PotlatchDeltic Corporation reported net income of $131.1 million, or $1.94 per diluted share, on revenues of $354.2 million for the 1Q ended March 31, 2021.
Net loss was $16.8 million, or ($0.25) per diluted share, on revenues of $208.9 million for the quarter ended March 31, 2020. Excluding an after-tax pension settlement charge, adjusted net income was $15 million, or $0.22 per diluted share for the 1Q 2020.
PotlatchDeltic generated record total adjusted EBITDDA of $195 million in 1Q 2021 and total adjusted EBITDDA margin of 55%.
“2021 is off to an extraordinary start as our Wood Products and Timberlands businesses leveraged historic lumber prices to drive our third consecutive quarter of record financial performance,” said Eric Cremers, President and CEO. “We expect housing fundamentals and lumber demand will remain strong. Our strong liquidity and disciplined capital allocation strategy positions us to continue increasing shareholder value,” stated Mr. Cremers.
PotlatchDeltic 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.
