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PotlatchDeltic Corporation Reports First Quarter 2022 Results

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PotlatchDeltic Corporation (Nasdaq: PCH) reported a strong performance for Q1 2022, with net income of $163.9 million, or $2.35 per diluted share, on revenues of $411.4 million. Adjusted net income was $174.6 million, yielding $2.50 per diluted share. Highlights include a record Total Adjusted EBITDDA of $245.6 million and a robust liquidity position of $770 million. The company increased its regular dividend by 7.3% to $0.44 per share. Timberlands and Wood Products segments showed significant revenue growth, driven by higher prices and favorable conditions.

Positive
  • Net income of $163.9 million, a notable increase from $131.1 million in Q1 2021.
  • Adjusted EBITDDA reached a record $245.6 million, marking significant growth.
  • Liquidity position expanded to $770 million as of March 31, 2022.
  • Regular dividend increased by 7.3% to $0.44 per share.
  • Higher Northern sawlog prices surged by 54% due to indexed pricing.
Negative
  • Costs in manufacturing increased due to inflationary pressures.
  • Log & haul costs rose primarily because of increased fuel prices.

SPOKANE, Wash.--(BUSINESS WIRE)-- PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $163.9 million, or $2.35 per diluted share, on revenues of $411.4 million for the quarter ended March 31, 2022. Excluding after tax special items consisting of a non-cash pension settlement charge and a net loss on fire damage, adjusted net income was $174.6 million, or $2.50 per diluted share for the first quarter of 2022. Net income was $131.1 million, or $1.94 per diluted share, on revenues of $354.2 million for the quarter ended March 31, 2021.

First Quarter 2022 Highlights

  • Generated Total Adjusted EBITDDA of $245.6 million and Total Adjusted EBITDDA margin of 60%
  • Highest first quarter Adjusted EBITDDA on record and second highest quarterly Adjusted EBITDDA in our history
  • Transferred $70 million in pension obligations to American General Life
  • Expanded strong liquidity position to $770 million as of March 31, 2022

“2022 is off to a phenomenal start with each of our businesses delivering exceptional results leading to our highest first quarter financial performance on record," said Eric Cremers, president and chief executive officer. "Our operating results reflect our integrated operating model and leverage-to-lumber strategy combined with strong execution by our teams across all of our operations. Looking forward, we remain upbeat on lumber demand fundamentals despite the current rising interest rate environment. Our commitment to a disciplined capital allocation strategy and our strong balance sheet position us to continue to enhance shareholder value," stated Mr. Cremers.

Financial Highlights

($ in millions, except per share data)

 

Q1 2022

 

 

Q4 2021

 

 

Q1 2021

 

Revenues

 

$

411.4

 

 

$

248.4

 

 

$

354.2

 

Net income

 

$

163.9

 

 

$

39.2

 

 

$

131.1

 

Weighted average shares outstanding, diluted (in thousands)

 

 

69,623

 

 

 

67,974

 

 

 

67,607

 

Net income per diluted share

 

$

2.35

 

 

$

0.58

 

 

$

1.94

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

$

174.6

 

 

$

39.9

 

 

$

131.1

 

Adjusted Net Income Per Diluted Share

 

$

2.50

 

 

$

0.59

 

 

$

1.94

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA

 

$

245.6

 

 

$

75.7

 

 

$

195.0

 

Dividends per share1

 

$

0.44

 

 

$

4.44

 

 

$

0.41

 

Net cash from operations

 

$

230.3

 

 

$

51.6

 

 

$

169.9

 

Cash and cash equivalents

 

$

470.9

 

 

$

296.2

 

 

$

382.0

 

1The regular dividend was increased 7.3% to $0.44 per quarter and a special dividend of $4 per share was paid Q4 2021.

