PotlatchDeltic Corporation Reports Second Quarter 2024 Results
PotlatchDeltic (Nasdaq: PCH) reported Q2 2024 results with net income of $13.7 million, or $0.17 per diluted share, on revenues of $320.7 million. Key highlights include:
- Total Adjusted EBITDDA of $103.2 million with a 32% margin
- Sale of 34,100 acres of Southern timberlands for $57 million
- Repurchase of 610,000 shares for $25 million
- Nearing completion of $131 million Waldo, Arkansas sawmill expansion
- Strong liquidity of nearly $500 million
The company saw solid operational execution across all business segments despite challenging lumber markets. Real Estate business performed well with strong rural sales activity.
PotlatchDeltic (Nasdaq: PCH) ha riportato i risultati del secondo trimestre 2024 con un reddito netto di 13,7 milioni di dollari, ovvero 0,17 dollari per azione diluita, su entrate di 320,7 milioni di dollari. I punti salienti includono:
- EBITDDA rettificato totale di 103,2 milioni di dollari con un margine del 32%
- Vendita di 34.100 acri di foreste del sud per 57 milioni di dollari
- Riacquisto di 610.000 azioni per 25 milioni di dollari
- Completamento imminente dell'espansione del sawmill di Waldo, Arkansas, del valore di 131 milioni di dollari
- Forte liquidità di quasi 500 milioni di dollari
Nonostante i mercati della legna difficili, l'azienda ha mostrato una solida esecuzione operativa in tutti i segmenti di business. Il settore immobiliare ha registrato buone performance con una forte attività di vendita nelle zone rurali.
PotlatchDeltic (Nasdaq: PCH) informó los resultados del segundo trimestre de 2024 con un ingreso neto de 13,7 millones de dólares, o 0,17 dólares por acción diluida, sobre ingresos de 320,7 millones de dólares. Los aspectos destacados incluyen:
- EBITDA ajustado total de 103,2 millones de dólares con un margen del 32%
- Venta de 34,100 acres de tierras forestales del sur por 57 millones de dólares
- Recompra de 610,000 acciones por 25 millones de dólares
- Casi finalización de la expansión del aserradero de Waldo, Arkansas, de 131 millones de dólares
- Fuerte liquidez de casi 500 millones de dólares
A pesar de los difíciles mercados de madera, la empresa tuvo una sólida ejecución operativa en todos los segmentos de negocio. El negocio inmobiliario se desempeñó bien con una fuerte actividad de ventas en áreas rurales.
포틀래치델틱(Nasdaq: PCH)은 2024년 2분기 결과로 1370만 달러의 순이익, 즉 희석 주당 0.17달러를 기록했으며 매출은 3억 2070만 달러였습니다. 주요 하이라이트는 다음과 같습니다:
- 조정된 총 EBITDA는 1억 320만 달러로 32%의 마진
- 남부 임업지 34,100에이커를 5700만 달러에 판매
- 61만 주를 2500만 달러에 재구매
- 아칸소주 월도에 있는 제재소 확장이 1억 3100만 달러로 거의 완료됨
- 거의 5억 달러의 강력한 유동성
회사는 힘든 목재 시장 속에서도 모든 사업 부문에서 견실한 운영 성과를 보였습니다. 부동산 사업은 강력한 농촌 판매 활동으로 좋은 성과를 거두었습니다.
PotlatchDeltic (Nasdaq: PCH) a publié les résultats du deuxième trimestre 2024 avec un revenu net de 13,7 millions de dollars, soit 0,17 dollar par action diluée, sur des revenus de 320,7 millions de dollars. Les points forts incluent :
- EBITDA ajusté total de 103,2 millions de dollars avec une marge de 32%
- Vente de 34 100 acres de forêts du sud pour 57 millions de dollars
- Rachat de 610 000 actions pour 25 millions de dollars
- Proximité de la finalisation de l'extension de la scierie de Waldo, Arkansas de 131 millions de dollars
- Solide liquidité de près de 500 millions de dollars
La société a fait preuve d'une solide exécution opérationnelle dans tous les segments d'activité malgré les marchés du bois difficiles. L'activité immobilière a bien performé avec une forte activité de vente en milieu rural.
