PotlatchDeltic Corporation reported a net loss of $16.8 million, or ($0.25) per diluted share, on revenues of $208.9 million for the quarter ended March 31, 2020. Net income was $6.6 million, or $0.10 per diluted share, on revenues of $181.7 million for the quarter ended March 31, 2019.
Excluding an after-tax pension settlement charge, adjusted net income was $15 million, or $0.22 per diluted share for the 1Q 2020.
Excluding after-tax special items consisting of a sale of the legacy Deltic MDF facility and a loss on the extinguishment of debt, adjusted net income was $5.3 million, or $0.08 per diluted share for the 1Q 2019.
"Our businesses performed well in the 1Q, taking advantage of the robust market conditions that existed prior to the impact of COVID-19,” said Mike Covey, chairman and CEO. "Our priorities are maintaining the safety of our employees and continuing to operate at a level that maximizes cash flows. Our strong balance sheet and liquidity provide flexibility as we navigate through these challenging times," stated Mr. Covey.
PotlatchDeltic is a leading Real Estate Investment Trust (REIT) that owns nearly 1.9 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.
