PotlatchDeltic reports Q1 net income of US$16.3M on revenues of US$258.0M; strong operational performance of Timberlands and Real Estate sectors offset weakness in Wood Products, with Timberlands producing highest quarterly harvest volume on record

Sample article from our Forestry & Timberland

SPOKANE, Washington , April 24, 2023 (press release) –

PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $16.3 million, or $0.20 per diluted share, on revenues of $258.0 million for the quarter ended March 31, 2023. Excluding CatchMark merger-related expenses, adjusted net income was $18.5 million, or $0.23 per diluted share for the first quarter of 2023. Net income was $163.9 million, or $2.35 per diluted share, on revenues of $411.4 million for the quarter ended March 31, 2022. Excluding after tax special items consisting of a non-cash pension settlement charge and a loss on fire damage, adjusted net income was $174.6 million, or $2.50 per diluted share for the first quarter of 2022.

First Quarter 2023 Highlights

  • Generated Total Adjusted EBITDDA of $57.7 million and Total Adjusted EBITDDA margin of 22%
  • Timberlands set quarterly harvest volume record of 2.1 million tons
  • Completed insourcing timberlands management for legacy CatchMark operations
  • Maintained strong liquidity position of $625 million as of March 31, 2023

“Our Timberlands and Real Estate businesses had strong operational performance during the quarter, offsetting weakness in Wood Products,” said Eric Cremers, president and chief executive officer. “During the quarter our Timberlands business did an outstanding job and produced our highest quarterly harvest volume on record, and our Real Estate business experienced strong rural real estate sales activity, including a sizable conservation land sale in Alabama. As we head into the spring building season we are encouraged by the recent upward trend in lumber prices and we continue to remain optimistic on long-term housing-related fundamentals that drive demand in our business. Our strong balance sheet and commitment to a disciplined capital allocation strategy position us to continue to grow shareholder value," stated Mr. Cremers.

Financial Highlights

($ in millions, except per share data)

 

Q1 2023

 

 

Q4 2022

 

 

Q1 2022

 

Revenues

 

$

258.0

 

 

$

253.1

 

 

$

411.4

 

Net income

 

$

16.3

 

 

$

3.8

 

 

$

163.9

 

Weighted average shares outstanding, diluted (in thousands)

 

 

80,167

 

 

 

80,578

 

 

 

69,623

 

Net income per diluted share

 

$

0.20

 

 

$

0.05

 

 

$

2.35

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

$

18.5

 

 

$

9.3

 

 

$

174.6

 

Adjusted Net Income per diluted share

 

$

0.23

 

 

$

0.12

 

 

$

2.50

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA

 

$

57.7

 

 

$

52.3

 

 

$

245.6

 

Dividends per share1

 

$

0.45

 

 

$

1.40

 

 

$

0.44

 

Net cash from operations

 

$

39.1

 

 

$

33.5

 

 

$

230.3

 

Cash and cash equivalents

 

$

325.6

 

 

$

343.8

 

 

$

470.9

 

 

 

 

 

 

 

 

 

 

 

1 The regular dividend was increased 2.3% to $0.45 per quarter in Q4 2022 and a special dividend of $0.95 was paid in Q4 2022.

Business Performance: Q1 2023 vs. Q4 2022

Timberlands

First Quarter 2023 Highlights

  • Timberlands Adjusted EBITDDA decreased $4.0 million from Q4 2022
  • Northern sawlog prices decreased 19% primarily due to lower indexed sawlog prices and seasonally heavier sawlogs
  • Total harvest of 2.1 million tons exceeded plan driven by favorable harvest conditions
  • Southern sawlog prices decreased 3% primarily due to seasonally lower hardwood volumes and pine sawlog prices
  • Forest management costs decreased due to seasonally lower activities and insourcing of timberlands management on legacy CatchMark operations

($ in millions)

 

Q1 2023

 

 

Q4 2022

 

 

$ Change

 

Timberlands Revenues

 

$

115.2

 

 

$

121.9

 

 

$

(6.7

)

 

 

 

 

 

 

 

 

 

 

Timberlands Adjusted EBITDDA

 

$

46.6

 

 

$

50.6

 

 

$

(4.0

)

 

 

 

 

 

 

 

 

 

 

Wood Products

First Quarter 2023 Highlights

  • Wood Products Adjusted EBITDDA decreased $2.4 million from Q4 2022
  • Average lumber price decreased 8% to $435 per MBF in Q1 2023
  • Lumber production increased in Q1 2023 leading to higher fixed cost absorption
  • Log costs decreased primarily due to lower indexed pricing in Idaho
  • Increased plywood shipments were partially offset by lower price realizations

