PotlatchDeltic Corporation Reports Second Quarter 2020 Results
PotlatchDeltic Corporation reported net income of $2.6 million, or $0.04 per diluted share, on revenues of $181.6 million for the quarter ended June 30, 2020. Net income was $17.1 million, or $0.25 per diluted share, on revenues of $215.6 million for the quarter ended June 30, 2019.
Second Quarter 2020 Highlights
– Generated $35.3 million of Total Adjusted EBITDDA and Total Adjusted EBITDDA margin of 19%
– Announced agreement to sell ~72,000 acres in Minnesota for ~$48 million
– Maintained strong liquidity of $460 million as of Q2 2020
“Our employees did an excellent job managing through the constraints and challenges imposed by the COVID pandemic and our three business segments performed well during what is typically our seasonally lightest quarter,” said Mike Covey, chairman and chief executive officer. “Lumber markets are in the midst of a historic run and we are focused on safely meeting customer demand. Cash generated from operations, along with proceeds from the Minnesota transaction that we announced in the second quarter, will further enhance our strong liquidity and provide additional flexibility to maximize shareholder value,” stated Mr. Covey.
For the full second quarter results, click here.
PotlatchDeltic (NASDAQ:PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 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. PotlatchDeltic, a leader in sustainable forest practices, is dedicated to long-term stewardship and sustainable management of its timber resources. More information can be found at www.potlatchdeltic.com.
Jerry Richards – Investors Relations – (509) 835-1521
Source: PotlatchDeltic Corporation