stable\n\n\n\n\n($ in millions)\n\nQ3 2024\n\n\nQ2 2024\n\n\n$ Change\n\n\n\nTimberlands Revenues\n\n$\n105.1\n\n\n$\n98.8\n\n\n$\n6.3\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTimberlands Adjusted EBITDDA1\n\n$\n35.8\n\n\n$\n34.2\n\n\n$\n1.6\n\n\n\n\n\n\n\n1 Refer to Segment Information below for additional information.\n\n\n\nWood Products\nThird Quarter 2024 Highlights\n\nWood Products Adjusted EBITDDA decreased $2.8 million from Q2 2024\nAverage lumber prices decreased 5% to $402 per thousand board feet (MBF) in Q3 2024\nHigher per-unit manufacturing costs primarily due to lower production from planned downtime and restart at the Waldo sawmill related to the expansion and modernization project\n\n\n\n\n($ in millions)\n\nQ3 2024\n\n\nQ2 2024\n\n\n$ Change\n\n\n\nWood Products Revenues\n\n$\n139.4\n\n\n$\n153.6\n\n\n$\n(14.2\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWood Products Adjusted EBITDDA1\n\n$\n(9.6\n)\n\n$\n(6.8\n)\n\n$\n(2.8\n)\n\n\n\n\n\n\n1 Refer to Segment Information below for additional information.\n\n\n\nReal Estate\nThird Quarter 2024 Highlights\n\nReal Estate Adjusted EBITDDA decreased $57.8 million from Q2 2024, which included a $57 million rural timberland sale in the South\nSold 6,548 acres of rural land at an average price of $3,727 per acre\nSold 53 residential lots at an average price of $204,851 per lot\n\n\n\n\n($ in millions)\n\nQ3 2024\n\n\nQ2 2024\n\n\n$ Change\n\n\n\nReal Estate Revenues\n\n$\n38.7\n\n\n$\n95.7\n\n\n$\n(57.0\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReal Estate Adjusted EBITDDA1\n\n$\n31.8\n\n\n$\n89.6\n\n\n$\n(57.8\n)\n\n\n\n\n\n\n1 Refer to Segment Information below for additional information.\n\n\n\nNon-GAAP Measures\nThis 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.\nAdjusted 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.\nTotal 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.\nWe define Total Adjusted EBITDDA Margin as Total Adjusted EBITDDA divided by Revenues.\nReconciliations 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.\nConference Call Information\nA live conference call and webcast will be held Tuesday, October 29, 2024, 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.\nA replay of the conference call will be available two hours following the call until November 5, 2024 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.\nAbout PotlatchDeltic\nPotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) that owns over 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 environmental and social responsibility and to responsible governance. More information can be found at www.potlatchdeltic.com.\nForward-Looking Statements\nThis 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; expected incremental EBITDDA generation as a result of the recently completed Waldo, Arkansas sawmill expansion and modernization project; long-term housing fundamentals, interest rates, and demand for lumber; and similar matters. Words such as \"believe,\" \"will continue,\" \"looking forward,\" 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 increases in production capacity, reduction in cash processing costs, and recovery improvement following the ramp-up phase of our Waldo, Arkansas sawmill expansion and modernization project; 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.