($ in millions)

 

Q1 2023

 

 

Q4 2022

 

 

$ Change

 

Wood Products Revenues

 

$

152.8

 

 

$

156.8

 

 

$

(4.0

)

 

 

 

 

 

 

 

 

 

 

Wood Products Adjusted EBITDDA

 

$

 

 

$

2.4

 

 

$

(2.4

)

 

 

 

 

 

 

 

 

 

 

Real Estate

First Quarter 2023 Highlights

  • Real Estate Adjusted EBITDDA increased $12.3 million from Q4 2022
  • Sold 6,939 acres of rural land at an average price of $2,568 / acre
  • Sold 24 residential lots at an average price of $116,429 / lot

($ in millions)

 

Q1 2023

 

 

Q4 2022

 

 

$ Change

 

Real Estate Revenues

 

$

23.9

 

 

$

11.7

 

 

$

12.2

 

 

 

 

 

 

 

 

 

 

 

Real Estate Adjusted EBITDDA

 

$

19.5

 

 

$

7.2

 

 

$

12.3

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Measures

This press release includes certain non-GAAP financial measures, which management believes are useful to investors, securities analysts and other interested parties. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP.

Management uses Adjusted EBITDDA to evaluate the performance of the company. This is a non-GAAP measure that represents EBITDDA before certain items that impact comparison of the performance of our business either period-over-period or with other businesses.

Adjusted Net Income and Adjusted Net Income Per Diluted Share are non-GAAP measures that represent GAAP net income and GAAP net income per diluted share before certain items that impact the ability of investors, securities analysts and other interested parties to compare the performance of our business, either period-over-period or with other businesses.

Reconciliations to GAAP are set forth in the accompanying schedules.

Conference Call Information

A live conference call and webcast will be held Tuesday, April 25, 2023, 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 U.S./Canada and 1-646-960-0306 for international callers. Participants will be asked to provide conference I.D. number 7281983. Supplemental materials that will be discussed during the call are available on the website.

A replay of the conference call will be available two hours following the call until May 2, 2023 by calling 1-800-770-2030 for U.S./Canada or 1-647-362-9199 for international callers. Callers must enter conference I.D. number 7281983 to access the replay.

About PotlatchDeltic

PotlatchDeltic (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 2.2 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. PotlatchDeltic, a leader in sustainable forest management, is committed to environmental and social responsibility and to responsible governance. More information can be found at www.potlatchdeltic.com.

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 and expenses; long-term housing market fundamentals and lumber prices; disciplined capital allocation strategy; and similar matters. Words such as “anticipate,” “expect,” “will,” “intend,” “plan,” “target,” “project,” “believe,” “seek,” “schedule,” “estimate,” “could,” “can,” “may,” 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, changes in the U.S. housing market; changes in timberland values; changes in timber harvest levels on the company's lands; changes in timber prices; changes in policy regarding governmental timber sales; availability of logging contractors and shipping capacity; changes in the United States and international economies and effects on our customers and suppliers; changes in interest rates; credit availability and homebuyers’ ability to qualify for mortgages; availability of labor and developable land; changes in the level of construction and remodeling activity; changes in foreign demand; changes in tariffs, quotas and trade agreements involving wood products; currency fluctuation; changes in demand for our products and real estate; changes in production and production capacity in the forest products industry; competitive pricing pressures for our products; unanticipated manufacturing disruptions; disruptions or inefficiencies in our supply chain and/or operations; changes in general and industry-specific environmental laws and regulations; unforeseen environmental liabilities or expenditures; weather conditions; fires at our facilities and on our timberland and other catastrophic events; restrictions on harvesting due to fire danger; changes in raw material, fuel and other costs; transportation disruptions; share price; the successful execution of the company’s strategic plans; the company’s ability and its contractors’ ability to implement the modernization plan for the Waldo, Arkansas sawmill, the company’s ability to meet expectations; and the other factors described in PotlatchDeltic’s Annual Report on Form 10-K and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof.