Business Performance: Q1 2022 vs. Q4 2021

Timberlands

First Quarter 2022 Highlights

  • Timberlands Adjusted EBITDDA increased $34.6 million from Q4 2021
  • Increased Northern harvest volumes driven by favorable logging conditions
  • Northern sawlog price increased 54% primarily due to higher indexed sawlog prices
  • Southern sawlog prices increased 2% as higher pine sawlog prices partially offset the effect of seasonally lower hardwood volumes
  • Higher log & haul costs were primarily driven by increased fuel costs
  • Forest management costs declined due to seasonally lower Northern activity

($ in millions)

 

Q1 2022

 

 

Q4 2021

 

 

$ Change

 

Timberlands Revenues

 

$

123.7

 

 

$

86.8

 

 

$

36.9

 

 

 

 

 

 

 

 

 

 

 

Timberlands Adjusted EBITDDA

 

$

76.4

 

 

$

41.8

 

 

$

34.6

 

 

 

 

 

 

 

 

 

 

 

Wood Products

First Quarter 2022 Highlights

  • Wood Products Adjusted EBITDDA increased $112.8 million from Q4 2021
  • Average lumber price increased 91% to $1,075 per MBF in Q1 2022
  • Higher manufacturing cost reflects inflationary cost increases and planned mill maintenance
  • Log costs increased due to higher index pricing in Idaho
  • Plywood shipments and price realizations increased due to strong demand and mix

($ in millions)

 

Q1 2022

 

 

Q4 2021

 

 

$ Change

 

Wood Products Revenues

 

$

295.7

 

 

$

174.2

 

 

$

121.5

 

 

 

 

 

 

 

 

 

 

 

Wood Products Adjusted EBITDDA

 

$

150.0

 

 

$

37.2

 

 

$

112.8

 

 

 

 

 

 

 

 

 

 

 

Real Estate

First Quarter 2022 Highlights

  • Real Estate Adjusted EBITDDA increased $20.1 million from Q4 2021
  • Sold 4,751 acres of rural land at an average price of $4,556/acre, including a tract for $13.2 million
  • Sold 64 residential lots at an average price of $112,725/lot
  • Sold 3 commercial acres for $917,236/acre

($ in millions)

 

Q1 2022

 

 

Q4 2021

 

 

$ Change

 

Real Estate Revenues

 

$

34.1

 

 

$

14.0

 

 

$

20.1

 

 

 

 

 

 

 

 

 

 

 

Real Estate Adjusted EBITDDA

 

$

30.1

 

 

$

10.0

 

 

$

20.1

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Measures

This press release includes certain non-GAAP financial measures, which management believes are useful to investors, securities analysts and other interested parties. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP.

Management uses Adjusted EBITDDA to evaluate the performance of the company. This is a non-GAAP measure that represents EBITDDA before certain items that impact comparison of the performance of our business either period-over-period or with other businesses.

Adjusted net income and adjusted net income per diluted share are non-GAAP measures that represent GAAP net income and GAAP net income per diluted share before certain items that impact the ability of investors, securities analysts and other interested parties to compare the performance of our business, either period-over-period or with other businesses.

Reconciliations to GAAP are set forth in the accompanying schedules.

Conference Call Information

A live conference call and webcast will be held Tuesday, April 26, 2022, 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 website.

A replay of the conference call will be available two hours following the call until May 3, 2022, by calling 1-800-770-2030 for U.S./Canada or 1-647-362-9199 for international callers. Callers must enter conference I.D. number 7281983 to access the replay.

About PotlatchDeltic

PotlatchDeltic (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) that owns approximately 1.8 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. 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.

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 and expenses; favorable housing market fundamentals and demand for lumber; disciplined capital allocation strategy; business conditions and strategies; and similar matters. Words such as “anticipate,” “expect,” “will,” “intend,” “plan,” “target,” “project,” “believe,” “seek,” “schedule,” “estimate,” “could,” “can,” “may,” 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, including the impact of COVID-19 and its variants, governmental responses to such outbreaks, and anticipated recovery from the pandemic on our business, suppliers, customers and employees; 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; the successful execution of the company’s strategic plans; the company’s ability to meet expectations; 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

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(in thousands, except per share amounts)

2022

 

 

2021

 

 

2021

 

Revenues

$

411,350

 

 

$

248,406

 

 

$

354,193

 

Costs and expenses:

 

 

 

 

 

 

 

 

Cost of goods sold

 

179,847

 

 

 

178,163

 

 

 

169,302

 

Selling, general and administrative expenses

 

16,294

 

 

 

18,650

 

 

 

16,758

 

Net loss on fire damage

 

276

 

 

 

1,033

 