PotlatchDeltic (Nasdaq: PCH) hat die Ergebnisse für das zweite Quartal 2024 bekannt gegeben, mit einem Nettogewinn von 13,7 Millionen Dollar, oder 0,17 Dollar pro verwässertem Anteil, bei Einnahmen von 320,7 Millionen Dollar. Zu den wichtigsten Punkten gehören:
- Gesamtes bereinigtes EBITDA von 103,2 Millionen Dollar mit einer Marge von 32%
- Verkauf von 34.100 Acres im südlichen Wald für 57 Millionen Dollar
- Rückkauf von 610.000 Aktien für 25 Millionen Dollar
- Nahezu Abschluss der 131 Millionen Dollar teuren Erweiterung der Sägewerk in Waldo, Arkansas
- Starke Liquidität von nahezu 500 Millionen Dollar
Das Unternehmen erzielte trotz herausfordernder Holzmärkte eine solide operative Ausführung in allen Geschäftsbereichen. Das Immobiliengeschäft erzielte gute Ergebnisse mit starker Verkaufsaktivität im ländlichen Bereich.
- Net income increased to $13.7 million in Q2 2024 from $5.2 million adjusted net income in Q2 2023
- Revenues grew to $320.7 million in Q2 2024 from $246.1 million in Q2 2023
- Total Adjusted EBITDDA margin improved to 32.2% in Q2 2024 from 18.5% in Q2 2023
- Completed sale of 34,100 acres of Southern timberlands for $57 million, or $1,700 per acre
- Strong liquidity of nearly $500 million as of June 30, 2024
- Wood Products Adjusted EBITDDA decreased by $6.7 million from Q1 2024
- Average lumber prices decreased 2% to $423 per thousand board feet in Q2 2024
- Higher per-unit manufacturing costs due to Waldo sawmill expansion project
Insights
PotlatchDeltic 's Q2 2024 results reveal a mixed financial picture. The company reported
However, the company's Total Adjusted EBITDDA of
A key highlight is the sale of 34,100 acres of Southern timberlands for
The company's share repurchase program, buying back 610,000 shares for
While the Wood Products segment faced challenges with decreasing lumber prices and higher manufacturing costs, the Real Estate segment showed strong performance, particularly in rural land sales. This diversification helps buffer against volatility in specific market segments.
Overall, PotlatchDeltic's Q2 results reflect a company navigating a complex market environment, with strong operational execution in some areas offsetting challenges in others. The company's solid liquidity position and strategic investments suggest a focus on long-term value creation, despite short-term market pressures.
PotlatchDeltic's Q2 2024 results offer valuable insights into the broader timber and real estate markets. The company's performance reflects the current state of the housing and construction industries, which are key drivers for timber demand.
The "languishing lumber markets" mentioned by CEO Eric Cremers align with the reported
However, the strong performance in rural land sales is noteworthy. The sale of 43,121 acres at an average price of
The residential lot sales, albeit to 13 lots, at an average price of
The commercial real estate segment shows promise, with 12 acres sold at
Looking ahead, PotlatchDeltic's optimism about long-term housing fundamentals and potential improvement in lumber markets as inflation and interest rates stabilize is a positive signal for the industry. However, the current economic backdrop continues to present challenges, as evidenced by the company's lower net income compared to the previous year.
Overall, these results suggest a market in transition, with some sectors showing resilience while others face ongoing pressures. The company's diverse portfolio across timberlands, wood products and real estate appears to provide some buffer against individual market volatilities.