\n\n\n\n \n\n\nPotlatchDeltic Corporation\n\n\nCondensed Consolidated Statements of Operations\n\n\nUnaudited\n\n\n\n\n\n \n\n\n\nThree Months Ended\n\nNine Months Ended\n\n\n\nSeptember 30,\n\nJune 30,\n\nSeptember 30,\n\nSeptember 30,\n\nSeptember 30,\n\n\n(in thousands, except per share amounts)\n2024\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nRevenues\n$\n255,131\n\n\n$\n320,671\n\n\n$\n265,509\n\n\n$\n803,929\n\n\n$\n769,572\n\n\n\nCosts and expenses:\n\n\n\n\n\n\n\n\n\n\n\nCost of goods sold\n\n227,556\n\n\n\n282,473\n\n\n\n226,303\n\n\n\n722,189\n\n\n\n665,716\n\n\n\nSelling, general and administrative expenses\n\n20,403\n\n\n\n20,752\n\n\n\n19,303\n\n\n\n61,882\n\n\n\n55,118\n\n\n\nCatchMark merger-related expenses\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n2,453\n\n\n\nGain on fire damage\n\n—\n\n\n\n—\n\n\n\n(16,326\n)\n\n\n—\n\n\n\n(39,436\n)\n\n\n\n\n247,959\n\n\n\n303,225\n\n\n\n229,280\n\n\n\n784,071\n\n\n\n683,851\n\n\n\nOperating income\n\n7,172\n\n\n\n17,446\n\n\n\n36,229\n\n\n\n19,858\n\n\n\n85,721\n\n\n\nInterest expense, net\n\n(9,635\n)\n\n\n(8,696\n)\n\n\n(7,971\n)\n\n\n(18,049\n)\n\n\n(15,783\n)\n\n\nNon-operating pension and other postretirement employee benefits\n\n200\n\n\n\n201\n\n\n\n(228\n)\n\n\n602\n\n\n\n(685\n)\n\n\nOther\n\n1,516\n\n\n\n(23\n)\n\n\n370\n\n\n\n1,348\n\n\n\n638\n\n\n\nIncome (loss) before income taxes\n\n(747\n)\n\n\n8,928\n\n\n\n28,400\n\n\n\n3,759\n\n\n\n69,891\n\n\n\nIncome taxes\n\n4,056\n\n\n\n4,750\n\n\n\n(4,725\n)\n\n\n12,923\n\n\n\n(7,650\n)\n\n\nNet income\n$\n3,309\n\n\n$\n13,678\n\n\n$\n23,675\n\n\n$\n16,682\n\n\n$\n62,241\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income per share:\n\n\n\n\n\n\n\n\n\n\n\nBasic\n$\n0.04\n\n\n$\n0.17\n\n\n$\n0.30\n\n\n$\n0.21\n\n\n$\n0.78\n\n\n\nDiluted\n$\n0.04\n\n\n$\n0.17\n\n\n$\n0.29\n\n\n$\n0.21\n\n\n$\n0.78\n\n\n\nDividends per share\n$\n0.45\n\n\n$\n0.45\n\n\n$\n0.45\n\n\n$\n1.35\n\n\n$\n1.35\n\n\n\nWeighted-average shares outstanding:\n\n\n\n\n\n\n\n\n\n\nBasic\n\n79,173\n\n\n\n79,627\n\n\n\n80,132\n\n\n\n79,494\n\n\n\n80,102\n\n\n\nDiluted\n\n79,277\n\n\n\n79,741\n\n\n\n80,379\n\n\n\n79,563\n\n\n\n80,279\n\n\n\n\n\n\n\nPotlatchDeltic Corporation\n\n\nCondensed Consolidated Balance Sheets\n\n\nUnaudited\n\n\n\n\n\n\n\n\n \n\n\n(in thousands, except per share amounts)\n\nSeptember 30, 2024\n\n\nDecember 31, 2023\n\n\n\nASSETS\n\n\n\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n161,131\n\n\n$\n230,118\n\n\n\nCustomer receivables, net\n\n\n29,550\n\n\n\n21,892\n\n\n\nInventories, net\n\n\n79,894\n\n\n\n78,665\n\n\n\nOther current assets\n\n\n50,623\n\n\n\n46,258\n\n\n\nTotal current assets\n\n\n321,198\n\n\n\n376,933\n\n\n\nProperty, plant and equipment, net\n\n\n395,908\n\n\n\n372,832\n\n\n\nInvestment in real estate held for development and sale\n\n\n51,769\n\n\n\n56,321\n\n\n\nTimber and