PotlatchDeltic Corporation

Condensed Consolidated Statements of Operations

Unaudited

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

December 31,

 

 

 

March 31,

 

(in thousands, except per share amounts)

2023

 

 

2022

 

 

 

2022

 

Revenues

$

257,962

 

 

$

253,140

 

 

 

$

411,350

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

224,350

 

 

 

214,765

 

 

 

 

179,847

 

Selling, general and administrative expenses

 

18,230

 

 

 

20,922

 

 

 

 

16,294

 

CatchMark merger-related expenses

 

2,209

 

 

 

1,318

 

 

 

 

 

Environmental charge

 

 

 

 

5,550

 

 

 

 

 

Loss on fire damage

 

 

 

 

 

 

 

 

276

 

 

 

244,789

 

 

 

242,555

 

 

 

 

196,417

 

Operating income

 

13,173

 

 

 

10,585

 

 

 

 

214,933

 

Interest expense, net

 

(199

)

 

 

(8,807

)

 

 

 

(2,894

)

Pension settlement charge

 

 

 

 

 

 

 

 

(14,165

)

Non-operating pension and other postretirement employee benefit costs

 

(228

)

 

 

(2,592

)

 

 

 

(1,929

)

Other

 

10

 

 

 

(66

)

 

 

 

 

Income (loss) before income taxes

 

12,756

 

 

 

(880

)

 

 

 

195,945

 

Income taxes

 

3,504

 

 

 

4,723

 

 

 

 

(32,065

)

Net income

$

16,260

 

 

$

3,843

 

 

 

$

163,880

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

$

0.20

 

 

$

0.05

 

 

 

$

2.36

 

Diluted

$

0.20

 

 

$

0.05

 

 

 

$

2.35

 

Dividends per share1

$

0.45

 

 

$

1.40

 

 

 

$

0.44

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

80,027

 

 

 

80,356

 

 

 

 

69,419

 

Diluted

 

80,167

 

 

 

80,578

 

 

 

 

69,623

 

 

 

 

 

 

 

 

 

 

 

1 The regular dividend was increased 2.3% to $0.45 per quarter in Q4 2022 and a special dividend of $0.95 was paid in Q4 2022.

PotlatchDeltic Corporation

Condensed Consolidated Balance Sheets

Unaudited

             

(in thousands, except per share amounts)

 

March 31,

 

 

December 31,

 

   

2023

   

2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

325,632

 

 

$

343,809

 

Customer receivables, net

 

 

29,565

 

 

 

22,813

 

Inventories, net

 

 

66,189

 

 

 

67,958

 

Other current assets

 

 

44,698

 

 

 

36,955

 

Total current assets

 

 

466,084

 

 

 

471,535

 

Property, plant and equipment, net

 

 

312,791

 

 

 

318,184

 

Investment in real estate held for development and sale

 

 

54,945

 

 

 

55,490

 

Timber and timberlands, net

 

 

2,488,956

 

 

 

2,508,372

 

Intangible assets, net

 

 

16,975

 

 

 

17,420

 

Other long-term assets

 

 

160,019

 

 

 

179,554

 

Total assets

 

$

3,499,770

 

 

$

3,550,555

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

78,268

 

 

$

94,861

 

Current portion of long-term debt

 

 

39,985

 

 

 

39,979

 

Current portion of pension and other postretirement employee benefits

 

 

4,926

 

 

 

4,926

 

Total current liabilities

 

 

123,179

 

 

 

139,766

 

Long-term debt

 

 

992,988

 

 

 

992,701

 

Pension and other postretirement employee benefits

 

 

78,096

 

 

 

77,396

 

Deferred tax liabilities, net

 

 

41,756

 

 

 

41,790

 

Other long-term obligations

 

 

35,488

 

 

 

35,749

 

Total liabilities

 

 

1,271,507

 

 

 

1,287,402

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 79,916 and 79,683 shares

 

 

79,916

 

 

 

79,683

 

Additional paid-in capital

 

 

2,296,927

 

 

 

2,294,797

 

Accumulated deficit

 

 

(228,766

)

 

 

(208,979

)

Accumulated other comprehensive income

 

 

80,186

 

 

 

97,652

 

Total stockholders’ equity

 

 

2,228,263

 

 

 

2,263,153

 

Total liabilities and stockholders' equity

 

$

3,499,770

 

 

$

3,550,555

 

 

 

 

 

 

 

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

     

 

Three Months Ended

 

(in thousands)

March 31,

 

 

December 31,

 

 

March 31,

 

 

2023

   

2022

   

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

$

16,260

 

 

$

3,843

 

 

$

163,880

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

32,173

 

 

 

30,274

 

 

 

19,874

 

Basis of real estate sold

 

10,631

 

 

 

4,897

 

 

 

10,854

 

Change in deferred taxes

 

394

 

 

 

(3,898

)

