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PotlatchDeltic Corporation Reports Third Quarter 2021 Results

General News
Potlatch Deltic Logo - Lumber Mill

PotlatchDeltic Corporation reported net income of $65.7 million, or $0.97 per diluted share, on revenues of $287.3 million for the quarter ended September 30, 2021. Excluding a net gain on insurance recoveries, Adjusted Net Income was $62.4 million, or $0.92 per diluted share for the third quarter of 2021. Net income was $81.0 million, or $1.20 per diluted share, on revenues of $313.0 million for the quarter ended September 30, 2020.

Third Quarter 2021 Highlights

-Generated Total Adjusted EBITDDA of $107.2 million and Total Adjusted EBITDDA margin of 37%
-Lumber prices bottomed at a high level and have increased eight weeks in a row
-Expanded strong liquidity position to $972 million as of Q3 2021

“While lumber prices declined in the third quarter, they bottomed at a high level and EBITDDA of $107 million was still an excellent quarter for the company,” said Eric Cremers, president and chief executive officer. “Looking ahead, lumber prices have continued to increase in the fourth quarter and the outlook on housing fundamentals that drive our business remains positive. Additionally, we continue to expect to pay a special dividend in December and estimate the amount will be $3 to $5 per share,” stated Mr. Cremers.

Business Performance: Q3 2021 vs. Q2 2021


Third Quarter 2021 Highlights

-Timberlands Adjusted EBITDDA decreased $1.2 million from Q2 2021 record level
-Northern and Southern harvest volumes increased seasonally
-Northern sawlog prices decreased 22% from historically high prices
-Southern sawlog prices increased 10% on wet weather constraining log supply and a higher mix of hardwood volume
-Log and haul increased primarily driven by higher mix of Idaho harvest volumes

Wood Products

Third Quarter 2021 Highlights

-Wood Products Adjusted EBITDDA decreased $178 million from Q2 2021 levels
-Average lumber price was $533 per MBF in Q3 2021, 55% lower than Q2 2021 historic prices
-Log costs increased due to higher index pricing in Idaho earlier in the year
-Inventory at the end of Q3 2021 was written down $6.4 million due to high indexed Idaho log costs

Real Estate

Third Quarter 2021 Highlights

-Real Estate Adjusted EBITDDA decreased $2.7 million from Q2 levels
-Reflects lower rural land sale closings, partially offset by an increase in residential lot sales
-Sold 2,303 acres of rural land for $3,013/acre
-Sold 52 residential lots at an average $81,923/lot

For the full press release, click here.

About PotlatchDeltic

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


Jerry Richards – Investor Relations – (509) 835-1521

Source: PotlatchDeltic Corporation