PotlatchDeltic Corporation Reports Second Quarter 2021 Results
PotlatchDeltic Corporation reported net income of $187.9 million, or $2.77 per diluted share, on revenues of $447.5 million for the quarter ended June 30, 2021. Net income was $2.6 million, or $0.04 per diluted share, on revenues of $181.6 million for the quarter ended June 30, 2020.
Second Quarter 2021 Highlights
– Generated record Total Adjusted EBITDDA of $275.0 million and Total Adjusted EBITDDA margin of 61%
– Historic lumber prices drove record Wood Products Adjusted EBITDDA of $204.6 million
– Record Timberlands Adjusted EBITDDA of $77.2 million propelled by higher Idaho sawlog prices
– Extended strong liquidity position to $891 million as of Q2 2021
“Lumber prices continued their historic run in the second quarter, driving another quarter of record financial performance,” said Eric Cremers, president and chief executive officer. “Our employees did a good job navigating operational challenges, including a fire at our Ola, Arkansas sawmill. While lumber prices have recently retreated from historic highs, overall fundamentals that drive our business remain favorable. We are very well positioned to continue growing shareholder value and execute on our disciplined capital allocation strategy, including paying a meaningful special dividend in the fourth quarter of 2021,” stated Mr. Cremers.
For the full second quarter results, click here.
PotlatchDeltic (Nasdaq: PCH) 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. 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.
Jerry Richards – Investor Relations – (509) 835-1521
Source: PotlatchDeltic Corporation