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PotlatchDeltic Corp.
PotlatchDeltic Corp.
Registriert in: USA WKN: A0JDAK Rohstoffe:
Art: Originalaktie ISIN: US7376301039 Holz
Heimatbörse: NYSE Alternativ:
Währung: USD    
Symbol: PCH Forum:

PotlatchDeltic Corporation Reports Fourth Quarter and Full Year 2021 Results

31.01.2022 | 22:10 Uhr | Business Wire

PotlatchDeltic Corp. (Nasdaq: PCH) today reported net income of $39.2 million, or $0.58 per diluted share, on revenues of $248.4 million for the quarter ended December 31, 2021. Excluding a net loss on fire damage, adjusted net income was $39.9 million, or $0.59 per diluted share for the fourth quarter of 2021. Net income was $100.0 million, or $1.48 per diluted share, on revenues of $337.4 million for the quarter ended December 31, 2020.

Net income for the full year 2021 was $423.9 million, or $6.26 per diluted share, on revenues of $1.3 billion. Excluding a net gain on fire damage, adjusted net income was $421.4 million, or $6.22 per share for 2021. Net income for the full year 2020 was $166.8 million, or $2.47 per diluted share, on revenues of $1.0 billion. Excluding an after-tax pension settlement charge, adjusted net income was $198.6 million, or $2.94 per diluted share for 2020.

2021 Highlights

  • Generated record Total Adjusted EBITDDA of $652.9 million and Total Adjusted EBITDDA margin of 49%
  • Record Wood Products Adjusted EBITDDA of $393.9 million driven by historic lumber prices
  • Timberlands Adjusted EBITDDA of $262.9 million was a record level due to leveraged Idaho lumber indexed pricing
  • Acquired $134 million of high-quality timberlands
  • Returned $388 million to shareholders through regular dividends and a Q4 special dividend
  • Maintained strong liquidity position of $595 million as of December 31, 2021

"2021 was an extraordinary year, with our Wood Products and Timberlands businesses far exceeding last year's record performance," said Eric Cremers, president and chief executive officer. "Our leverage-to-lumber strategy capitalized on historic lumber prices and is well situated to continue to drive strong financial performance into 2022. Additionally, we returned $388 million to shareholders in 2021, including a special dividend in December, and are well positioned to continue growing shareholder value through our disciplined and opportunistic capital allocation strategy," stated Mr. Cremers.

Financial Highlights

(in millions, except per share data - unaudited)

Q4 2021

Q3 2021

Q4 2020

Revenues

$

248.4

$

287.3

$

337.4

Net income

$

39.2

$

65.7

$

100.0

Weighted average shares outstanding, diluted (in thousands)

67,974

67,648

67,607

Net income per diluted share

$

0.58

$

0.97

$

1.48

Adjusted net income

$

39.9

$

62.4

$

100.0

Adjusted net income per diluted share

$

0.59

$

0.92

$

1.48

Total Adjusted EBITDDA

$

75.7

$

107.2

$

163.9

Dividends per share1

$

4.44

$

0.41

$

0.41

Net cash from operations

$

51.6

$

111.9

$

144.4

Cash and cash equivalents

$

296.2

$

592.8

$

252.3

1The regular dividend was increased 7.3% to $0.44 per quarter and a special dividend of $4 per share was paid Q4 2021.

Business Performance: Q4 2021 vs. Q3 2021

Timberlands

Fourth Quarter 2021 Highlights

  • Timberlands Adjusted EBITDDA decreased $34.2 million from Q3 2021 levels
  • Northern sawlog price decreased 28% primarily due to lower indexed and cedar sawlog prices
  • Northern harvest volumes were seasonally lower
  • Forest management costs decreased seasonally

(in millions - unaudited)

Q4 2021

Q3 2021

$ Change

Segment Revenues

$

86.8

$

129.5

$

(42.7

)

Adjusted EBITDDA

$

41.8

$

76.0

$

(34.2

)

Wood Products

Fourth Quarter 2021 Highlights

  • Wood Products Adjusted EBITDDA increased $10.6 million from Q3 2021 levels
  • Average lumber price increased 6% to $563 per MBF in Q4 2021
  • Log costs decreased due to lower index pricing in Idaho
  • Plywood price declined from historic levels

(in millions - unaudited)

Q4 2021

Q3 2021

$ Change

Segment Revenues

$

174.2

$

187.8

$

(13.6

)