Second Quarter 2024 Highlights
-
Generated Total Adjusted EBITDDA of
$103.2 million 32% -
Completed the sale of 34,100 acres of four-year average age Southern timberlands for
$57 million $1,700 -
Repurchased 610,000 shares for
$25 million $41 -
Finalizing construction of the
$131 million Waldo, Arkansas sawmill expansion and modernization project -
Maintained strong liquidity of nearly
$500 million
“All of our business segments delivered solid operational execution in the second quarter in spite of languishing lumber markets and the current economic backdrop,” said Eric Cremers, President and Chief Executive Officer. “Our Real Estate business generated strong rural sales activity that created high value transactions with significant premiums to timberland values, highlighted by the closing of our previously announced 34,100-acre timberland sale to Forest Investment Associates for
Financial Highlights
($ in millions, except per share data) |
|
Q2 2024 |
|
|
Q1 2024 |
|
|
Q2 2023 |
|
|||
Revenues |
|
$ |
320.7 |
|
|
$ |
228.1 |
|
|
$ |
246.1 |
|
Net income (loss) |
|
$ |
13.7 |
|
|
$ |
(0.3 |
) |
|
$ |
22.3 |
|
Weighted-average shares outstanding, diluted (in thousands) |
|
|
79,741 |
|
|
|
79,677 |
|
|
|
80,416 |
|
Net income (loss) per diluted share |
|
$ |
0.17 |
|
|
$ |
— |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted Net Income (Loss)1 |
|
$ |
13.7 |
|
|
$ |
(0.3 |
) |
|
$ |
5.2 |
|
Adjusted Net Income (Loss) Per Diluted Share1 |
|
$ |
0.17 |
|
|
$ |
— |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|||
Total Adjusted EBITDDA1 |
|
$ |
103.2 |
|
|
$ |
29.7 |
|
|
$ |
45.5 |
|
Total Adjusted EBITDDA Margin1 |
|
|
32.2 |
% |
|
|
13.0 |
% |
|
|
18.5 |
% |
Dividends per share |
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
Net cash from operations |
|
$ |
100.6 |
|
|
$ |
16.0 |
|
|
$ |
37.2 |
|
Cash and cash equivalents |
|
$ |
199.7 |
|
|
$ |
180.2 |
|
|
$ |
331.2 |
|
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 2024 vs. Q1 2024
Timberlands
Second Quarter 2024 Highlights
-
Timberlands Adjusted EBITDDA decreased
$0.5 million -
Northern sawlog prices increased
9% primarily due to seasonally lighter logs and higher cedar sawlog prices - Southern sawlog prices remained relatively flat
- Forest management costs increased due to seasonally higher activities
($ in millions) |
|
Q2 2024 |
|
|
Q1 2024 |
|
|
$ Change |
|
|||
Timberlands Revenues |
|
$ |
98.8 |
|
|
$ |
93.0 |
|
|
$ |
5.8 |
|
|
|
|
|
|
|
|
|
|
|
|||
Timberlands Adjusted EBITDDA1 |
|
$ |
34.2 |
|
|
$ |
34.7 |
|
|
$ |
(0.5 |
) |
1 |
Refer to Segment Information below for additional information. |
Wood Products
Second Quarter 2024 Highlights
-
Wood Products Adjusted EBITDDA decreased
$6.7 million -
Average lumber prices decreased
2% to$423 -
Higher per-unit manufacturing costs primarily due to impacts from the expansion project at the
Waldo sawmill
($ in millions) |
|
Q2 2024 |
|
|
Q1 2024 |
|
|
$ Change |
|
|||
Wood Products Revenues |
|
$ |
153.6 |
|
|
$ |
148.6 |
|
|
$ |
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|||
Wood Products Adjusted EBITDDA1 |
|
$ |
(6.8 |
) |
|
