PotlatchDeltic Corporation Reports Second Quarter 2025 Results
PotlatchDeltic Corporation (NASDAQ:PCH) today reported net income of $7.4 million, or $0.09 per diluted share, on revenues of $275.0 million for the quarter ended June 30, 2025. Net income was $13.7 million, or $0.17 per diluted share, on revenues of $320.7 million for the quarter ended June 30, 2024.
Second Quarter 2025 Highlights
- Generated Total Adjusted EBITDDA of $52.0 million and Total Adjusted EBITDDA margin of 18.9%
- Repurchased 1,418,800 shares for $55.9 million, or $39 per share
- Maintained strong liquidity of $395 million as of June 30, 2025
"Our overall financial results were solid in the second quarter, even amid ongoing economic and trade policy uncertainty," said Eric Cremers, President and Chief Executive Officer. "This quarter our Timberlands and Real Estate businesses performed well, while our Wood Products segment continued to be impacted by soft demand across lumber markets. We remained focused on our disciplined and opportunistic capital allocation strategy during the quarter, returning meaningful capital to shareholders through the repurchase of $56 million of our common stock, in addition to paying our regular quarterly dividend. Looking ahead, we remain confident in the long-term fundamentals that support demand for our products. With a strong balance sheet, disciplined operations, and a prudent approach to capital deployment, we believe we are well-positioned to deliver long-term value to our shareholders."
Financial Highlights
($ in millions, except per share data) |
|
Q2 2025 |
|
|
Q1 2025 |
|
|
Q2 2024 |
|
|||
Revenues |
|
$ |
275.0 |
|
|
$ |
268.3 |
|
|
$ |
320.7 |
|
Net income |
|
$ |
7.4 |
|
|
$ |
25.8 |
|
|
$ |
13.7 |
|
Weighted-average shares outstanding, diluted (in thousands) |
|
|
78,441 |
|
|
|
79,173 |
|
|
|
79,741 |
|
Net income per diluted share |
|
$ |
0.09 |
|
|
$ |
0.33 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted Net Income1 |
|
$ |
7.4 |
|
|
$ |
26.2 |
|
|
$ |
13.7 |
|
Adjusted Net Income Per Diluted Share1 |
|
$ |
0.09 |
|
|
$ |
0.33 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|||
Total Adjusted EBITDDA1 |
|
$ |
52.0 |
|
|
$ |
63.4 |
|
|
$ |
103.2 |
|
Total Adjusted EBITDDA Margin1 |
|
|
18.9 |
% |
|
|
23.6 |
% |
|
|
32.2 |
% |
Dividends per share |
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
Net cash from operations |
|
$ |
41.0 |
|
|
$ |
49.1 |
|
|
$ |
100.6 |
|
Cash and cash equivalents |
|
$ |
95.3 |
|
|
$ |
147.5 |
|
|
$ |
199.7 |
|
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 Measures" and Non-GAAP Reconciliations below for more information and reconciliations to GAAP, where applicable. |
||||||||||||
Business Performance: Q2 2025 vs. Q1 2025
Timberlands
Second Quarter 2025 Highlights
- Timberlands Adjusted EBITDDA decreased $2.8 million from Q1 2025
- Northern sawlog prices increased primarily due to higher cedar prices and seasonally lighter logs
- Southern harvest volumes decreased primarily due to lower stumpage sales
- Forest management costs increased due to seasonally higher activity
($ in millions) |
|
Q2 2025 |
|
|
Q1 2025 |
|
|
$ Change |
|
|||
Timberlands Revenues |