Adjusted EBITDDA

$

37.2

$

26.6

$

10.6

Real Estate

Fourth Quarter 2021 Highlights

  • Real Estate Adjusted EBITDDA increased $0.9 million from Q3 2021 levels
  • Reflects higher rural land sales, partially offset by lower residential lot sales
  • Sold 5,674 acres of rural land at an average price of $1,566/acre
  • Sold 37 residential lots at an average price of $71,757/lot

(in millions - unaudited)

Q4 2021

Q3 2021

$ Change

Segment Revenues

$

14.0

$

13.5

$

0.5

Adjusted EBITDDA

$

10.0

$

9.1

$

0.9

Outlook

"2022 is off to a great start with the recent surge in lumber prices benefitting both our Timberlands and Wood Products businesses. We expect housing-related fundamentals that drive demand in our business to remain favorable and we continue to expect lumber prices will remain higher than long-term averages. We continue to monitor the pandemic and the trend in mortgage rates and their impact on lumber demand and our business. During 2022, we expect to harvest approximately 6.1 million tons in our Timberlands segment, ship around 1 billion board feet in lumber, and sell about 13,500 rural acres and 165 residential lots in our Real Estate Segment," stated Mr. Cremers.

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, February 1, 2022, 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 February 8, 2022, 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 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.

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; favorable housing market fundamentals; lumber pricing; lumber shipment volumes; timber harvest volumes; rural real estate and development real estate sales; 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 the impact of COVID-19 and its variants, governmental responses to such outbreaks, and anticipated recovery from the pandemic 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 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 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 Corp.

Condensed Consolidated Statements of Operations

Unaudited

Three Months Ended

Year Ended

December 31,

September 30,

December 31,

December 31,

(in thousands, except per share amounts)

2021

2021

2020

2021

2020

Revenues

$

248,406

$

287,330

$

337,449

$

1,337,435

$

1,040,930

Costs and expenses:

Cost of goods sold

178,163

190,602

183,860

715,846

687,781

Selling, general and administrative expenses

18,650

18,512

20,455

73,432

72,519

Net loss (gain) on fire damage

1,033

(4,394

)

-

(3,361

)

-

197,846

204,720

204,315

785,917

760,300

Operating income

50,560

82,610

133,134

551,518

280,630

Interest expense, net

(8,861

)

(8,641

)

(8,869

)

(29,275

)

(29,463

)

Pension settlement charge

-

-

-

-

(42,988

)

Non-operating pension and other postretirement costs

(3,271

)

(3,271

)

(3,556

)

(13,227

)

(14,226

)

Income before income taxes

38,428

70,698

120,709

509,016

193,953

Income taxes

754

(5,031

)

(20,692

)

(85,156

)

(27,123

)

Net income

$

39,182

$

65,667

$

100,017

$

423,860

$

166,830

Net income per share:

Basic

$

0.58

$

0.98

$

1.49

$

6.29

$

2.48

Diluted

$

0.58

$

0.97

$

1.48

$

6.26

$

2.47

Dividends per share1

$

4.44

$

0.41

$

0.41

$

5.67

$

1.61

Weighted-average shares outstanding (in thousands):

Basic

67,572

67,315

67,159

67,352

67,237

Diluted

67,974

67,648

67,607

67,719

67,568

1

The regular dividend was increased 7.3% to $0.44 per quarter and a special dividend of $4 per share was paid Q4 2021.

PotlatchDeltic Corp.

Condensed Consolidated Balance Sheet

Unaudited

At December 31,

(in thousands, except per share amounts)

2021

2020

ASSETS

Current assets:

Cash and cash equivalents

$

296,151

$

252,340

Customer receivables, net

31,028

26,606

Inventories, net

72,369

62,036

Other current assets

21,630

16,136

Total current assets

421,178

357,118

Property, plant and equipment, net

292,320

288,544

Investment in real estate held for development and sale

65,604

72,355

Timber and timberlands, net

1,682,671

1,600,061

Intangible assets, net

15,491

16,270

Other long-term assets

57,951

46,717

Total assets

$

2,535,215

$

2,381,065

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$

78,209

$

93,279

Current portion of long-term debt

42,977

39,981

Current portion of pension and other postretirement employee benefits

4,993

6,574

Total current liabilities

126,179

139,834

Long-term debt

715,279

717,366

Pension and other postretirement employee benefits

83,674

128,807

Deferred tax liabilities, net

34,874

17,740

Other long-term obligations

49,076

72,365

Total liabilities

1,009,082

1,076,112

Commitments and contingencies

Stockholders' equity:

Common stock, $1 par value

69,064

66,876

Additional paid-in capital

1,781,217

1,674,576

Accumulated deficit

(280,910

)

(315,510

)

Accumulated other comprehensive loss

(43,238

)

(120,989

)

Total stockholders' equity

1,526,133

1,304,953

Total liabilities and stockholders' equity

$

2,535,215

$

2,381,065

PotlatchDeltic Corp.