$ |
(0.1 |
) |
|
$ |
(6.7 |
) |
1 |
Refer to Segment Information below for additional information. |
Real Estate
Second Quarter 2024 Highlights
-
Real Estate Adjusted EBITDDA increased
$83.4 million -
Sold 43,121 acres of rural land at an average price of
$1,968 $57 million -
Sold 13 residential lots at an average price of
$112,721 -
Sold 12 commercial acres for
$492,746
($ in millions) |
|
Q2 2024 |
|
|
Q1 2024 |
|
|
$ Change |
|
|||
Real Estate Revenues |
|
$ |
95.7 |
|
|
$ |
11.1 |
|
|
$ |
84.6 |
|
|
|
|
|
|
|
|
|
|
|
|||
Real Estate Adjusted EBITDDA1 |
|
$ |
89.6 |
|
|
$ |
6.2 |
|
|
$ |
83.4 |
|
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, July 30, 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
A replay of the conference call will be available two hours following the call until August 6, 2024 by calling 1-800-770-2030 for
About PotlatchDeltic
PotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) that owns over 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; expected completion of the
PotlatchDeltic Corporation Condensed Consolidated Statements of Operations Unaudited |
|||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||
(in thousands, except per share amounts) |
June 30, 2024 |
|
March 31, 2024 |
|
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|||||||||||
Revenues |
$ |
320,671 |
|
|
$ |
228,127 |
|
|
|
$ |
246,101 |
|
|
$ |
548,798 |
|
|
$ |
504,063 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cost of goods sold |
|
282,473 |
|
|
|
212,160 |
|
|
|
|
215,063 |
|
|
|
494,633 |
|
|
|
439,413 |
|
|
Selling, general and administrative expenses |
|
20,752 |
|
|
|
20,727 |
|
|
|
|
17,585 |
|
|
|
41,479 |
|
|
|
35,815 |
|
|
CatchMark merger-related expenses |
|
— |
|
|
|
— |
|
|
|
|
|
244 |
|
|
|
— |
|
|
|
2,453 |
|
Gain on fire damage |
|
— |
|
|
|
— |
|
|
|
|
(23,110 |
) |
|
|
— |
|
|
|
(23,110 |
) |
|
|
|
303,225 |
|
|
|
232,887 |
|
|
|
|
209,782 |
|
|
|
536,112 |
|
|
|
454,571 |
|
|
Operating income (loss) |
|
17,446 |
|
|
|
(4,760 |
) |
|
|
|
36,319 |
|
|
|
12,686 |
|
|
|
49,492 |
|
|
Interest expense, net |
|
(8,696 |
) |
|
|
282 |
|
|
|
|
(7,613 |
) |
|
|
(8,414 |
) |
|
|
(7,812 |
) |
|
Non-operating pension and other postretirement employee benefits |
|
201 |
|
|
|
201 |
|
|
|
|
(229 |
) |
|
|
402 |
|
|
|
(457 |
) |
|
Other |
|
(23 |
) |
|
|
(145 |
) |
|
|
|
|
258 |
|
|
|
(168 |
) |
|
|
268 |
|
Income (loss) before income taxes |
|
8,928 |
|
|
|
(4,422 |
) |
|
|
|
28,735 |
|
|
|
4,506 |
|
|
|
41,491 |
|
|
Income taxes |
|
4,750 |
|
|
|
4,117 |
|
|
|
|
(6,429 |
) |
|
|
8,867 |
|
|
|
(2,925 |
) |
|
Net income (loss) |
$ |
13,678 |
|
|
$ |
(305 |
) |
|
|
$ |
22,306 |
|
|
$ |
13,373 |
|
|
$ |
38,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Basic |
$ |
0.17 |
|
|
$ |
— |
|
|
|
$ |
0.28 |
|
|
$ |
0.17 |
|
|
$ |
0.48 |
|
|
Diluted |
$ |
0.17 |
|
|
$ |
— |
|
|
|
$ |
0.28 |
|
|
$ |
0.17 |
|
|
$ |
0.48 |
|
|
Dividends per share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
|
$ |
0.45 |
|
|
$ |
0.90 |
|
|
$ |
0.90 |
|
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
79,627 |
|
|
|
79,677 |
|
|
|
|
80,145 |
