PotlatchDeltic Corporation Reports Fourth Quarter and Full Year 2024 Results
PotlatchDeltic (PCH) reported Q4 2024 net income of $5.2 million ($0.07 per share) on revenues of $258.1 million, compared to a net loss of $0.1 million in Q4 2023. Full-year 2024 net income was $21.9 million ($0.28 per share) on revenues of $1.1 billion, down from $62.1 million ($0.77 per share) in 2023.
Key 2024 highlights include: Generated Total Adjusted EBITDDA of $232.1 million with 22% margin; completed Waldo, Arkansas sawmill expansion; sold 34,100 acres of Southern timberlands for $57 million; acquired 16,000 acres of mature Southern timberlands for $31 million; repurchased 847,000 shares for $35 million; refinanced $176 million in debt at below market rates; maintained $451 million liquidity.
Q4 2024 saw improved lumber prices at $445 per MBF (up 11% from Q3), while Timberlands revenue decreased due to seasonal factors. The Real Estate segment sold 5,919 acres of rural land at $2,923 per acre and 45 residential lots at $101,400 per lot.
PotlatchDeltic (PCH) ha registrato un reddito netto nel quarto trimestre 2024 di 5,2 milioni di dollari (0,07 dollari per azione) su ricavi di 258,1 milioni di dollari, rispetto a una perdita netta di 0,1 milioni di dollari nel quarto trimestre 2023. Il reddito netto per l'intero anno 2024 è stato di 21,9 milioni di dollari (0,28 dollari per azione) su ricavi di 1,1 miliardi di dollari, in calo rispetto ai 62,1 milioni di dollari (0,77 dollari per azione) del 2023.
I principali risultati del 2024 includono: generato un EBITDDA totale aggiustato di 232,1 milioni di dollari con un margine del 22%; completata l'espansione del mulino a Waldo, Arkansas; venduti 34.100 acri di terreni boschivi nel Sud per 57 milioni di dollari; acquisiti 16.000 acri di terreni boschivi maturi nel Sud per 31 milioni di dollari; riacquistati 847.000 azioni per 35 milioni di dollari; rifinanziati 176 milioni di dollari di debito a tassi inferiori al mercato; mantenuta una liquidità di 451 milioni di dollari.
Il quarto trimestre 2024 ha visto un miglioramento dei prezzi del legname a 445 dollari per MBF (in aumento del 11% rispetto al terzo trimestre), mentre i ricavi delle foreste hanno registrato un calo a causa di fattori stagionali. Il segmento immobiliare ha venduto 5.919 acri di terreni rurali a 2.923 dollari per acro e 45 lotti residenziali a 101.400 dollari per lotto.
PotlatchDeltic (PCH) reportó un ingreso neto en el cuarto trimestre de 2024 de 5,2 millones de dólares (0,07 dólares por acción) sobre ingresos de 258,1 millones de dólares, en comparación con una pérdida neta de 0,1 millones de dólares en el cuarto trimestre de 2023. El ingreso neto total para el año 2024 fue de 21,9 millones de dólares (0,28 dólares por acción) sobre ingresos de 1,1 mil millones de dólares, descendiendo desde los 62,1 millones de dólares (0,77 dólares por acción) en 2023.
Los principios destacados de 2024 incluyen: generación de un EBITDDA total ajustado de 232,1 millones de dólares con un margen del 22%; finalización de la expansión del aserradero en Waldo, Arkansas; venta de 34.100 acres de tierras forestales del sur por 57 millones de dólares; adquisición de 16.000 acres de tierras forestales maduras del sur por 31 millones de dólares; recompra de 847.000 acciones por 35 millones de dólares; refinanciamiento de 176 millones de dólares en deuda a tasas inferiores al mercado; mantenimiento de 451 millones de dólares en liquidez.
