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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 Third Quarter 2022 Results

24.10.2022 | 22:10 Uhr | Business Wire

PotlatchDeltic Corp. (Nasdaq: PCH) today reported net income of $46.0 million, or $0.64 per diluted share, on revenues of $306.7 million for the quarter ended September 30, 2022. Excluding after tax special items consisting of a gain on insurance recoveries and CatchMark merger related expenses, adjusted net income was $53.2 million, or $0.74 per diluted share for the third quarter of 2022. Net income was $65.7 million, or $0.97 per diluted share, on revenues of $287.3 million for the quarter ended September 30, 2021. Excluding an after-tax gain on insurance recoveries, adjusted net income was $62.4 million, or $0.92 per diluted share for the third quarter of 2021.

Third Quarter 2022 Highlights

  • Generated Total Adjusted EBITDDA of $101.1 million and Total Adjusted EBITDDA margin of 33%
  • Successfully completed our merger with CatchMark creating a leading integrated timber REIT
  • Used existing interest rate swaps to reduce the combined company's annual interest expense by $8.5 million, reducing our weighted average cost of debt from 3.1% to 2.4%
  • Achieved $15 million of CatchMark CAD synergies and now expect $21 million versus our $16 million target
  • Restarted the large log line at the Ola, Arkansas sawmill on schedule
  • Maintained strong liquidity position of $773 million as of September 30, 2022

"Third quarter 2022 marked another important milestone in our company's history as we successfully closed our merger with CatchMark, further diversifying our timberland ownership into some of the strongest markets in the U.S. South," said Eric Cremers, president and chief executive officer. "Overall, we have acquired almost 500,000 acres of timberlands in the last year at relatively attractive prices, increasing our stable cash flows. All of our businesses continue to perform well and we generated Total Adjusted EBITDDA of $101 million in the third quarter. Our strong balance sheet and liquidity provide a high degree of flexibility as we navigate the current economic environment, along with the ability to continue growing shareholder value," stated Mr. Cremers.

Financial Highlights

($ in millions, except per share data)

Q3 2022

Q2 2022

Q3 2021

Revenues

$

306.7

$

359.6

$

287.3

Net income

$

46.0

$

120.2

$

65.7

Weighted average shares outstanding, diluted (in thousands)

71,632

69,791

67,648

Net income per diluted share

$

0.64

$

1.72

$

0.97

Adjusted Net Income

$

53.2

$

112.9

$

62.4

Adjusted Net Income per diluted share

$

0.74

$

1.61

$

0.92

Total Adjusted EBITDDA

$

101.1

$

175.1

$

107.2

Dividends per share

$

0.44

$

0.44

$

0.41

Net cash from operations

$

80.3

$

147.9

$

111.9

Cash and cash equivalents

$

484.0

$

511.2

$

592.8

Business Performance: Q3 2022 vs. Q2 2022

Timberlands

Third Quarter 2022 Highlights

  • Timberlands Adjusted EBITDDA increased $6.6 million from Q2 2022
  • Northern and southern harvest volumes increased seasonally
  • Northern sawlog prices decreased 25% due largely to lower indexed sawlog prices
  • Southern sawlog prices were relatively flat
  • Higher log & haul costs were primarily driven by increased fuel costs and constrained capacity

($ in millions)

Q3 2022

Q2 2022

$ Change

Timberlands Revenues

$

134.6

$

105.5

$

29.1

Timberlands Adjusted EBITDDA

$

64.5

$

57.9

$

6.6

Wood Products

Third Quarter 2022 Highlights

  • Wood Products Adjusted EBITDDA decreased $75.9 million from Q2 2022
  • Average lumber price decreased 34% to $572 per MBF in Q3 2022
  • Lumber production increased in Q3 2022 leading to higher fixed cost absorption
  • Plywood shipments and price realizations declined on lower demand

($ in millions)

Q3 2022

Q2 2022

$ Change

Wood Products Revenues

$

193.4

$

266.6

$

(73.2

)

Wood Products Adjusted EBITDDA

$

31.3

$

107.2

$

(75.9

)

Real Estate

Third Quarter 2022 Highlights

  • Real Estate Adjusted EBITDDA decreased $7.7 million from Q2 2022
  • Sold 1,622 acres of rural land at an average price of $3,811 per acre
  • Sold 48 residential lots at an average price of $78,344 per lot
  • Sold 35 commercial acres for $182,520 per acre

($ in millions)

Q3 2022

Q2 2022

$ Change

Real Estate Revenues

$

19.0

$

26.7

$

(7.7

)

Real Estate Adjusted EBITDDA

$

14.1

$

21.8

$

(7.7

)

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, October 25, 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 November 1, 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 nearly 2.2 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. 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; synergies expected to be realized following the merger with CatchMark Timber Trust, Inc.; expectations about the start-up of the Ola, Arkansas sawmill's large log line; expectations regarding the weighted average cost of debt; business conditions and strategies; 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 ability of the company and its contractors to successfully reach performance expectations of the new large log line at the Ola, Arkansas sawmill; 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

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

September 30,

(in thousands, except per share amounts)

2022

2022

2021

2022

2021

Revenues

$

306,693

$

359,597

$

287,330

$

1,077,640

$

1,089,029

Costs and expenses:

Cost of goods sold

220,876

191,334

190,602

592,057

537,683

Selling, general and administrative expenses

18,878

20,412

18,512

55,584

54,782

CatchMark merger-related expenses

26,007

-

-

26,007

-

Gain on fire damage

(24,913

)

(9,868

)

(4,394

)

(34,505

)

(4,394

)

240,848

201,878

204,720

639,143

588,071

Operating income

65,845

157,719

82,610

438,497

500,958

Interest expense, net

(8,280

)

(7,419

)

