Potlatch Aktie
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PotlatchDeltic Corporation Reports Third Quarter 2020 Results

Montag, 26.10.20 21:10
Newsbild
Bildquelle: Fotolia

SPOKANE, Wash. –

PotlatchDeltic Corporation (Nasdaq:PCH) today reported net income of $81.0 million, or $1.20 per diluted share, on revenues of $313.0 million for the quarter ended September 30, 2020. Net income was $20.6 million, or $0.30 per diluted share, on revenues of $226.3 million for the quarter ended September 30, 2019.

Third Quarter 2020 Highlights

  • Generated record quarterly Total Adjusted EBITDDA of $135.4 million and Total Adjusted EBITDDA margin of 43%
  • Historic lumber prices drove Wood Products record quarterly Adjusted EBITDDA performance
  • Timberlands set quarterly records for harvest volume and Adjusted EBITDDA
  • Expanded strong liquidity position to $528 million as of Q3 2020

“Our Timberlands and Wood Products businesses achieved record financial performance as outstanding operational execution by our employees capitalized on the historic run in lumber prices against the backdrop of a challenging COVID environment,” said Mike Covey, chairman and chief executive officer. “Looking to the fourth quarter of 2020, our financial results will continue to benefit from high lumber prices through an extended lumber order file and lagged index pricing on our Idaho sawlogs. Additionally, we expect that our Real Estate business will finish the year very strong by closing a large Minnesota transaction. PotlatchDeltic is well positioned to take advantage of favorable industry fundamentals and our strong liquidity provides a high degree of flexibility as we seek to maximize shareholder value,” stated Mr. Covey.

Financial Highlights

($ in millions, except per share data)

 

Q3 2020

 

 

Q2 2020

 

 

Q3 2019

 

Revenues

 

$

313.0

 

 

$

181.6

 

 

$

226.3

 

Net income

 

$

81.0

 

 

$

2.6

 

 

$

20.6

 

Weighted average shares outstanding, diluted (in thousands)

 

 

67,528

 

 

 

67,359

 

 

 

67,545

 

Net income per diluted share

 

$

1.20

 

 

$

0.04

 

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

81.0

 

 

$

2.6

 

 

$

20.6

 

Adjusted net income per diluted share

 

$

1.20

 

 

$

0.04

 

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA

 

$

135.4

 

 

$

35.3

 

 

$

55.0

 

Dividends per share

 

$

0.40

 

 

$

0.40

 

 

$

0.40

 

Net cash from operations

 

$

102.9

 

 

$

39.8

 

 

$

37.9

 

Cash and cash equivalents

 

$

148.9

 

 

$

81.0

 

 

$

94.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Performance: Q3 2020 vs. Q2 2020

Timberlands

Third Quarter 2020 Highlights

  • Timberlands Adjusted EBITDDA increased $34.1 million from Q2 levels
  • Northern and Southern harvest volumes increased seasonally
  • Northern sawlog prices increased 30% due primarily to higher prices on lumber-indexed volume

($ in millions)

 

Q3 2020

 

 

Q2 2020

 

 

$ Change

 

Timberlands Revenues

 

$

117.0

 

 

$

67.3

 

 

$

49.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands Adjusted EBITDDA

 

$

59.7

 

 

$

25.6

 

 

$

34.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Products

Third Quarter 2020 Highlights

  • Wood Products Adjusted EBITDDA increased $70.8 million from Q2 2020 levels
  • Average lumber price was $637 per MBF Q3 2020, 55% higher than Q2 2020
  • Lumber shipments increased 17% in Q3 2020 driven by higher production hours
  • Wood Products positively impacted by plywood mill returning to normal operating level after Q2 2020 curtailment

($ in millions)

 

Q3 2020

 

 

Q2 2020

 

 

$ Change

 

Wood Products Revenues

 

$

218.3

 

 

$

126.2

 

 

$

92.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Products Adjusted EBITDDA

 

$

81.7

 

 

$

10.9

 

 

$

70.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

Third Quarter 2020 Highlights

  • Real Estate Adjusted EBITDDA increased $4.1 million from Q2 2020 levels
  • Sold 11,048 acres of rural land for $1,202/acre
  • Sold 26 residential lots at an average $83,000/lot in Q3 2020

($ in millions)

 

Q3 2020

 

 

Q2 2020

 

 

$ Change

 

Real Estate Revenues

 

$

18.2

 

 

$

13.0

 

 

$

5.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Adjusted EBITDDA

 

$

13.4

 

 

$

9.3

 

 

$

4.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 earnings 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, October 27, 2020, 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 1-833-968-2227 for U.S./Canada and 1-778-560-2697 for international callers. Participants will be asked to provide conference I.D. number 9171206. Supplemental materials that will be discussed during the call are available on the website.

A replay of the conference call will be available three hours following the call until November 3, 2020 by calling 1-800-585-8367 for U.S./Canada or 1-416-621-4642 for international callers. Callers must enter conference I.D. number 9171206 to access the replay.

About PotlatchDeltic

PotlatchDeltic (NASDAQ:PCH) is a leading Real Estate Investment Trust (REIT) that owns 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.

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 current and expected liquidity; the effects of COVID-19 on demand for our products and on our ability to continue operations; the success of the company’s business strategies; the company’s intent to refinance debt maturing in 2020 and beyond; the company’s capital allocation strategies, including share repurchases and dividend expectations; maintaining the company’s investment grade credit rating; favorable capital structure and strong balance sheet; interest rates and expenses; corporate expenses; pension expenses; taxes; fourth quarter 2020 outlook; the housing market and repair and remodel market; housing starts; lumber supply, demand and pricing; revenues, costs and expenses; lumber shipment volumes; expected sawlog demand and timber harvest volumes; sawlog mix and pricing; rural real estate and residential real estate development sales, including the closing of the sale of approximately 72,000 rural acres in the fourth quarter of 2020, and average price per acre and developed lot; planned capital expenditures and anticipated internal rate of return; business conditions; 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, including impact of the COVID-19 outbreak on our business, suppliers, customers and employees; 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 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 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

 

September 30,

 

(in thousands, except per share amounts)

 

2020

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

$

313,046

 

 

$

181,555

 

 

$

226,302

 

 

$

703,481

 

 

$

623,599

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

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