El cuarto trimestre de 2024 vio un aumento en los precios de la madera a 445 dólares por MBF (un aumento del 11% desde el tercer trimestre), mientras que los ingresos forestales disminuyeron debido a factores estacionales. El segmento inmobiliario vendió 5,919 acres de tierras rurales a 2,923 dólares por acre y 45 lotes residenciales a 101,400 dólares por lote.
PotlatchDeltic (PCH)는 2024년 4분기 순이익이 520만 달러(주당 0.07달러)로 2억 5810만 달러의 매출을 올렸으며, 2023년 4분기에는 순손실이 10만 달러 발생했던 것이 특징입니다. 2024년 전체 연간 순이익은 2,190만 달러(주당 0.28달러)로 11억 달러의 매출을 기록하였으며, 2023년 6,210만 달러(주당 0.77달러)에서 감소했습니다.
2024년의 주요 성과는 다음과 같습니다: 총 조정된 EBITDDA 2억 3210만 달러를 생성하며 22%의 마진; 아칸소주 월도에서의 제재소 확장을 완료; 3만 4100에이커의 남부 산림지를 5700만 달러에 판매; 1만 6000에이커의 성숙한 남부 산림지를 3100만 달러에 인수; 84만 7000주를 3500만 달러에 재매입; 시장 금리보다 낮은 금리에 1억 7600만 달러의 부채를 재정제; 4억 5100만 달러의 유동성을 유지.
2024년 4분기에는 목재 가격이 MBF당 445달러로 인상되어 3분기보다 11% 상승하였으나, 산림 수익은 계절적 요인으로 인해 감소했습니다. 부동산 부문에서는 5919에이커의 농촌 토지를 에이커당 2923달러에 판매하고, 45개의 주거용 부지를 각 10만 1400달러에 판매했습니다.
PotlatchDeltic (PCH) a rapporté un revenu net de 5,2 millions de dollars (0,07 dollar par action) pour le quatrième trimestre de 2024, avec des revenus de 258,1 millions de dollars, par rapport à une perte nette de 0,1 million de dollars au quatrième trimestre de 2023. Le revenu net de l'année entière 2024 s'est établi à 21,9 millions de dollars (0,28 dollar par action) pour des revenus de 1,1 milliard de dollars, en baisse par rapport à 62,1 millions de dollars (0,77 dollar par action) en 2023.
Les points forts de 2024 comprennent : un EBITDDA ajusté total de 232,1 millions de dollars avec une marge de 22 % ; achèvement de l'extension du scierie à Waldo, Arkansas ; vente de 34 100 acres de terres forestières du Sud pour 57 millions de dollars ; acquisition de 16 000 acres de terres forestières matures du Sud pour 31 millions de dollars ; rachat de 847 000 actions pour 35 millions de dollars ; refinancement de 176 millions de dollars de dettes à des taux inférieurs au marché ; maintien d'une liquidité de 451 millions de dollars.
Le quatrième trimestre 2024 a vu une amélioration des prix du bois à 445 dollars par MBF (en hausse de 11 % par rapport au troisième trimestre), tandis que les revenus des forêts ont diminué en raison de facteurs saisonniers. Le segment immobilier a vendu 5 919 acres de terres rurales à 2 923 dollars par acre et 45 lots résidentiels à 101 400 dollars par lot.
PotlatchDeltic (PCH) meldete für das vierte Quartal 2024 ein Nettoergebnis von 5,2 Millionen Dollar (0,07 Dollar pro Aktie) bei einem Umsatz von 258,1 Millionen Dollar, verglichen mit einem Nettoverlust von 0,1 Millionen Dollar im vierten Quartal 2023. Das Nettoergebnis für das Gesamtjahr 2024 betrug 21,9 Millionen Dollar (0,28 Dollar pro Aktie) bei einem Umsatz von 1,1 Milliarden Dollar, ein Rückgang von 62,1 Millionen Dollar (0,77 Dollar pro Aktie) im Jahr 2023.