 

 

 

 

 

196,417

 

 

 

197,846

 

 

 

186,060

 

Operating income

 

214,933

 

 

 

50,560

 

 

 

168,133

 

Interest expense, net

 

(2,894

)

 

 

(8,861

)

 

 

(3,574

)

Pension settlement charge

 

(14,165

)

 

 

 

 

 

 

Non-operating pension and other postretirement employee benefit costs

 

(1,929

)

 

 

(3,271

)

 

 

(3,414

)

Income before income taxes

 

195,945

 

 

 

38,428

 

 

 

161,145

 

Income taxes

 

(32,065

)

 

 

754

 

 

 

(30,039

)

Net income

$

163,880

 

 

$

39,182

 

 

$

131,106

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

Basic

$

2.36

 

 

$

0.58

 

 

$

1.95

 

Diluted

$

2.35

 

 

$

0.58

 

 

$

1.94

 

Dividends per share1

$

0.44

 

 

$

4.44

 

 

$

0.41

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

Basic

 

69,419

 

 

 

67,572

 

 

 

67,207

 

Diluted

 

69,623

 

 

 

67,974

 

 

 

67,607

 

1The regular dividend was increased 7.3% to $0.44 per quarter and a special dividend of $4 per share was paid Q4 2021.

PotlatchDeltic Corporation

Condensed Consolidated Balance Sheet

Unaudited

(in thousands, except per share amounts)

 

March 31, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

470,918

 

 

$

296,151

 

Customer receivables, net

 

 

40,094

 

 

 

31,028

 

Inventories, net

 

 

67,673

 

 

 

72,369

 

Other current assets

 

 

21,938

 

 

 

21,630

 

Total current assets

 

 

600,623

 

 

 

421,178

 

Property, plant and equipment, net

 

 

297,710

 

 

 

292,320

 

Investment in real estate held for development and sale

 

 

61,562

 

 

 

65,604

 

Timber and timberlands, net

 

 

1,671,330

 

 

 

1,682,671

 

Intangible assets, net

 

 

15,296

 

 

 

15,491

 

Other long-term assets

 

 

87,095

 

 

 

57,951

 

Total assets

 

$

2,733,616

 

 

$

2,535,215

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

101,589

 

 

$

78,209

 

Current portion of long-term debt

 

 

39,983

 

 

 

42,977

 

Current portion of pension and other postretirement employee benefits

 

 

4,993

 

 

 

4,993

 

Total current liabilities

 

 

146,565

 

 

 

126,179

 

Long-term debt

 

 

715,499

 

 

 

715,279

 

Pension and other postretirement employee benefits

 

 

90,359

 

 

 

83,674

 

Deferred tax liabilities, net

 

 

37,642

 

 

 

34,874

 

Other long-term obligations

 

 

31,353

 

 

 

49,076

 

Total liabilities

 

 

1,021,418

 

 

 

1,009,082

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 69,372 and 69,064 shares

 

 

69,372

 

 

 

69,064

 

Additional paid-in capital

 

 

1,782,940

 

 

 

1,781,217

 

Accumulated deficit

 

 

(147,632

)

 

 

(280,910

)

Accumulated other comprehensive income (loss)

 

 

7,518

 

 

 

(43,238

)

Total stockholders’ equity

 

 

1,712,198

 

 

 

1,526,133

 

Total liabilities and stockholders' equity

 

$

2,733,616

 

 

$

2,535,215

 

 

 

 

 

 

 

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

 

Three Months Ended

 

(in thousands)

March 31, 2022

 

 

December 31, 2021

 

 

March 31, 2021

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

$

163,880

 

 

$

39,182

 

 

$

131,106

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

19,874

 

 

 

20,060

 

 

 

18,399

 

Basis of real estate sold

 

10,854

 

 

 

4,627

 

 

 

8,823

 

Change in deferred taxes

 

(2,123

)

 

 

(3,196

)

 

 

1,490

 

Pension and other postretirement employee benefits

 

3,857

 

 

 

5,484

 

 

 

5,627

 

Pension settlement charge

 

14,165

 

 

 

 

 

 

 

Equity-based compensation expense

 

2,056

 

 

 

2,262

 

 

 

1,930

 