|
|
|
79,656 |
|
|
|
80,087 |
|
|
Diluted |
|
79,741 |
|
|
|
79,677 |
|
|
|
|
80,416 |
|
|
|
79,756 |
|
|
|
80,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
PotlatchDeltic Corporation Condensed Consolidated Balance Sheets Unaudited |
||||||||
(in thousands, except per share amounts) |
|
June 30, 2024 |
|
|
December 31, 2023 |
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
199,723 |
|
|
$ |
230,118 |
|
Customer receivables, net |
|
|
29,977 |
|
|
|
21,892 |
|
Inventories, net |
|
|
80,097 |
|
|
|
78,665 |
|
Other current assets |
|
|
47,132 |
|
|
|
46,258 |
|
Total current assets |
|
|
356,929 |
|
|
|
376,933 |
|
Property, plant and equipment, net |
|
|
377,060 |
|
|
|
372,832 |
|
Investment in real estate held for development and sale |
|
|
55,298 |
|
|
|
56,321 |
|
Timber and timberlands, net |
|
|
2,394,709 |
|
|
|
2,440,398 |
|
Intangible assets, net |
|
|
14,751 |
|
|
|
15,640 |
|
Other long-term assets |
|
|
180,304 |
|
|
|
169,132 |
|
Total assets |
|
$ |
3,379,051 |
|
|
$ |
3,431,256 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued liabilities |
|
$ |
95,477 |
|
|
$ |
82,383 |
|
Current portion of long-term debt |
|
|
175,692 |
|
|
|
175,615 |
|
Current portion of pension and other postretirement employee benefits |
|
|
4,535 |
|
|
|
4,535 |
|
Total current liabilities |
|
|
275,704 |
|
|
|
262,533 |
|
Long-term debt |
|
|
858,617 |
|
|
|
858,113 |
|
Pension and other postretirement employee benefits |
|
|
68,621 |
|
|
|
67,856 |
|
Deferred tax liabilities, net |
|
|
27,680 |
|
|
|
36,641 |
|
Other long-term obligations |
|
|
35,830 |
|
|
|
35,015 |
|
Total liabilities |
|
|
1,266,452 |
|
|
|
1,260,158 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
|
|
||
Common stock, |
|
|
78,902 |
|
|
|
79,365 |
|
Additional paid-in capital |
|
|
2,309,555 |
|
|
|
2,303,992 |
|
Accumulated deficit |
|
|
(397,967 |
) |
|
|
(315,291 |
) |
Accumulated other comprehensive income |
|
|
122,109 |
|
|
|
103,032 |
|
Total stockholders’ equity |
|
|
2,112,599 |
|
|
|
2,171,098 |
|
Total liabilities and stockholders' equity |
|
$ |
3,379,051 |
|
|
$ |
3,431,256 |
|
|
|
|
|
|
|
|
||
PotlatchDeltic Corporation Condensed Consolidated Statements of Cash Flows Unaudited |
|||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(in thousands) |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) |
$ |
13,678 |
|
|
$ |
(305 |
) |
|
$ |
22,306 |
|
|
$ |
13,373 |
|
|
$ |
38,566 |
|
Adjustments to reconcile net income (loss) to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation, depletion and amortization |
|
29,674 |
|
|
|
30,802 |
|
|
|
27,496 |
|
|
|
60,476 |
|
|
|
59,669 |
|
Basis of real estate sold |
|
56,525 |
|
|
|
4,092 |
|
|
|
4,884 |
|
|
|
60,617 |
|
|
|
15,515 |
|
Change in deferred taxes |
|
(4,694 |
) |
|
|
(4,145 |
) |
|
|
(2,609 |
) |
|
|
(8,839 |
) |
|
|
(2,215 |
) |
Pension and other postretirement employee benefits |
|
1,145 |
|
|
|
1,143 |
|
|
|
1,612 |
|
|
|
2,288 |
|
|
|
3,223 |
|
Equity-based compensation expense |
|
2,962 |
|
|
|
2,560 |
|
|
|
1,577 |
|
|
|
5,522 |
|
|
|
3,856 |
|
Gain on fire damage |
|
— |
|
|
|
— |
|
|
|
(23,110 |