Zu den wichtigsten Highlights 2024 gehören: Erzielung eines insgesamt angepassten EBITDDA von 232,1 Millionen Dollar mit einer Marge von 22%; Abschluss der Erweiterung der Sägerei in Waldo, Arkansas; Verkauf von 34.100 Acres von Südbäumen für 57 Millionen Dollar; Erwerb von 16.000 Acres reifen Südbäumen für 31 Millionen Dollar; Rückkauf von 847.000 Aktien für 35 Millionen Dollar; Refinanzierung von 176 Millionen Dollar an Schulden zu unterdurchschnittlichen Marktzinssätzen; Aufrechterhaltung einer Liquidität von 451 Millionen Dollar.
Im vierten Quartal 2024 stiegen die Preise für Bauholz auf 445 Dollar pro MBF (ein Anstieg von 11% gegenüber dem dritten Quartal), während die Einnahmen aus Forstwirtschaft aufgrund saisonaler Faktoren zurückgingen. Der Immobilienbereich verkaufte 5.919 Acres ländlichen Bodens zu einem Preis von 2.923 Dollar pro Acre und 45 Wohngrundstücke zu 101.400 Dollar pro Stück.
- Q4 2024 returned to profitability with $5.2M net income vs Q4 2023 loss
- Lumber prices increased 11% to $445/MBF in Q4 2024
- Total Adjusted EBITDDA margin improved to 20.7% in Q4 from 16% year-over-year
- Strong liquidity position maintained at $451M
- Successful completion of Waldo sawmill expansion project
- Full-year 2024 net income declined 65% to $21.9M from $62.1M in 2023
- Timberlands segment showed decreased performance in Q4
- Real Estate Adjusted EBITDDA decreased $12.4M from Q3 2024
Insights
PotlatchDeltic's Q4 2024 performance reveals a complex picture of operational resilience amid challenging market conditions. The company's strategic execution in 2024 demonstrates a well-balanced approach to capital allocation and operational optimization.
Key operational highlights include:
- Generation of
$232.1 million in Total Adjusted EBITDDA with a robust22% margin, indicating strong operational efficiency despite market headwinds - Strategic refinancing of
$176 million in debt at below-market rates, strengthening the balance sheet and reducing interest expense burden - Completion of the Waldo sawmill modernization, which is already showing positive results through improved production and lower per-unit manufacturing costs
- Sophisticated timberland portfolio management, selling younger assets at
$1,700 per acre while acquiring mature timberlands at$1,900 per acre, effectively upgrading the asset base
The Wood Products segment's sequential improvement, with lumber prices rising
The company's balanced capital return strategy, returning
Net income for the full year 2024 was
2024 Highlights
-
Generated Total Adjusted EBITDDA of
$232.1 million 22% -
Completed the
Waldo, Arkansas sawmill expansion and modernization project -
Sold 34,100 acres of four-year average age Southern timberlands for
$57 million $1,700 -
Acquired 16,000 acres of high-quality mature Southern timberlands for
$31 million $1,900 -
Repurchased 847,000 shares for
$35 million $41 -
Refinanced
$176 million -
Maintained strong liquidity of
$451 million
“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
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
-
Timberlands Adjusted EBITDDA decreased
$1.8 million - Northern harvest volumes decreased due to normal seasonality
- Northern sawlog prices increased primarily due to higher indexed sawlog prices
- Southern sawlog and pulpwood prices were relatively stable
(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
-
Wood Products Adjusted EBITDDA increased
$18.4 million -
Average lumber prices increased
11% to$445 -
Lower per-unit manufacturing costs primarily due to increased production at the
Waldo sawmill following the restart in Q3 2024 related to the expansion and modernization project - Log costs decreased primarily due to improved log recovery
(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
-
Real Estate Adjusted EBITDDA decreased
$12.4 million -
Sold 5,919 acres of rural land at an average price of
$2,923 -
Sold 45 residential lots at an average price of
$101,400
(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
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
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
About PotlatchDeltic
PotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) with ownership of 2.1 million acres of timberlands in
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
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, |
|
|
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 |
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
Source: PotlatchDeltic Corporation
FAQ
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