|
$ |
101.7 |
|
|
$ |
102.5 |
|
|
$ |
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Timberlands Adjusted EBITDDA1 |
|
$ |
39.6 |
|
|
$ |
42.4 |
|
|
$ |
(2.8 |
) |
1 Refer to Segment Information below for additional information. |
||||||||||||
Wood Products
Second Quarter 2025 Highlights
- Wood Products Adjusted EBITDDA decreased $10.0 million from Q1 2025
- Average lumber price decreased 1% to $450 per thousand board feet (MBF) in Q2 2025
- Log costs increased primarily due to higher indexed pricing in Idaho
- Lumber inventory charge was $3.0 million higher compared to Q1 2025
- Per-unit manufacturing cost unfavorably impacted by $2.8 million from St. Maries equipment upgrade and temporary third-party power supply issue at Waldo
($ in millions) |
|
Q2 2025 |
|
|
Q1 2025 |
|
|
$ Change |
|
|||
Wood Products Revenues |
|
$ |
171.8 |
|
|
$ |
164.6 |
|
|
$ |
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|||
Wood Products Adjusted EBITDDA1 |
|
$ |
1.7 |
|
|
$ |
11.7 |
|
|
$ |
(10.0 |
) |
1 Refer to Segment Information below for additional information. |
||||||||||||
Real Estate
Second Quarter 2025 Highlights
- Real Estate Adjusted EBITDDA was flat compared to Q1 2025
- Sold 7,457 acres of rural land at an average price of $3,108 per acre
- Sold 18 residential lots at an average price of $102,222 per lot
($ in millions) |
|
Q2 2025 |
|
|
Q1 2025 |
|
|
$ Change |
|
|||
Real Estate Revenues |
|
$ |
29.1 |
|
|
$ |
27.6 |
|
|
$ |
1.5 |
|
|
|
|
|
|
|
|
|
|
|
|||
Real Estate Adjusted EBITDDA1 |
|
$ |
22.7 |
|
|
$ |
22.7 |
|
|
$ |
— |
|
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, July 29, 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 August 5, 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; disciplined operations; demand for our products; positioning to deliver shareholder value; and similar matters. Words such as "long-term," "looking ahead," "remain," 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 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 the U.S. and international economies and effects on our customers and suppliers, including the impact of tariffs on imports to the U.S. and potential retaliatory increases on exports from the U.S. and uncertainty regarding the timing and scope of such changes; duties 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 participate in the natural climate solutions and forest carbon sequestration markets, and the development of the market for those products; 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 |
|
Six Months Ended |
||||||||||||||||
(in thousands, except per share amounts) |
June 30, 2025 |
|
March 31, 2025 |
|
June 30, 2024 |
|
June 30, 2025 |
|
June 30, 2024 |
||||||||||
Revenues |
$ |
274,985 |
|
|
$ |
268,260 |
|
|
$ |
320,671 |
|
|
$ |
543,245 |
|
|
$ |
548,798 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of goods sold |
|
239,332 |
|
|
|
220,405 |
|
|
|
282,473 |
|
|
|
459,737 |
|
|
|
494,633 |
|
Selling, general and administrative expenses |
|
21,807 |
|
|
|
19,855 |
|
|
|
20,752 |
|
|
|
41,662 |
|
|
|
41,479 |
|
Environmental charge |
|
— |
|
|
|
490 |
|
|
|
— |
|
|
|
490 |
|
|
|
— |
|
|
|
261,139 |
|
|
|