timberlands, net\n\n\n2,375,157\n\n\n\n2,440,398\n\n\n\nIntangible assets, net\n\n\n14,306\n\n\n\n15,640\n\n\n\nOther long-term assets\n\n\n148,766\n\n\n\n169,132\n\n\n\nTotal assets\n\n$\n3,307,104\n\n\n$\n3,431,256\n\n\n\n\n\n\n\n\n\n\n\n\nLIABILITIES AND STOCKHOLDERS’ EQUITY\n\n\n\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\n\n\n\nAccounts payable and accrued liabilities\n\n$\n90,290\n\n\n$\n82,383\n\n\n\nCurrent portion of long-term debt\n\n\n165,113\n\n\n\n175,615\n\n\n\nCurrent portion of pension and other postretirement employee benefits\n\n\n4,535\n\n\n\n4,535\n\n\n\nTotal current liabilities\n\n\n259,938\n\n\n\n262,533\n\n\n\nLong-term debt\n\n\n869,486\n\n\n\n858,113\n\n\n\nPension and other postretirement employee benefits\n\n\n64,902\n\n\n\n67,856\n\n\n\nDeferred tax liabilities, net\n\n\n23,936\n\n\n\n36,641\n\n\n\nOther long-term obligations\n\n\n36,817\n\n\n\n35,015\n\n\n\nTotal liabilities\n\n\n1,255,079\n\n\n\n1,260,158\n\n\n\nCommitments and contingencies\n\n\n\n\n\n\n\n\nStockholders' equity:\n\n\n\n\n\n\n\n\nCommon stock, $1 par value, 200,000 shares authorized, 78,862 and 79,365 shares issued and outstanding\n\n\n78,862\n\n\n\n79,365\n\n\n\nAdditional paid-in capital\n\n\n2,312,586\n\n\n\n2,303,992\n\n\n\nAccumulated deficit\n\n\n(432,589\n)\n\n\n(315,291\n)\n\n\nAccumulated other comprehensive income\n\n\n93,166\n\n\n\n103,032\n\n\n\nTotal stockholders’ equity\n\n\n2,052,025\n\n\n\n2,171,098\n\n\n\nTotal liabilities and stockholders' equity\n\n$\n3,307,104\n\n\n$\n3,431,256\n\n\n\n\n\n\n\nPotlatchDeltic Corporation\n\n\nCondensed Consolidated Statements of Cash Flows\n\n\nUnaudited\n\n\n\n\n\n \n\n\n\nThree Months Ended\n\nNine Months Ended\n\n\n\nSeptember 30,\n\nJune 30,\n\nSeptember 30,\n\nSeptember 30,\n\nSeptember 30,\n\n\n(in thousands)\n\n2024\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nCASH FLOWS FROM OPERATING ACTIVITIES\n\n\n\n\n\n\n\n\n\n\n\nNet income\n$\n3,309\n\n\n$\n13,678\n\n\n$\n23,675\n\n\n$\n16,682\n\n\n$\n62,241\n\n\n\nAdjustments to reconcile net income to net cash from operating activities:\n\n\n\n\n\n\n\n\n\n\n\nDepreciation, depletion and amortization\n\n25,893\n\n\n\n29,674\n\n\n\n30,658\n\n\n\n86,369\n\n\n\n90,327\n\n\n\nBasis of real estate sold\n\n12,905\n\n\n\n56,525\n\n\n\n6,109\n\n\n\n73,522\n\n\n\n21,624\n\n\n\nChange in deferred taxes\n\n(3,057\n)\n\n\n(4,694\n)\n\n\n(1,764\n)\n\n\n(11,896\n)\n\n\n(3,979\n)\n\n\nPension and other postretirement employee benefits\n\n1,143\n\n\n\n1,145\n\n\n\n1,610\n\n\n\n3,431\n\n\n\n4,833\n\n\n\nEquity-based compensation expense\n\n2,946\n\n\n\n2,962\n\n\n\n2,616\n\n\n\n8,468\n\n\n\n6,472\n\n\n\nGain on fire damage\n\n—\n\n\n\n—\n\n\n\n(16,326\n)\n\n\n—\n\n\n\n(39,436\n)\n\n\nInterest received under swaps with other-than-insignificant financing element\n\n(7,536\n)\n\n\n(7,509\n)\n\n\n(6,884\n)\n\n\n(22,503\n)\n\n\n(18,651\n)\n\n\nOther, net\n\n1,641\n\n\n\n2,351\n\n\n\n1,792\n\n\n\n6,953\n\n\n\n5,648\n\n\n\nChange in working capital and operating-related activities, net\n\n(3,040\n)\n\n\n9,256\n\n\n\n(9,773\n)\n\n\n(7,036\n)\n\n\n(24,107\n)\n\n\nReal estate development