Net loss on fire damage

 

276

 

 

 

1,033

 

 

 

 

Other, net

 

(291

)

 

 

(270

)

 

 

(387

)

Change in working capital and operating-related activities, net

 

21,208

 

 

 

(13,117

)

 

 

6,713

 

Real estate development expenditures

 

(2,161

)

 

 

(2,795

)

 

 

(2,315

)

Funding of pension and other postretirement employee benefits

 

(1,296

)

 

 

(1,626

)

 

 

(1,421

)

Net cash from operating activities

 

230,299

 

 

 

51,644

 

 

 

169,965

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

(12,566

)

 

 

(12,656

)

 

 

(7,762

)

Timberlands reforestation and roads

 

(4,648

)

 

 

(4,165

)

 

 

(3,956

)

Acquisition of timber and timberlands

 

 

 

 

(17,616

)

 

 

 

Proceeds from property insurance

 

 

 

 

1,750

 

 

 

 

Other, net

 

92

 

 

 

276

 

 

 

189

 

Net cash from investing activities

 

(17,122

)

 

 

(32,411

)

 

 

(11,529

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Distributions to common stockholders

 

(30,524

)

 

 

(305,779

)

 

 

(27,484

)

Proceeds from issuance of long-term debt

 

 

 

 

40,000

 

 

 

 

Repayment of long-term debt

 

(3,000

)

 

 

(46,366

)

 

 

 

Other, net

 

(1,071

)

 

 

(3,083

)

 

 

(591

)

Net cash from financing activities

 

(34,595

)

 

 

(315,228

)

 

 

(28,075

)

Change in cash, cash equivalents and restricted cash

 

178,582

 

 

 

(295,995

)

 

 

130,361

 

Cash, cash equivalents and restricted cash, beginning

 

296,772

 

 

 

592,767

 

 

 

252,340

 

Cash, cash equivalents and restricted cash, ending

$

475,354

 

 

$

296,772

 

 

$

382,701

 

Note: PotlatchDeltic issued 1.96 million shares of common stock and assumed debt of $6.6 million to acquire Loutre Land and Timber Company in December 2021. The debt was paid off after the transaction closed.

PotlatchDeltic Corporation

Segment Information

Unaudited

 

Three Months Ended

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(in thousands)

2022

 

 

2021

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

Timberlands

$

123,657

 

 

$

86,772

 

 

$

111,916

 

Wood Products

 

295,742

 

 

 

174,158

 

 

 

269,296

 

Real Estate

 

34,065

 

 

 

14,005

 

 

 

20,313

 

 

 

453,464

 

 

 

274,935

 

 

 

401,525

 

Intersegment Timberlands revenues

 

(42,114

)

 

 

(26,529

)

 

 

(47,332

)

Consolidated revenues

$

411,350

 

 

$

248,406

 

 

$

354,193

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA1

 

 

 

 

 

 

 

 

Timberlands

$

76,434

 

 

$

41,804

 

 

$

67,858

 

Wood Products

 

149,951

 

 

 

37,204

 

 

 

125,555

 

Real Estate

 

30,124

 

 

 

10,007

 

 

 

16,593

 

Corporate

 

(9,584

)

 

 

(12,365

)

 

 

(10,710

)

Eliminations and adjustments

 

(1,363

)

 

 

(932

)

 

 

(4,310

)

Total Adjusted EBITDDA

 

245,562

 

 

 

75,718

 

 

 

194,986

 

Interest expense, net

 

(2,894

)

 

 

(8,861

)

 

 

(3,574

)

Depreciation, depletion and amortization

 

(19,502

)

 

 

(19,477

)

 

 

(17,996

)

Basis of real estate sold

 

(10,854

)

 

 

(4,627

)

 

 

(8,823

)

Net loss on fire damage

 

(276

)

 

 

(1,033

)

 

 

 

Pension settlement charge

 

(14,165

)

 

 

 

 

 

 

Non-operating pension and other postretirement employee benefits

 

(1,929

)

 

 

(3,271

)

 

 

(3,414

)

Gain (loss) on disposal of fixed assets

 

3

 

 

 

(21

)

 

 

(34

)

Income before income taxes

$

195,945

 

 

$

38,428

 