240,750 |
|
|
|
303,225 |
|
|
|
501,889 |
|
|
|
536,112 |
|
Operating income |
|
13,846 |
|
|
|
27,510 |
|
|
|
17,446 |
|
|
|
41,356 |
|
|
|
12,686 |
|
Interest expense, net |
|
(10,412 |
) |
|
|
(1,492 |
) |
|
|
(8,696 |
) |
|
|
(11,904 |
) |
|
|
(8,414 |
) |
Non-operating pension and other postretirement employee benefits |
|
(351 |
) |
|
|
(351 |
) |
|
|
201 |
|
|
|
(702 |
) |
|
|
402 |
|
Other |
|
741 |
|
|
|
(206 |
) |
|
|
(23 |
) |
|
|
535 |
|
|
|
(168 |
) |
Income before income taxes |
|
3,824 |
|
|
|
25,461 |
|
|
|
8,928 |
|
|
|
29,285 |
|
|
|
4,506 |
|
Income taxes |
|
3,530 |
|
|
|
344 |
|
|
|
4,750 |
|
|
|
3,874 |
|
|
|
8,867 |
|
Net income |
$ |
7,354 |
|
|
$ |
25,805 |
|
|
$ |
13,678 |
|
|
$ |
33,159 |
|
|
$ |
13,373 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.09 |
|
|
$ |
0.33 |
|
|
$ |
0.17 |
|
|
$ |
0.42 |
|
|
$ |
0.17 |
|
Diluted |
$ |
0.09 |
|
|
$ |
0.33 |
|
|
$ |
0.17 |
|
|
$ |
0.42 |
|
|
$ |
0.17 |
|
Dividends per share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.90 |
|
|
$ |
0.90 |
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|||||||||||
Basic |
|
78,280 |
|
|
|
79,000 |
|
|
|
79,627 |
|
|
|
78,643 |
|
|
|
79,656 |
|
Diluted |
|
78,441 |
|
|
|
79,173 |
|
|
|
79,741 |
|
|
|
78,781 |
|
|
|
79,756 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PotlatchDeltic Corporation |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
Unaudited |
||||||||
(in thousands, except per share amounts) |
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
95,277 |
|
|
$ |
151,551 |
|
Customer receivables, net |
|
|
33,799 |
|
|
|
23,358 |
|
Inventories, net |
|
|
87,037 |
|
|
|
82,926 |
|
Other current assets |
|
|
42,741 |
|
|
|
41,295 |
|
Total current assets |
|
|
258,854 |
|
|
|
299,130 |
|
Property, plant and equipment, net |
|
|
396,167 |
|
|
|
408,913 |
|
Investment in real estate held for development and sale |
|
|
53,642 |
|
|
|
50,809 |
|
Timber and timberlands, net |
|
|
2,320,697 |
|
|
|
2,357,151 |
|
Intangible assets, net |
|
|
12,971 |
|
|
|
13,861 |
|
Other long-term assets |
|
|
142,372 |
|
|
|
175,579 |
|
Total assets |
|
$ |
3,184,703 |
|
|
$ |
3,305,443 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued liabilities |
|
$ |
96,569 |
|
|
$ |
95,628 |
|
Current portion of long-term debt |
|
|
127,383 |
|
|
|
99,552 |
|
Current portion of pension and other postretirement employee benefits |
|
|
5,098 |
|
|
|
5,098 |
|
Total current liabilities |
|
|
229,050 |
|
|
|
200,278 |
|
Long-term debt |
|
|
907,786 |
|
|
|
935,100 |
|
Pension and other postretirement employee benefits |
|
|
75,328 |
|
|
|
76,272 |
|
Deferred tax liabilities, net |
|
|
16,729 |
|
|
|
21,123 |
|
Other long-term obligations |
|
|
33,883 |
|
|
|
35,000 |
|
Total liabilities |
|
|
1,262,776 |
|
|
|
1,267,773 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
|
|
||
Common stock, $1 par value, 200,000 shares authorized, 77,286 and 78,684 shares issued and outstanding |
|
|
77,286 |
|
|
|
78,684 |
|
Additional paid-in capital |
|
|
2,321,235 |
|
|
|
2,315,176 |
|
Accumulated deficit |
|
|
(566,125 |
) |
|
|
(470,331 |
) |
Accumulated other comprehensive income |
|
|
89,531 |
|
|
|
114,141 |
|