) |
|
|
— |
|
|
|
(23,110 |
) |
Interest received under swaps with other-than-insignificant financing element |
|
(7,509 |
) |
|
|
(7,458 |
) |
|
|
(6,313 |
) |
|
|
(14,967 |
) |
|
|
(11,767 |
) |
Other, net |
|
2,351 |
|
|
|
2,961 |
|
|
|
1,911 |
|
|
|
5,312 |
|
|
|
3,856 |
|
Change in working capital and operating-related activities, net |
|
9,256 |
|
|
|
(13,252 |
) |
|
|
2,871 |
|
|
|
(3,996 |
) |
|
|
(14,334 |
) |
Real estate development expenditures |
|
(1,587 |
) |
|
|
(1,135 |
) |
|
|
(1,896 |
) |
|
|
(2,722 |
) |
|
|
(4,304 |
) |
Funding of pension and other postretirement employee benefits |
|
(1,221 |
) |
|
|
(914 |
) |
|
|
(1,217 |
) |
|
|
(2,135 |
) |
|
|
(2,304 |
) |
Proceeds from insurance recoveries |
|
— |
|
|
|
1,680 |
|
|
|
9,706 |
|
|
|
1,680 |
|
|
|
9,706 |
|
Net cash from operating activities |
|
100,580 |
|
|
|
16,029 |
|
|
|
37,218 |
|
|
|
116,609 |
|
|
|
76,357 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
||||||||||
Property, plant and equipment additions |
|
(21,608 |
) |
|
|
(4,995 |
) |
|
|
(5,880 |
) |
|
|
(26,603 |
) |
|
|
(10,135 |
) |
Timberlands reforestation and roads |
|
(4,940 |
) |
|
|
(7,874 |
) |
|
|
(4,596 |
) |
|
|
(12,814 |
) |
|
|
(10,714 |
) |
Acquisition of timber and timberlands |
|
(43 |
) |
|
|
(31,438 |
) |
|
|
(1,621 |
) |
|
|
(31,481 |
) |
|
|
(1,621 |
) |
Interest received under swaps with other-than-insignificant financing element |
|
6,986 |
|
|
|
6,938 |
|
|
|
5,849 |
|
|
|
13,924 |
|
|
|
10,904 |
|
Other, net |
|
245 |
|
|
|
373 |
|
|
|
242 |
|
|
|
618 |
|
|
|
664 |
|
Net cash from investing activities |
|
(19,360 |
) |
|
|
(36,996 |
) |
|
|
(6,006 |
) |
|
|
(56,356 |
) |
|
|
(10,902 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
||||||||||
Distributions to common stockholders |
|
(35,677 |
) |
|
|
(35,779 |
) |
|
|
(35,958 |
) |
|
|
(71,456 |
) |
|
|
(71,920 |
) |
Repurchase of common stock |
|
(23,905 |
) |
|
|
— |
|
|
|
(394 |
) |
|
|
(23,905 |
) |
|
|
(394 |
) |
Other, net |
|
(1,444 |
) |
|
|
(792 |
) |
|
|
(1,117 |
) |
|
|
(2,236 |
) |
|
|
(1,955 |
) |
Net cash from financing activities |
|
(61,026 |
) |
|
|
(36,571 |
) |
|
|
(37,469 |
) |
|
|
(97,597 |
) |
|
|
(74,269 |
) |
Change in cash, cash equivalents and restricted cash |
|
20,194 |
|
|
|
(57,538 |
) |
|
|
(6,257 |
) |
|
|
(37,344 |
) |
|
|
(8,814 |
) |
Cash, cash equivalents and restricted cash, beginning |
|
180,150 |
|
|
|
237,688 |
|
|
|
343,034 |
|
|
|
237,688 |
|
|
|
345,591 |
|
Cash, cash equivalents and restricted cash, ending1 |
$ |
200,344 |
|
|
$ |
180,150 |
|
|
$ |
336,777 |
|
|
$ |
200,344 |
|
|
$ |
336,777 |
|
1 |
Includes |
PotlatchDeltic Corporation Segment Information Unaudited |
|||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(in thousands) |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Timberlands |
$ |
98,802 |
|
|
$ |
92,950 |
|
|
$ |
88,617 |
|
|
$ |
191,752 |
|
|
$ |
203,855 |
|
Wood Products |
|
153,579 |
|
|
|
148,598 |
|
|
|
167,669 |
|
|
|
302,177 |
|
|
|
320,464 |
|
Real Estate |
|
95,732 |
|
|
|
11,107 |
|
|
|
17,064 |
|
|
|
106,839 |
|
|
|
40,927 |
|
|
|
348,113 |
|
|
|
252,655 |
|
|