 

 

(2,123

)

Pension and other postretirement employee benefits

 

1,611

 

 

 

4,323

 

 

 

3,857

 

Pension settlement charge

 

 

 

 

 

 

 

14,165

 

Equity-based compensation expense

 

2,279

 

 

 

2,356

 

 

 

2,056

 

Loss on fire damage

 

 

 

 

 

 

 

276

 

Other, net

 

(3,509

)

 

 

(780

)

 

 

(291

)

Change in working capital and operating-related activities, net

 

(17,205

)

 

 

(4,660

)

 

 

21,208

 

Real estate development expenditures

 

(2,408

)

 

 

(1,116

)

 

 

(2,161

)

Funding of pension and other postretirement employee benefits

 

(1,087

)

 

 

(1,775

)

 

 

(1,296

)

Net cash from operating activities

 

39,139

 

 

 

33,464

 

 

 

230,299

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

(4,255

)

 

 

(12,976

)

 

 

(12,566

)

Timberlands reforestation and roads

 

(6,118

)

 

 

(5,498

)

 

 

(4,648

)

Acquisition of timber and timberlands

 

 

 

 

(14,029

)

 

 

 

Proceeds from property insurance

 

 

 

 

8,750

 

 

 

 

Interest received under swaps with other-than-insignificant financing element

 

5,055

 

 

 

2,798

 

 

 

 

Other, net

 

422

 

 

 

1,230

 

 

 

92

 

Net cash from investing activities

 

(4,896

)

 

 

(19,725

)

 

 

(17,122

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Distributions to common stockholders

 

(35,962

)

 

 

(111,555

)

 

 

(30,524

)

Repurchase of common stock

 

 

 

 

(50,022

)

 

 

 

Proceeds from issuance of long-term debt

 

 

 

 

40,000

 

 

 

 

Repayment of long-term debt

 

 

 

 

(40,000

)

 

 

(3,000

)

Other, net

 

(838

)

 

 

(1,260

)

 

 

(1,071

)

Net cash from financing activities

 

(36,800

)

 

 

(162,837

)

 

 

(34,595

)

Change in cash, cash equivalents and restricted cash

 

(2,557

)

 

 

(149,098

)

 

 

178,582

 

Cash, cash equivalents and restricted cash, beginning

 

345,591

 

 

 

494,689

 

 

 

296,772

 

Cash, cash equivalents and restricted cash, ending1

$

343,034

 

 

$

345,591

 

 

$

475,354

 

 

 

 

 

 

 

 

 

 

1 Includes $17.4 million, $1.8 million and $4.4 million at March 31, 2023, December 31, 2022 and March 31, 2022, respectively, that were or are intended to be reinvested in timber and timberlands and classified as restricted cash in Other current and long-term assets in the Condensed Consolidated Balance Sheets.

PotlatchDeltic Corporation

Segment Information

Unaudited

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(in thousands)

2023

 

 

2022

 

 

2022

 

Revenues

 

 

 

 

 

 

 

 

Timberlands

$

115,238

 

 

$

121,871

 

 

$

123,657

 

Wood Products

 

152,795

 

 

 

156,805

 

 

 

295,742

 

Real Estate

 

23,863

 

 

 

11,682

 

 

 

34,065

 

 

 

291,896

 

 

 

290,358

 

 

 

453,464

 

Intersegment Timberlands revenues

 

(33,934

)

 

 

(37,218

)

 

 

(42,114

)

Consolidated revenues

$

257,962

 

 

$

253,140

 

 

$

411,350

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA1

 

 

 

 

 

 

 

 

Timberlands

$

46,639

 

 

$

50,567

 

 

$

76,434

 

Wood Products

 

(31

)

 

 

2,442

 

 

 

149,951

 

Real Estate

 

19,465

 

 

 

7,178

 

 

 

30,124

 

Corporate

 

(10,741

)

 

 

(13,189

)

 

 

(9,584

)

Eliminations and adjustments

 

2,445

 

 

 

5,335

 

 

 

(1,363

)

Total Adjusted EBITDDA

 

57,777

 

 

 

52,333

 

 

 

245,562

 

Interest expense, net2

 

(199

)

 

 

(8,807

)

 

 

(2,894

)

Depreciation, depletion and amortization

 

(31,764

)

 

 

(29,862

)

 

 

(19,502

)

Basis of real estate sold

 

(10,631

)

 

 

(4,897

)

 

 

(10,854

)

CatchMark merger-related expenses

 

(2,209

)

 