Total stockholders' equity |
|
|
1,921,927 |
|
|
|
2,037,670 |
|
Total liabilities and stockholders' equity |
|
$ |
3,184,703 |
|
|
$ |
3,305,443 |
|
|
|
|
|
|
|
|
||
PotlatchDeltic Corporation |
|||||||||||||||||||
Condensed Consolidated Statements of Cash Flows |
|||||||||||||||||||
Unaudited |
|||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(in thousands) |
June 30, 2025 |
|
March 31, 2025 |
|
June 30, 2024 |
|
June 30, 2025 |
|
June 30, 2024 |
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
7,354 |
|
|
$ |
25,805 |
|
|
$ |
13,678 |
|
|
$ |
33,159 |
|
|
$ |
13,373 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation, depletion and amortization |
|
26,751 |
|
|
|
25,786 |
|
|
|
29,674 |
|
|
|
52,537 |
|
|
|
60,476 |
|
Basis of real estate sold |
|
11,481 |
|
|
|
9,867 |
|
|
|
56,525 |
|
|
|
21,348 |
|
|
|
60,617 |
|
Change in deferred taxes |
|
(3,531 |
) |
|
|
(344 |
) |
|
|
(4,694 |
) |
|
|
(3,875 |
) |
|
|
(8,839 |
) |
Pension and other postretirement employee benefits |
|
1,632 |
|
|
|
1,631 |
|
|
|
1,145 |
|
|
|
3,263 |
|
|
|
2,288 |
|
Equity-based compensation expense |
|
3,195 |
|
|
|
2,759 |
|
|
|
2,962 |
|
|
|
5,954 |
|
|
|
5,522 |
|
Amortization related to redesignated forward-starting interest rate swaps |
|
2,841 |
|
|
|
2,810 |
|
|
|
2,643 |
|
|
|
5,651 |
|
|
|
5,286 |
|
Interest received under swaps with other-than-insignificant financing element |
|
(6,950 |
) |
|
|
(6,986 |
) |
|
|
(7,509 |
) |
|
|
(13,936 |
) |
|
|
(14,967 |
) |
Other, net |
|
(725 |
) |
|
|
1,888 |
|
|
|
(292 |
) |
|
|
1,163 |
|
|
|
26 |
|
Change in working capital and operating-related activities, net |
|
4,751 |
|
|
|
(9,259 |
) |
|
|
9,256 |
|
|
|
(4,508 |
) |
|
|
(3,996 |
) |
Real estate development expenditures |
|
(2,778 |
) |
|
|
(3,326 |
) |
|
|
(1,587 |
) |
|
|
(6,104 |
) |
|
|
(2,722 |
) |
Funding of pension and other postretirement employee benefits |
|
(3,022 |
) |
|
|
(1,580 |
) |
|
|
(1,221 |
) |
|
|
(4,602 |
) |
|
|
(2,135 |
) |
Proceeds from insurance recoveries |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,680 |
|
Net cash from operating activities |
|
40,999 |
|
|
|
49,051 |
|
|
|
100,580 |
|
|
|
90,050 |
|
|
|
116,609 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
||||||||||
Property, plant and equipment additions |
|
(3,636 |
) |
|
|
(12,114 |
) |
|
|
(21,608 |
) |
|
|
(15,750 |
) |
|
|
(26,603 |
) |
Timberlands reforestation and roads |
|
(3,997 |
) |
|
|
(7,339 |
) |
|
|
(4,940 |
) |
|
|
(11,336 |
) |
|
|
(12,814 |
) |
Acquisition of timber and timberlands |
|
(291 |
) |
|
|
(83 |
) |
|
|
(43 |
) |
|
|
(374 |
) |
|
|
(31,481 |
) |
Interest received under swaps with other-than-insignificant financing element |
|
6,544 |
|
|
|
6,579 |
|
|
|
6,986 |
|
|
|
13,123 |
|
|
|
13,924 |
|
Other, net |
|
826 |
|
|
|
149 |
|
|
|
245 |
|
|
|
975 |
|
|
|
618 |
|
Net cash from investing activities |
|
(554 |
) |
|
|
(12,808 |
) |
|
|
(19,360 |
) |
|
|
(13,362 |
) |
|
|
(56,356 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
||||||||||
Distributions to common stockholders |
|
(34,778 |
) |
|
|
(35,435 |
) |
|
|
(35,677 |
) |
|
|
(70,213 |
) |
|
|
(71,456 |
) |
Repurchase of common stock |
|
(56,108 |
) |
|
|