|
273,350 |
|
|
|
600,768 |
|
|
|
565,246 |
|
Intersegment Timberlands revenues |
|
(27,442 |
) |
|
|
(24,528 |
) |
|
|
(27,243 |
) |
|
|
(51,970 |
) |
|
|
(61,177 |
) |
Other intersegment revenues |
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
|
(6 |
) |
Consolidated revenues |
$ |
320,671 |
|
|
$ |
228,127 |
|
|
$ |
246,101 |
|
|
$ |
548,798 |
|
|
$ |
504,063 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDDA1 |
|
|
|
|
|
|
|
|
|
||||||||||
Timberlands |
$ |
34,124 |
|
|
$ |
34,748 |
|
|
$ |
29,316 |
|
|
$ |
68,872 |
|
|
$ |
75,955 |
|
Wood Products |
|
(6,805 |
) |
|
|
(139 |
) |
|
|
11,967 |
|
|
|
(6,944 |
) |
|
|
11,936 |
|
Real Estate |
|
89,568 |
|
|
|
6,228 |
|
|
|
12,237 |
|
|
|
95,796 |
|
|
|
31,702 |
|
Corporate |
|
(11,756 |
) |
|
|
(12,665 |
) |
|
|
(10,521 |
) |
|
|
(24,421 |
) |
|
|
(21,262 |
) |
Eliminations and adjustments |
|
(1,958 |
) |
|
|
1,550 |
|
|
|
2,446 |
|
|
|
(408 |
) |
|
|
4,891 |
|
Total Adjusted EBITDDA |
|
103,173 |
|
|
|
29,722 |
|
|
|
45,445 |
|
|
|
132,895 |
|
|
|
103,222 |
|
Interest expense, net2 |
|
(8,696 |
) |
|
|
282 |
|
|
|
(7,613 |
) |
|
|
(8,414 |
) |
|
|
(7,812 |
) |
Depreciation, depletion and amortization |
|
(29,268 |
) |
|
|
(30,395 |
) |
|
|
(27,087 |
) |
|
|
(59,663 |
) |
|
|
(58,851 |
) |
Basis of real estate sold |
|
(56,525 |
) |
|
|
(4,092 |
) |
|
|
(4,884 |
) |
|
|
(60,617 |
) |
|
|
(15,515 |
) |
CatchMark merger-related expenses |
|
— |
|
|
|
— |
|
|
|
(244 |
) |
|
|
— |
|
|
|
(2,453 |
) |
Gain on fire damage |
|
— |
|
|
|
— |
|
|
|
23,110 |
|
|
|
— |
|
|
|
23,110 |
|
Non-operating pension and other postretirement employee benefits |
|
201 |
|
|
|
201 |
|
|
|
(229 |
) |
|
|
402 |
|
|
|
(457 |
) |
Gain (loss) on disposal of fixed assets |
|
66 |
|
|
|
5 |
|
|
|
(21 |
) |
|
|
71 |
|
|
|
(21 |
) |
Other |
|
(23 |
) |
|
|
(145 |
) |
|
|
258 |
|
|
|
(168 |
) |
|
|
268 |
|
Income (loss) before income taxes |
$ |
8,928 |
|
|
$ |
(4,422 |
) |
|
$ |
28,735 |
|
|
$ |
4,506 |
|
|
$ |
41,491 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation, depletion and amortization |
|
|
|
|
|
|
|
|
|
||||||||||
Timberlands |
$ |
16,790 |
|
|
$ |
17,625 |
|
|
$ |
15,895 |
|
|
$ |
34,415 |
|
|
$ |
36,356 |
|
Wood Products |
|
12,227 |
|
|
|
12,516 |
|
|
|
10,948 |
|
|
|
24,743 |
|
|
|
21,983 |
|
Real Estate |
|
136 |
|
|
|
138 |
|
|
|
121 |
|
|
|
274 |
|
|
|
277 |
|
Corporate |
|
115 |
|
|
|
116 |
|
|
|
123 |
|
|
|
231 |
|
|
|
235 |
|
|
|
29,268 |
|
|
|
30,395 |
|
|
|
27,087 |
|
|
|
59,663 |
|
|
|
58,851 |
|
Bond discounts and deferred loan fees2 |
|
406 |
|
|
|
407 |
|
|
|
409 |
|
|
|
813 |
|
|
|
818 |
|
Total depreciation, depletion and amortization |
$ |
29,674 |
|
|
$ |
30,802 |
|
|
$ |
27,496 |
|
|
$ |
60,476 |
|
|
$ |
59,669 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basis of real estate sold |
|
|
|
|
|
|
|
|
|
||||||||||
Real Estate |
$ |
56,528 |
|
|
$ |
4,094 |
|
|
$ |
4,887 |
|
|
$ |
60,622 |
|
|
$ |
15,518 |
|
Eliminations and adjustments |
|
(3 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(3 |
) |
Total basis of real estate sold |
$ |
56,525 |
|
|
$ |
4,092 |
|
|
$ |
4,884 |
|
|
$ |