 

(1,318

)

 

 

 

Environmental charge

 

 

 

 

(5,550

)

 

 

 

Loss on fire damage

 

 

 

 

 

 

 

(276

)

Pension settlement charge

 

 

 

 

 

 

 

(14,165

)

Non-operating pension and other postretirement employee benefits

 

(228

)

 

 

(2,592

)

 

 

(1,929

)

Gain (loss) on disposal of fixed assets

 

 

 

 

(121

)

 

 

3

 

Other

 

10

 

 

 

(66

)

 

 

 

Income before income taxes

$

12,756

 

 

$

(880

)

 

$

195,945

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

Timberlands

$

20,461

 

 

$

18,845

 

 

$

12,161

 

Wood Products

 

11,035

 

 

 

10,727

 

 

 

7,021

 

Real Estate

 

156

 

 

 

177

 

 

 

170

 

Corporate

 

112

 

 

 

113

 

 

 

150

 

 

 

31,764

 

 

 

29,862

 

 

 

19,502

 

Bond discounts and deferred loan fees2

 

409

 

 

 

412

 

 

 

372

 

Total depreciation, depletion and amortization

$

32,173

 

 

$

30,274

 

 

$

19,874

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold

 

 

 

 

 

 

 

 

Real Estate

$

10,631

 

 

$

4,899

 

 

$

10,860

 

Eliminations and adjustments

 

 

 

 

(2

)

 

 

(6

)

Total basis of real estate sold

$

10,631

 

 

$

4,897

 

 

$

10,854

 

 

 

 

 

 

 

 

 

 

1 Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA below.

2 Bond discounts and deferred loan fees are included in interest expense, net in the Condensed Consolidated Statements of Operations.

                 

PotlatchDeltic Corporation

Reconciliations

Unaudited

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(in thousands, except per share amount)

 

2023

 

 

2022

 

 

2022

 

Total Adjusted EBITDDA

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

16,260

 

 

$

3,843

 

 

$

163,880

 

Interest expense, net

 

 

199

 

 

 

8,807

 

 

 

2,894

 

Income taxes

 

 

(3,504

)

 

 

(4,723

)

 

 

32,065

 

Depreciation, depletion and amortization

 

 

31,764

 

 

 

29,862

 

 

 

19,502

 

Basis of real estate sold

 

 

10,631

 

 

 

4,897

 

 

 

10,854

 

CatchMark merger-related expenses

 

 

2,209

 

 

 

1,318

 

 

 

 

Loss on fire damage

 

 

 

 

 

 

 

 

276

 

Environmental charge

 

 

 

 

 

5,550

 

 

 

 

Pension settlement charge

 

 

 

 

 

 

 

 

14,165

 

Non-operating pension and other postretirement benefit costs

 

 

228

 

 

 

2,592

 

 

 

1,929

 

Loss (gain) on disposal of fixed assets

 

 

 

 

 

121

 

 

 

(3

)

Other

 

 

(10

)

 

 

66

 

 

 

 

Total Adjusted EBITDDA

 

$

57,777

 

 

$

52,333

 

 

$

245,562

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

16,260

 

 

$

3,843

 

 

$

163,880

 

Special items after tax:

 

 

 

 

 

 

 

 

 

CatchMark merger-related expenses

 

 

2,209

 

 

 

1,318

 

 

 

 

Loss on fire damage

 

 

 

 

 

 

 

 

205

 

Pension settlement charge

 

 

 

 

 

 

 

 

10,553

 

Environmental charge

 

 

 

 

 

4,135

 

 

 

 

Adjusted Net Income

 

$

18,469

 

 

$

9,296

 

 

$

174,638

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income Per Diluted Share

 

 

 

 

 

 

 

 

 

Net income per diluted share (GAAP)

 

$

0.20

 

 

$

0.05

 

 

$

2.35

 

Special items after tax:

 

 

 

 

 

 

 

 

 

CatchMark merger-related expenses

 

 

0.03

 

 

 

0.02

 

 

 

 

Pension settlement charge

 

 

 

 

 

 

 

 

0.15

 

Environmental charge

 

 

 

 

 

0.05

 

 

 

 

Adjusted Net Income Per Diluted Share

 

$

0.23

 

 

$

0.12

 

 

$

2.50

 

 

 

 

 

 

 

 

 

 

 

 

(Investors)
Wayne Wasechek
509.835.1521

(Media)
Anna Torma
509.835.1558

Source: PotlatchDeltic Corporation
Categories: Press Releases

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