PotlatchDeltic Corporation Reports Third Quarter 2023 Results

PotlatchDeltic Corporation (“PotlatchDeltic”) reported net income of $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. Net income was $46.0 million, or $0.64 per diluted share, on revenues of $306.7 million for the quarter ended September 30, 2022. Excluding an after-tax gain on insurance recoveries and CatchMark merger-related expenses, adjusted net income was $53.2 million, or $0.74 per diluted share, for the third quarter of 2022.

Third Quarter 2023 Highlights

• Generated Total Adjusted EBITDDA of $56.3 million and Total Adjusted EBITDDA margin of 21.2%
• Repurchased 283,000 shares for $12.7 million, or $45 per share
• Maintained strong liquidity position of $602 million as of September 30, 2023

“Our third quarter 2023 results reflect improved financial performance across all of our business segments,” said Eric Cremers, president and chief executive officer. “Each of our teams delivered solid results amid the backdrop of higher interest rates and an uncertain macroeconomic environment. During the third quarter, we continued to focus on strategically deploying our capital including returning $49 million to shareholders in the form of dividends and share repurchases. We remain positive on long-term housing-related fundamentals that drive demand in our business. Our balance sheet and liquidity remains strong, providing flexibility to navigate the current economic environment and grow shareholder value over the long-term,” stated Mr. Cremers.

Business Performance: Q3 2023 vs. Q2 2023

Timberlands – Third Quarter 2023 Highlights

• Timberlands Adjusted EBITDDA increased $12.6 million from Q2 2023
• Northern and Southern harvest volumes increased seasonally
• Northern sawlog prices increased 12% primarily due to higher indexed sawlog prices
• Southern sawlog and pulpwood prices were stable

Wood Products – Third Quarter 2023 Highlights

• Wood Products Adjusted EBITDDA increased $3.2 million from Q2 2023
• Average lumber price increased 1% to $481 per MBF, or thousand board feet, in Q3 2023
• Per-unit log costs decreased on lower log costs and improved recoveries

Real Estate – Third Quarter 2023 Highlights

• Real Estate Adjusted EBITDDA increased $2.0 million from Q2 2023
• Sold 3,275 acres of rural land at an average price of $3,546 / acre
• Sold 32 residential lots at an average price of $89,122 / lot
• Sold 1 commercial lot for $1.4 million, or $972,222 / acre

For the full third quarter results, click here.

About PotlatchDeltic

PotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 2.2 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.

Contact:

Wayne Wasechek – Investor Relations – (509) 835-1521

Source: PotlatchDeltic Corporation