expenditures\n\n(2,583\n)\n\n\n(1,587\n)\n\n\n(2,939\n)\n\n\n(5,305\n)\n\n\n(7,243\n)\n\n\nFunding of pension and other postretirement employee benefits\n\n(5,168\n)\n\n\n(1,221\n)\n\n\n128\n\n\n\n(7,303\n)\n\n\n(2,176\n)\n\n\nProceeds from insurance recoveries\n\n—\n\n\n\n—\n\n\n\n12,049\n\n\n\n1,680\n\n\n\n21,755\n\n\n\nNet cash from operating activities\n\n26,453\n\n\n\n100,580\n\n\n\n40,951\n\n\n\n143,062\n\n\n\n117,308\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCASH FLOWS FROM INVESTING ACTIVITIES\n\n\n\n\n\n\n\n\n\n\n\nProperty, plant and equipment additions\n\n(25,575\n)\n\n\n(21,608\n)\n\n\n(17,933\n)\n\n\n(52,178\n)\n\n\n(28,068\n)\n\n\nTimberlands reforestation and roads\n\n(6,476\n)\n\n\n(4,940\n)\n\n\n(6,299\n)\n\n\n(19,290\n)\n\n\n(17,013\n)\n\n\nAcquisition of timber and timberlands\n\n(822\n)\n\n\n(43\n)\n\n\n(55...\n   )\n\n\n(32,303\n)\n\n\n(1,676\n)\n\n\nProceeds from property insurance\n\n—\n\n\n\n—\n\n\n\n1,356\n\n\n\n—\n\n\n\n1,356\n\n\n\nInterest received under swaps with other-than-insignificant financing element\n\n7,010\n\n\n\n6,986\n\n\n\n6,375\n\n\n\n20,934\n\n\n\n17,279\n\n\n\nOther, net\n\n134\n\n\n\n245\n\n\n\n36\n\n\n\n752\n\n\n\n700\n\n\n\nNet cash from investing activities\n\n(25,729\n)\n\n\n(19,360\n)\n\n\n(16,520\n)\n\n\n(82,085\n)\n\n\n(27,422\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCASH FLOWS FROM FINANCING ACTIVITIES\n\n\n\n\n\n\n\n\n\n\n\nDistributions to common stockholders\n\n(35,486\n)\n\n\n(35,677\n)\n\n\n(35,960\n)\n\n\n(106,942\n)\n\n\n(107,880\n)\n\n\nRepurchase of common stock\n\n(3,508\n)\n\n\n(23,905\n)\n\n\n(11,012\n)\n\n\n(27,413\n)\n\n\n(11,406\n)\n\n\nOther, net\n\n(943\n)\n\n\n(1,444\n)\n\n\n(360\n)\n\n\n(3,179\n)\n\n\n(2,315\n)\n\n\nNet cash from financing activities\n\n(39,937\n)\n\n\n(61,026\n)\n\n\n(47,332\n)\n\n\n(137,534\n)\n\n\n(121,601\n)\n\n\nChange in cash, cash equivalents and restricted cash\n\n(39,213\n)\n\n\n20,194\n\n\n\n(22,901\n)\n\n\n(76,557\n)\n\n\n(31,715\n)\n\n\nCash, cash equivalents and restricted cash, beginning\n\n200,344\n\n\n\n180,150\n\n\n\n336,777\n\n\n\n237,688\n\n\n\n345,591\n\n\n\nCash, cash equivalents and restricted cash, ending1\n$\n161,131\n\n\n$\n200,344\n\n\n$\n313,876\n\n\n$\n161,131\n\n\n$\n313,876\n\n\n\n\n\n\n\n1\nIncludes $0, $0.7 million, and $11.1 million at September 30, 2024, June 30, 2024, and September 30, 2023, respectively, that were or are intended to be reinvested in timber and timberlands and classified as restricted cash in Other current and long-term assets in the Condensed Consolidated Balance Sheets.\n\n\n\n\n\n\nPotlatchDeltic Corporation\n\n\nSegment Information\n\n\nUnaudited\n\n\n\n\n\n \n\n\n\nThree Months Ended\n\nNine Months Ended\n\n\n\nSeptember 30,\n\nJune 30,\n\nSeptember 30,\n\nSeptember 30,\n\nSeptember 30,\n\n\n(in thousands)\n2024\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nRevenues\n\n\n\n\n\n\n\n\n\n\n\nTimberlands\n$\n105,132\n\n\n$\n98,802\n\n\n$\n109,808\n\n\n$\n296,884\n\n\n$\n313,663\n\n\n\nWood Products\n\n139,412\n\n\n\n153,579\n\n\n\n165,108\n\n\n\n441,589\n\n\n\n485,572\n\n\n\nReal