(3,922 |
) |
|
|
(23,905 |
) |
|
|
(60,030 |
) |
|
|
(23,905 |
) |
Other, net |
|
(1,083 |
) |
|
|
(1,043 |
) |
|
|
(1,444 |
) |
|
|
(2,126 |
) |
|
|
(2,236 |
) |
Net cash from financing activities |
|
(91,969 |
) |
|
|
(40,400 |
) |
|
|
(61,026 |
) |
|
|
(132,369 |
) |
|
|
(97,597 |
) |
Change in cash, cash equivalents and restricted cash |
|
(51,524 |
) |
|
|
(4,157 |
) |
|
|
20,194 |
|
|
|
(55,681 |
) |
|
|
(37,344 |
) |
Cash, cash equivalents and restricted cash, beginning |
|
147,568 |
|
|
|
151,725 |
|
|
|
180,150 |
|
|
|
151,725 |
|
|
|
237,688 |
|
Cash, cash equivalents and restricted cash, ending1 |
$ |
96,044 |
|
|
$ |
147,568 |
|
|
$ |
200,344 |
|
|
$ |
96,044 |
|
|
$ |
200,344 |
|
1 |
Includes $0.8 million, $0.1 million, and $0.7 at June 30, 2025, March 31, 2025, and June 30, 2024, 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 |
|
Six Months Ended |
||||||||||||||||
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
(in thousands) |
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Timberlands |
$ |
101,664 |
|
|
$ |
102,451 |
|
|
$ |
98,802 |
|
|
$ |
204,115 |
|
|
$ |
191,752 |
|
Wood Products |
|
171,819 |
|
|
|
164,645 |
|
|
|
153,579 |
|
|
|
336,464 |
|
|
|
302,177 |
|
Real Estate |
|
29,096 |
|
|
|
27,591 |
|
|
|
95,732 |
|
|
|
56,687 |
|
|
|
106,839 |
|
|
|
302,579 |
|
|
|
294,687 |
|
|
|
348,113 |
|
|
|
597,266 |
|
|
|
600,768 |
|
Intersegment Timberlands revenues |
|
(27,594 |
) |
|
|
(26,427 |
) |
|
|
(27,442 |
) |
|
|
(54,021 |
) |
|
|
(51,970 |
) |
Consolidated revenues |
$ |
274,985 |
|
|
$ |
268,260 |
|
|
$ |
320,671 |
|
|
$ |
543,245 |
|
|
$ |
548,798 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDDA1 |
|
|
|
|
|
|
|
|
|
||||||||||
Timberlands |
$ |
39,566 |
|
|
$ |
42,370 |
|
|
$ |
34,124 |
|
|
$ |
81,937 |
|
|
$ |
68,872 |
|
Wood Products |
|
1,723 |
|
|
|
11,640 |
|
|
|
(6,805 |
) |
|
|
13,363 |
|
|
|
(6,944 |
) |
Real Estate |
|
22,720 |
|
|
|
22,757 |
|
|
|
89,568 |
|
|
|
45,476 |
|
|
|
95,796 |
|
Corporate |
|
(13,164 |
) |
|
|
(12,148 |
) |
|
|
(11,756 |
) |
|
|
(25,313 |
) |
|
|
(24,421 |
) |
Eliminations and adjustments |
|
1,180 |
|
|
|
(1,252 |
) |
|
|
(1,958 |
) |
|
|
(71 |
) |
|
|
(408 |
) |
Total Adjusted EBITDDA |
|
52,025 |
|
|
|
63,367 |
|
|
|
103,173 |
|
|
|
115,392 |
|
|
|
132,895 |
|
Interest expense, net2 |
|
(10,412 |
) |
|
|
(1,492 |
) |
|
|
(8,696 |
) |
|
|
(11,904 |
) |
|
|
(8,414 |
) |
Depreciation, depletion and amortization |
|
(26,370 |
) |
|
|
(25,404 |
) |
|
|
(29,268 |
) |
|
|
(51,774 |
) |
|
|
(59,663 |
) |
Basis of real estate sold |
|
(11,481 |
) |
|
|
(9,867 |
) |
|
|
(56,525 |
) |
|
|
(21,348 |
) |
|
|
(60,617 |
) |
Environmental charge |
|
— |
|
|
|
(490 |
) |
|
|
— |
|
|
|
(490 |
) |
|
|
— |
|
Non-operating pension and other postretirement employee benefits |
|
(351 |
) |
|
|
(351 |
) |
|
|
201 |
|
|
|
(702 |
) |
|
|
402 |
|
Gain (loss) on disposal of assets |
|
(328 |
) |
|
|
(96 |
) |
|
|
66 |
|
|
|
(424 |
) |
|
|
71 |
|
Other |
|
741 |
|
|
|
(206 |
) |
|
|
(23 |
) |
|
|
535 |
|
|
|
(168 |
) |
Income before income taxes |
$ |
3,824 |
|
|
$ |
25,461 |
|
|
$ |
8,928 |
|
|
$ |
29,285 |
|
|
$ |
4,506 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation, depletion and amortization |