Condensed Consolidated Statements of Cash Flows

Unaudited

Three Months Ended

Year Ended

December 31,

September 30,

December 31,

December 31,

December 31,

(in thousands)

2021

2021

2020

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

39,182

$

65,667

$

100,017

$

423,860

$

166,830

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

Depreciation, depletion and amortization

20,060

21,534

20,076

77,425

77,885

Basis of real estate sold

4,627

6,697

10,908

27,360

25,348

Change in deferred taxes

(3,196

)

2,659

(223

)

25

(14,610

)

Pension and other postretirement benefits

5,484

5,484

5,916

22,079

23,666

Pension settlement charge

-

-

-

-

42,988

Equity-based compensation expense

2,262

2,275

2,135

8,607

8,063

Net loss (gain) on fire damage

1,033

(4,394

)

-

(3,361

)

-

Other, net

(270

)

928

(725

)

363

(1,269

)

Change in working capital and operating-related activities, net

(13,117

)

17,072

10,366

(33,199

)

23,072

Real estate development expenditures

(2,795

)

(2,435

)

(2,506

)

(9,229

)

(6,706

)

Funding of pension and other postretirement employee benefits

(1,626

)

(3,585

)

(1,546

)

(9,044

)

(10,004

)

Net cash provided by operating activities

51,644

111,902

144,418

504,886

335,263

CASH FLOWS FROM INVESTING ACTIVITIES

Property, plant and equipment additions

(12,656

)

(10,348

)

(8,027

)

(38,947

)

(22,693

)

Timberlands reforestation and roads

(4,165

)

(4,282

)

(3,889

)

(16,401

)

(16,234

)

Acquisition of timber and timberlands

(17,616

)

(258

)

(2,120

)

(20,066

)

(6,858

)

Proceeds from property insurance recoveries

1,750

13,250

-

15,000

-

Other, net

276

358

108

1,269

3,593

Net cash used in investing activities

(32,411

)

(1,280

)

(13,928

)

(59,145

)

(42,192

)

CASH FLOWS FROM FINANCING ACTIVITIES

Distributions to common stockholders

(305,779

)

(27,489

)

(27,419

)

(388,241

)

(107,853

)

Repurchase of common stock

-

-

-

-

(15,364

)

Proceeds from long-term debt

40,000

-

46,000

40,000

46,000

Repayment of long-term debt

(46,366

)

-

(46,000

)

(46,366

)

(46,000

)

Other, net

(3,083

)

(2,396

)

(735

)

(6,702

)

(1,768

)

Net cash used in financing activities

(315,228

)

(29,885

)

(28,154

)

(401,309

)

(124,985

)

Change in cash, cash equivalents and restricted cash

(295,995

)

80,737

102,336

44,432

168,086

Cash, cash equivalents and restricted cash at beginning of period

592,767

512,030

150,004

252,340

84,254

Cash, cash equivalents and restricted cash at end of period

$

296,772

$

592,767

$

252,340

$

296,772

$

252,340

Note: PotlatchDeltic issued 1.96 million shares of common stock and assumed debt of $6.6 million to acquire Loutre Land and Timber Company in December 2021. The debt was paid off after the transaction closed.

PotlatchDeltic Corp.

