PotlatchDeltic Corporation reported net income of $13.7 million, or $0.17 per diluted share, on revenues of $320.7 million for the quarter ended June 30, 2024. Net income was $22.3 million, or $0.28 per diluted share, on revenues of $246.1 million for the quarter ended June 30, 2023. Excluding after-tax special items consisting of gain on insurance recoveries and CatchMark merger-related expenses, adjusted net income was $5.2 million, or $0.06 per diluted share, for the Q2 2023.
Q2 2024 generated total Adjusted EBITDDA was $103.2 million and total Adjusted EBITDDA margin was 32%.
“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 CEO. “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 $57 million. Additionally, our Wood Products business is diligently focused on the final phase of construction on our Waldo, Arkansas sawmill expansion and modernization project for completion in the third quarter. As for capital allocation, our strong balance sheet and liquidity continues to allow us the flexibility to execute on our disciplined and opportunistic strategy, which included $25 million of share repurchases during the quarter. Looking ahead, we continue to believe long-term underlying housing fundamentals remain favorable and are optimistic that lumber markets will gain renewed momentum as inflation and interest rates improve,” stated Mr. Cremers.
PotlatchDeltic Corporation is a leading Real Estate Investment Trust (REIT) that owns over 2.1 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. 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.