Estate\n\n38,701\n\n\n\n95,732\n\n\n\n19,152\n\n\n\n145,540\n\n\n\n60,079\n\n\n\n\n\n283,245\n\n\n\n348,113\n\n\n\n294,068\n\n\n\n884,013\n\n\n\n859,314\n\n\n\nIntersegment Timberlands revenues\n\n(28,114\n)\n\n\n(27,442\n)\n\n\n(28,559\n)\n\n\n(80,084\n)\n\n\n(89,736\n)\n\n\nOther intersegment revenues\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n(6\n)\n\n\nConsolidated revenues\n$\n255,131\n\n\n$\n320,671\n\n\n$\n265,509\n\n\n$\n803,929\n\n\n$\n769,572\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDDA1\n\n\n\n\n\n\n\n\n\n\n\nTimberlands\n$\n35,824\n\n\n$\n34,124\n\n\n$\n42,062\n\n\n$\n104,696\n\n\n$\n118,017\n\n\n\nWood Products\n\n(9,581\n)\n\n\n(6,805\n)\n\n\n15,039\n\n\n\n(16,525\n)\n\n\n26,975\n\n\n\nReal Estate\n\n31,861\n\n\n\n89,568\n\n\n\n14,165\n\n\n\n127,657\n\n\n\n45,867\n\n\n\nCorporate\n\n(12,203\n)\n\n\n(11,756\n)\n\n\n(11,696\n)\n\n\n(36,624\n)\n\n\n(32,958\n)\n\n\nEliminations and adjustments\n\n1\n\n\n\n(1,958\n)\n\n\n(3,292\n)\n\n\n(407\n)\n\n\n1,599\n\n\n\nTotal Adjusted EBITDDA\n\n45,902\n\n\n\n103,173\n\n\n\n56,278\n\n\n\n178,797\n\n\n\n159,500\n\n\n\nInterest expense, net2\n\n(9,635\n)\n\n\n(8,696\n)\n\n\n(7,971\n)\n\n\n(18,049\n)\n\n\n(15,783\n)\n\n\nDepreciation, depletion and amortization\n\n(25,487\n)\n\n\n(29,268\n)\n\n\n(30,248\n)\n\n\n(85,150\n)\n\n\n(89,099\n)\n\n\nBasis of real estate sold\n\n(12,905\n)\n\n\n(56,525\n)\n\n\n(6,109\n)\n\n\n(73,522\n)\n\n\n(21,624\n)\n\n\nCatchMark merger-related expenses\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n(2,453\n)\n\n\nGain on fire damage\n\n—\n\n\n\n—\n\n\n\n16,326\n\n\n\n—\n\n\n\n39,436\n\n\n\nNon-operating pension and other postretirement employee benefits\n\n200\n\n\n\n201\n\n\n\n(228\n)\n\n\n602\n\n\n\n(685\n)\n\n\nGain (loss) on disposal of assets\n\n(338\n)\n\n\n66\n\n\n\n(18\n)\n\n\n(267\n)\n\n\n(39\n)\n\n\nOther\n\n1,516\n\n\n\n(23\n)\n\n\n370\n\n\n\n1,348\n\n\n\n638\n\n\n\nIncome (loss) before income taxes\n$\n(747\n)\n\n$\n8,928\n\n\n$\n28,400\n\n\n$\n3,759\n\n\n$\n69,891\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDepreciation, depletion and amortization\n\n\n\n\n\n\n\n\n\n\n\nTimberlands\n$\n16,778\n\n\n$\n16,790\n\n\n$\n19,267\n\n\n$\n51,193\n\n\n$\n55,623\n\n\n\nWood Products\n\n8,395\n\n\n\n12,227\n\n\n\n10,740\n\n\n\n33,138\n\n\n\n32,723\n\n\n\nReal Estate\n\n138\n\n\n\n136\n\n\n\n120\n\n\n\n412\n\n\n\n397\n\n\n\nCorporate\n\n176\n\n\n\n115\n\n\n\n121\n\n\n\n407\n\n\n\n356\n\n\n\n\n\n25,487\n\n\n\n29,268\n\n\n\n30,248\n\n\n\n85,150\n\n\n\n89,099\n\n\n\nBond discounts and deferred loan fees2\n\n406\n\n\n\n406\n\n\n\n410\n\n\n\n1,219\n\n\n\n1,228\n\n\n\nTotal depreciation, depletion and amortization\n$\n25,893\n\n\n$\n29,674\n\n\n$\n30,658\n\n\n$\n86,369\n\n\n$\n90,327\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasis of real estate sold\n\n\n\n\n\n\n\n\n\n\n\nReal Estate\n$\n12,908\n\n\n$\n56,528\n\n\n$\n6,111\n\n\n$\n73,530\n\n\n$\n21,629\n\n\n\nEliminations and adjustments\n\n(3\n)\n\n\n(3\n)\n\n\n(2\n)\n\n\n(8\n)\n\n\n(5\n)\n\n\nTotal basis of real estate sold\n$\n12,905\n\n\n$\n56,525\n\n\n$\n6,109\n\n\n$\n73,522\n\n\n$\n21,624\n\n\n\n\n\n\n\n1\nManagement uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA in Non-GAAP Reconciliations.