|
|
|
|
|
|
|
|
|
||||||||||
Timberlands |
$ |
15,499 |
|
|
$ |
15,506 |
|
|
$ |
16,790 |
|
|
$ |
31,005 |
|
|
$ |
34,415 |
|
Wood Products |
|
10,495 |
|
|
|
9,553 |
|
|
|
12,227 |
|
|
|
20,048 |
|
|
|
24,743 |
|
Real Estate |
|
159 |
|
|
|
141 |
|
|
|
136 |
|
|
|
300 |
|
|
|
274 |
|
Corporate |
|
217 |
|
|
|
204 |
|
|
|
115 |
|
|
|
421 |
|
|
|
231 |
|
|
|
26,370 |
|
|
|
25,404 |
|
|
|
29,268 |
|
|
|
51,774 |
|
|
|
59,663 |
|
Bond discounts and deferred loan fees2 |
|
381 |
|
|
|
382 |
|
|
|
406 |
|
|
|
763 |
|
|
|
813 |
|
Total depreciation, depletion and amortization |
$ |
26,751 |
|
|
$ |
25,786 |
|
|
$ |
29,674 |
|
|
$ |
52,537 |
|
|
$ |
60,476 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basis of real estate sold |
|
|
|
|
|
|
|
|
|
||||||||||
Real Estate |
$ |
11,486 |
|
|
$ |
9,868 |
|
|
$ |
56,528 |
|
|
$ |
21,354 |
|
|
$ |
60,622 |
|
Eliminations and adjustments |
|
(5 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(6 |
) |
|
|
(5 |
) |
Total basis of real estate sold |
$ |
11,481 |
|
|
$ |
9,867 |
|
|
$ |
56,525 |
|
|
$ |
21,348 |
|
|
$ |
60,617 |
|
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 |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
(in thousands, except per share amounts) |
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|||||
Total Adjusted EBITDDA1 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (GAAP) |
|
$ |
7,354 |
|
|
$ |
25,805 |
|
|
$ |
13,678 |
|
|
$ |
33,159 |
|
|
$ |
13,373 |
|
Interest expense, net |
|
|
10,412 |
|
|
|
1,492 |
|
|
|
8,696 |
|
|
|
11,904 |
|
|
|
8,414 |
|
Income taxes |
|
|
(3,530 |
) |
|
|
(344 |
) |
|
|
(4,750 |
) |
|
|
(3,874 |
) |
|
|
(8,867 |
) |
Depreciation, depletion and amortization |
|
|
26,370 |
|
|
|
25,404 |
|
|
|
29,268 |
|
|
|
51,774 |
|
|
|
59,663 |
|
Basis of real estate sold |
|
|
11,481 |
|
|
|
9,867 |
|
|
|
56,525 |
|
|
|
21,348 |
|
|
|
60,617 |
|
Environmental charge |
|
|
— |
|
|
|
490 |
|
|
|
— |
|
|
|
490 |
|
|
|
— |
|
Non-operating pension and other postretirement employee benefits |
|
|
351 |
|
|
|
351 |
|
|
|
(201 |
) |
|
|
702 |
|
|
|
(402 |
) |
Loss (gain) on disposal of assets |
|
|
328 |
|
|
|
96 |
|
|
|
(66 |
) |
|
|
424 |
|
|
|
(71 |
) |
Other |
|
|
(741 |
) |
|
|
206 |
|
|
|
23 |
|
|
|
(535 |
) |
|
|
168 |
|
Total Adjusted EBITDDA |
|
$ |
52,025 |
|
|
$ |
63,367 |
|
|
$ |
103,173 |
|
|
$ |
115,392 |
|
|
$ |
132,895 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Net Income1 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (GAAP) |
|
$ |
7,354 |
|
|
$ |
25,805 |
|
|
$ |
13,678 |
|
|
$ |
33,159 |
|
|
$ |
13,373 |
|
Special items after tax: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Environmental charge |
|
|
— |
|
|
|
368 |
|
|
|
— |
|
|
|
368 |
|
|
|
— |
|
Adjusted Net Income |
|
$ |
7,354 |
|
|
$ |
26,173 |
|
|
$ |
13,678 |
|
|
$ |
33,527 |
|
|
$ |
13,373 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Net Income Per Diluted Share1 |
|
$ |
0.09 |
|
|
$ |
0.33 |
|
|
$ |
0.17 |
|
|
$ |
0.42 |
|
|
$ |
0.17 |
|
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/20250728035696/en/
Investors
Wayne Wasechek
509.835.1521
Media
Anna Torma
509.835.1558