 

$

161,145

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

Timberlands

$

12,161

 

 

$

11,611

 

 

$

11,417

 

Wood Products

 

7,021

 

 

 

7,541

 

 

 

6,203

 

Real Estate

 

170

 

 

 

163

 

 

 

155

 

Corporate

 

150

 

 

 

162

 

 

 

221

 

 

 

19,502

 

 

 

19,477

 

 

 

17,996

 

Bond discounts and deferred loan fees2

 

372

 

 

 

583

 

 

 

403

 

Total depreciation, depletion and amortization

$

19,874

 

 

$

20,060

 

 

$

18,399

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold

 

 

 

 

 

 

 

 

Real Estate

$

10,860

 

 

$

4,630

 

 

$

8,829

 

Eliminations and adjustments

 

(6

)

 

 

(3

)

 

 

(6

)

Total basis of real estate sold

$

10,854

 

 

$

4,627

 

 

$

8,823

 

1 Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA below.

2 Bond discounts and deferred loan fees are included in interest expense, net in the Condensed Consolidated Statements of Operations.

PotlatchDeltic Corporation

Reconciliations

Unaudited

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(in thousands, except per share amount)

 

2022

 

 

2021

 

 

2021

 

Total Adjusted EBITDDA

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

163,880

 

 

$

39,182

 

 

$

131,106

 

Interest expense, net

 

 

2,894

 

 

 

8,861

 

 

 

3,574

 

Income taxes

 

 

32,065

 

 

 

(754

)

 

 

30,039

 

Depreciation, depletion and amortization

 

 

19,502

 

 

 

19,477

 

 

 

17,996

 

Basis of real estate sold

 

 

10,854

 

 

 

4,627

 

 

 

8,823

 

Net loss on fire damage

 

 

276

 

 

 

1,033

 

 

 

 

Pension settlement charge

 

 

14,165

 

 

 

 

 

 

 

Non-operating pension and other postretirement benefit costs

 

 

1,929

 

 

 

3,271

 

 

 

3,414

 

(Gain) loss on disposal of fixed assets

 

 

(3

)

 

 

21

 

 

 

34

 

Total Adjusted EBITDDA

 

$

245,562

 

 

$

75,718

 

 

$

194,986

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

163,880

 

 

$

39,182

 

 

$

131,106

 

Special items:

 

 

 

 

 

 

 

 

 

Net loss on fire damage, after tax

 

 

205

 

 

 

748

 

 

 

 

Pension settlement charge, after tax

 

 

10,553

 

 

 

 

 

 

 

Adjusted net income

 

$

174,638

 

 

$

39,930

 

 

$

131,106

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income Per Diluted Share

 

 

 

 

 

 

 

 

 

Net income per diluted share (GAAP)

 

$

2.35

 

 

$

0.58

 

 

$

1.94

 

Special items:

 

 

 

 

 

 

 

 

 

Net loss on fire damage, after tax

 

 

 

 

 

0.01

 

 

 

 

Pension settlement charge, after tax

 

 

0.15

 

 

 

 

 

 

 

Adjusted net income per diluted share

 

$

2.50

 

 

$

0.59

 

 

$

1.94

 

 

(Investors)

Jerry Richards

509.835.1521

(Media)

Anna Torma

509.835.1558

Source: PotlatchDeltic Corporation

FAQ

What were PotlatchDeltic Corporation's Q1 2022 financial results?

In Q1 2022, PotlatchDeltic reported net income of $163.9 million on revenues of $411.4 million.

How much did PotlatchDeltic's adjusted net income increase in Q1 2022?

Adjusted net income for Q1 2022 was $174.6 million, compared to $131.1 million in Q1 2021.

What is the significance of the $245.6 million Adjusted EBITDDA reported by PCH?

The $245.6 million Adjusted EBITDDA is the highest first quarter on record for PotlatchDeltic.

What changes were made to PotlatchDeltic's dividend in Q1 2022?

PotlatchDeltic increased its regular dividend by 7.3% to $0.44 per share.

How did timber prices affect PotlatchDeltic's performance in Q1 2022?

Northern sawlog prices increased by 54%, contributing to higher revenues for the Timberlands segment.

PotlatchDeltic Corporation

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