Segment Information

Unaudited

Three months ended

Year Ended

December 31,

September 30,

December 31,

December 31,

(in thousands)

2021

2021

2020

2021

2020

Revenues

Timberlands

$

86,772

$

129,543

$

109,764

$

449,447

$

376,519

Wood Products

174,158

187,760

208,898

988,888

698,405

Real Estate

14,005

13,497

62,191

63,813

104,416

274,935

330,800

380,853

1,502,148

1,179,340

Intersegment Timberlands revenues

(26,529

)

(43,470

)

(43,404

)

(164,713

)

(138,410

)

Consolidated revenues

$

248,406

$

287,330

$

337,449

$

1,337,435

$

1,040,930

Adjusted EBITDDA1

Timberlands

$

41,804

$

76,023

$

62,512

$

262,944

$

182,802

Wood Products

37,204

26,566

70,315

393,858

176,095

Real Estate

10,007

9,069

56,414

47,457

86,476

Corporate

(12,365

)

(11,496

)

(13,884

)

(47,393

)

(48,451

)

Eliminations and adjustments

(932

)

7,021

(11,459

)

(3,995

)

(14,694

)

Total Adjusted EBITDDA

75,718

107,183

163,898

652,871

382,228

Interest expense, net2

(8,861

)

(8,641

)

(8,869

)

(29,275

)

(29,463

)

Depreciation, depletion and amortization

(19,477

)

(21,131

)

(19,671

)

(75,633

)

(76,261

)

Net (loss) gain on fire damage

(1,033

)

4,394

-

3,361

-

Basis of real estate sold

(4,627

)

(6,697

)

(10,908

)

(27,360

)

(25,348

)

Pension settlement charge

-

-

-

-

(42,988

)

Non-operating pension and other postretirement employee benefits

(3,271

)

(3,271

)

(3,556

)

(13,227

)

(14,226

)

(Loss) gain on fixed assets

(21

)

(1,139

)

(185

)

(1,721

)

11

Income before income taxes

$

38,428

$

70,698

$

120,709

$

509,016

$

193,953

Depreciation, depletion and amortization

Timberlands

$

11,611

$

11,893

$

13,069

$

45,403

$

51,047

Wood Products

7,541

8,879

6,200

28,802

23,611

Real Estate

163

162

155

640

620

Corporate

162

197

247

788

983

19,477

21,131

19,671

75,633

76,261

Bond discounts and deferred loan fees2

583

403

405

1,792

1,624

Total depreciation, depletion and amortization

$

20,060

$

21,534

$

20,076

$

77,425

$

77,885

Basis of real estate sold

Real Estate

$

4,630

$

6,703

$

11,017

$

27,381

$

25,990

Eliminations and adjustments

(3

)

(6

)

(109

)

(21

)

(642

)

Total basis of real estate sold

$

4,627

$

6,697

$

10,908

$

27,360

$

25,348

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 Corp.

Reconciliations

Unaudited

Three months ended

Year ended

December 31,

September 30,

December 31,

December 31,

(in thousands, except per share amounts)

2021

2021

2020

2021

2020

Adjusted EBITDDA

Net income (GAAP)

$

39,182

$

65,667

$

100,017

$

423,860

$

166,830

Interest, net

8,861

8,641

8,869

29,275

29,463

Income taxes

(754

)

5,031

20,692

85,156

27,123

Depreciation, depletion and amortization

19,477

21,131

19,671

75,633

76,261

Basis of real estate sold

4,627

6,697

10,908

27,360

25,348

Net loss (gain) on fire damage

1,033

(4,394

)

-

(3,361

)

-

Pension settlement charge

-

-

-

-

42,988

Non-operating pension and other postretirement benefit costs

3,271

3,271

3,556

13,227

14,226

Loss (gain) on fixed assets

21

1,139

185

1,721

(11

)

Total Adjusted EBITDDA

$

75,718

$

107,183

$

163,898

$

652,871

$

382,228

Adjusted net income

Net income (GAAP)

$

39,182

$

65,667

$

100,017

$

423,860

$

166,830

Special items:

Net loss (gain) on fire damage, after tax

748

(3,252

)

-

(2,504

)

-

Pension settlement charge, after tax

-

-

-

-

31,811

Adjusted net income

$

39,930

$

62,415

$

100,017

$

421,356

$

198,641

Adjusted net income per diluted share

Net income per diluted share (GAAP)

$

0.58

$

0.97

$

1.48

$

6.26

$

2.47

Special items:

Net loss (gain) on fire damage, after tax

0.01

(0.05

)

-

(0.04

)

-

Pension settlement charge, after tax

-

-

-

-

0.47

Adjusted net income per diluted share

$

0.59

$

0.92

$

1.48

$

6.22

$

2.94



Contact

(Investors)
Jerry Richards
509.835.1521

(Media)
Anna Torma
509.835.1558

 
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