\n\n\n2\nBond discounts, deferred loan fees, non-cash amortization related to redesignated forward swaps, and interest income are included in interest expense, net in the Condensed Consolidated Statements of Operations.\n\n\n\n\n\n\nPotlatchDeltic Corporation\n\n\nNon-GAAP Reconciliations\n\n\nUnaudited\n\n\n\n\n\n\n \n\n\n\n\nThree Months Ended\n\nNine Months Ended\n\n\n\n\nSeptember 30,\n\nJune 30,\n\nSeptember 30,\n\nSeptember 30,\n\nSeptember 30,\n\n\n(in thousands, except per share amounts)\n\n2024\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nTotal Adjusted EBITDDA1\n\n\n\n\n\n\n\n\n\n\n\n\nNet income (GAAP)\n\n$\n3,309\n\n\n$\n13,678\n\n\n$\n23,675\n\n\n$\n16,682\n\n\n$\n62,241\n\n\n\nInterest expense, net\n\n\n9,635\n\n\n\n8,696\n\n\n\n7,971\n\n\n\n18,049\n\n\n\n15,783\n\n\n\nIncome taxes\n\n\n(4,056\n)\n\n\n(4,750\n)\n\n\n4,725\n\n\n\n(12,923\n)\n\n\n7,650\n\n\n\nDepreciation, depletion and amortization\n\n\n25,487\n\n\n\n29,268\n\n\n\n30,248\n\n\n\n85,150\n\n\n\n89,099\n\n\n\nBasis of real estate sold\n\n\n12,905\n\n\n\n56,525\n\n\n\n6,109\n\n\n\n73,522\n\n\n\n21,624\n\n\n\nCatchMark merger-related expenses\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n2,453\n\n\n\nGain on fire damage\n\n\n—\n\n\n\n—\n\n\n\n(16,326\n)\n\n\n—\n\n\n\n(39,436\n)\n\n\nNon-operating pension and other postretirement employee benefits\n\n\n(200\n)\n\n\n(201\n)\n\n\n228\n\n\n\n(602\n)\n\n\n685\n\n\n\n(Gain) loss on disposal of assets\n\n\n338\n\n\n\n(66\n)\n\n\n18\n\n\n\n267\n\n\n\n39\n\n\n\nOther\n\n\n(1,516\n)\n\n\n23\n\n\n\n(370\n)\n\n\n(1,348\n)\n\n\n(638\n)\n\n\nTotal Adjusted EBITDDA\n\n$\n45,902\n\n\n$\n103,173\n\n\n$\n56,278\n\n\n$\n178,797\n\n\n$\n159,500\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted Net Income1\n\n\n\n\n\n\n\n\n\n\n\n\nNet income (GAAP)\n\n$\n3,309\n\n\n$\n13,678\n\n\n$\n23,675\n\n\n$\n16,682\n\n\n$\n62,241\n\n\n\nSpecial items after tax:\n\n\n\n\n\n\n\n\n\n\n\n\nCatchMark merger-related expenses\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n2,453\n\n\n\nGain on fire damage\n\n\n—\n\n\n\n—\n\n\n\n(12,244\n)\n\n\n—\n\n\n\n(29,577\n)\n\n\nAdjusted Net Income\n\n$\n3,309\n\n\n$\n13,678\n\n\n$\n11,431\n\n\n$\n16,682\n\n\n$\n35,117\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted Net Income Per Diluted Share1\n\n\n\n\n\n\n\n\n\n\n\n\nNet income per diluted share (GAAP)\n\n$\n0.04\n\n\n$\n0.17\n\n\n$\n0.29\n\n\n$\n0.21\n\n\n$\n0.78\n\n\n\nSpecial items after tax:\n\n\n\n\n\n\n\n\n\n\n\n\nCatchMark merger-related expenses\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n0.03\n\n\n\nGain on fire damage\n\n\n—\n\n\n\n—\n\n\n\n(0.15\n)\n\n\n—\n\n\n\n(0.37\n)\n\n\nAdjusted Net Income Per Diluted Share\n\n$\n0.04\n\n\n$\n0.17\n\n\n$\n0.14\n\n\n$\n0.21\n\n\n$\n0.44\n\n\n\n\n\n\n\n1\nSee \"Non-GAAP Measures\" for further details on management's use of these measures.\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241028179763/en/\nContacts\nInvestorsWayne Wasechek509.835.1521\nMediaAnna Torma509.835.1558","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479452163"}