60,617 |
|
|
$ |
15,515 |
|
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 and deferred loan fees 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 |
||||||||||||||||
(in thousands, except per share amount) |
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||||
Total Adjusted EBITDDA1 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) (GAAP) |
|
$ |
13,678 |
|
|
$ |
(305 |
) |
|
$ |
22,306 |
|
|
$ |
13,373 |
|
|
$ |
38,566 |
|
Interest expense, net |
|
|
8,696 |
|
|
|
(282 |
) |
|
|
7,613 |
|
|
|
8,414 |
|
|
|
7,812 |
|
Income taxes |
|
|
(4,750 |
) |
|
|
(4,117 |
) |
|
|
6,429 |
|
|
|
(8,867 |
) |
|
|
2,925 |
|
Depreciation, depletion and amortization |
|
|
29,268 |
|
|
|
30,395 |
|
|
|
27,087 |
|
|
|
59,663 |
|
|
|
58,851 |
|
Basis of real estate sold |
|
|
56,525 |
|
|
|
4,092 |
|
|
|
4,884 |
|
|
|
60,617 |
|
|
|
15,515 |
|
CatchMark merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
244 |
|
|
|
— |
|
|
|
2,453 |
|
Gain on fire damage |
|
|
— |
|
|
|
— |
|
|
|
(23,110 |
) |
|
|
— |
|
|
|
(23,110 |
) |
Non-operating pension and other postretirement employee benefits |
|
|
(201 |
) |
|
|
(201 |
) |
|
|
229 |
|
|
|
(402 |
) |
|
|
457 |
|
(Gain) loss on disposal of fixed assets |
|
|
(66 |
) |
|
|
(5 |
) |
|
|
21 |
|
|
|
(71 |
) |
|
|
21 |
|
Other |
|
|
23 |
|
|
|
145 |
|
|
|
(258 |
) |
|
|
168 |
|
|
|
(268 |
) |
Total Adjusted EBITDDA |
|
$ |
103,173 |
|
|
$ |
29,722 |
|
|
$ |
45,445 |
|
|
$ |
132,895 |
|
|
$ |
103,222 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Net Income (Loss)1 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) (GAAP) |
|
$ |
13,678 |
|
|
$ |
(305 |
) |
|
$ |
22,306 |
|
|
$ |
13,373 |
|
|
$ |
38,566 |
|
Special items after tax: |
|
|
|
|
|
|
|
|
|
|
||||||||||
CatchMark merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
244 |
|
|
|
— |
|
|
|
2,453 |
|
Gain on fire damage |
|
|
— |
|
|
|
— |
|
|
|
(17,333 |
) |
|
|
— |
|
|
|
(17,333 |
) |
Adjusted Net Income (Loss) |
|
$ |
13,678 |
|
|
$ |
(305 |
) |
|
$ |
5,217 |
|
|
$ |
13,373 |
|
|
$ |
23,686 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Net Income (Loss) Per Diluted Share1 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) per diluted share (GAAP) |
|
$ |
0.17 |
|
|
$ |
— |
|
|
$ |
0.28 |
|
|
$ |
0.17 |
|
|
$ |
0.48 |
|
Special items after tax: |
|
|
|
|
|
|
|
|
|
|
||||||||||
CatchMark merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
Gain on fire damage |
|
|
— |
|
|
|
— |
|
|
|
(0.22 |
) |
|
|
— |
|
|
|
(0.22 |
) |
Adjusted Net Income (Loss) Per Diluted Share |
|
$ |
0.17 |
|
|
$ |
— |
|
|
$ |
0.06 |
|
|
$ |
0.17 |
|
|
$ |
0.29 |
|
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/20240729303934/en/
Investors
Wayne Wasechek
509.835.1521
Media
Anna Torma
509.835.1558
Source: PotlatchDeltic Corporation
FAQ
What was PotlatchDeltic's (PCH) net income for Q2 2024?
How much revenue did PotlatchDeltic (PCH) generate in Q2 2024?
What was the Total Adjusted EBITDDA for PotlatchDeltic (PCH) in Q2 2024?
How many shares did PotlatchDeltic (PCH) repurchase in Q2 2024?
What was the average lumber price for PotlatchDeltic (PCH) in Q2 2024?