(8,641

)

(18,593

)

(20,414

)

Pension settlement charge

-

-

-

(14,165

)

-

Non-operating pension and other postretirement employee benefit costs

(1,808

)

(1,809

)

(3,271

)

(5,546

)

(9,956

)

Other

(1

)

-

-

(1

)

-

Income before income taxes

55,756

148,491

70,698

400,192

470,588

Income taxes

(9,801

)

(28,269

)

(5,031

)

(70,135

)

(85,910

)

Net income

$

45,955

$

120,222

$

65,667

$

330,057

$

384,678

Net income per share:

Basic

$

0.64

$

1.73

$

0.98

$

4.70

$

5.72

Diluted

$

0.64

$

1.72

$

0.97

$

4.69

$

5.69

Dividends per share

$

0.44

$

0.44

$

0.41

$

1.32

$

1.23

Weighted-average shares outstanding:

Basic

71,486

69,580

67,315

70,171

67,275

Diluted

71,632

69,791

67,648

70,308

67,588

PotlatchDeltic Corp.

Condensed Consolidated Balance Sheets

Unaudited

(in thousands, except per share amounts)

September 30, 2022

December 31, 2021

ASSETS

Current assets:

Cash and cash equivalents

$

484,018

$

296,151

Customer receivables, net

37,224

31,028

Inventories, net

62,584

72,369

Other current assets

41,551

21,630

Total current assets

625,377

421,178

Property, plant and equipment, net

319,232

292,320

Investment in real estate held for development and sale

57,458

65,604

Timber and timberlands, net

2,520,505

1,682,671

Intangible assets, net

17,906

15,491

Other long-term assets

184,310

57,951

Total assets

$

3,724,788

$

2,535,215

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$

111,607

$

78,209

Current portion of long-term debt

39,996

42,977

Current portion of pension and other postretirement employee benefits

4,993

4,993

Total current liabilities

156,596

126,179

Long-term debt

992,507

715,279

Pension and other postretirement employee benefits

92,990

83,674

Deferred tax liabilities, net

38,469

34,874

Other long-term obligations

38,807

49,076

Total liabilities

1,319,369

1,009,082

Commitments and contingencies

Stockholders' equity:

Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 80,777 and 69,064 shares

80,777

69,064

Additional paid-in capital

2,292,130

1,781,217

Accumulated deficit

(52,089

)

(280,910

)

Accumulated other comprehensive income (loss)

84,601

(43,238

)

Total stockholders' equity

2,405,419

1,526,133

Total liabilities and stockholders' equity

$

3,724,788

$

2,535,215

PotlatchDeltic Corp.

Condensed Consolidated Statements of Cash Flows

Unaudited

Three Months Ended

Nine Months Ended

(in thousands)

September 30,
2022

June 30,
2022

September 30,
2021

September 30,
2022

September 30,
2021

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

45,955

$

120,222

$

65,667

$

330,057

$

384,678

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

Depreciation, depletion and amortization

27,707

20,379

21,534

67,960

57,365

Basis of real estate sold

6,845

7,325

6,697

25,024

22,733

Change in deferred taxes

730

34

2,659

(1,359

)

3,221

Pension and other postretirement employee benefits

3,539

3,540

5,484

10,936

16,595

Pension settlement charge

-

-

-

14,165

-

Equity-based compensation expense

11,717

2,368

2,275

16,141

6,345

Gain on fire damage

(24,913

)

(9,868

)

(4,394

)

(34,505

)

(4,394

)

Other, net

144

(308

)

928

(455

)

633

Change in working capital and operating-related activities, net

(5,901

)

(1,236

)

17,072

14,071

(20,082

)

Real estate development expenditures

(1,796

)

(3,029

)

(2,435

)

(6,986

)

(6,434

)

Funding of pension and other postretirement employee benefits

(1,026

)

(968

)

(3,585

)

(3,290

)

(7,418

)

Proceeds from insurance recoveries

17,250

9,428

-

26,678

-

Net cash from operating activities

80,251

147,887

111,902

458,437

453,242

CASH FLOWS FROM INVESTING ACTIVITIES

Property, plant and equipment additions

(7,223

)

(24,211

)

(10,348

)

(44,000

)

(26,291

)

Timberlands reforestation and roads

(3,832

)

(3,740

)

(4,282

)

(12,220

)

(12,236

)

Acquisition of timber and timberlands

(53,863

)

(42,218

)

(258

)

(96,081

)

(2,450

)

Proceeds from property insurance

-

-

13,250

-

13,250

Cash acquired in CatchMark merger

23,571

-

-

23,571

-

Other, net

2,318

(1,475

)

358

935

993

Net cash from investing activities

(39,029

)

(71,644

)

(1,280

)

(127,795

)

(26,734

)

CASH FLOWS FROM FINANCING ACTIVITIES

Distributions to common stockholders

(35,530

)

(30,524

)

(27,489

)

(96,578

)

(82,462

)

Repurchase of common stock

(371

)

(4,156

)

-

(4,527

)

-

Proceeds from issuance of long-term debt

277,500

-

-

277,500

-

Repayment of long-term debt

(300,000

)

-

-

(303,000

)

-

Other, net

(4,026

)

(1,023

)

(2,396

)

(6,120

)

(3,619

)

Net cash from financing activities

(62,427

)

(35,703

)

(29,885

)

(132,725

)

(86,081

)

Change in cash, cash equivalents and restricted cash

(21,205

)

40,540

80,737

197,917

340,427

Cash, cash equivalents and restricted cash, beginning

515,894

475,354

512,030

296,772

252,340

Cash, cash equivalents and restricted cash, ending1

$

494,689

$

515,894

$

592,767

$

494,689

$

592,767

1 Includes $10.7 million and $4.7 million at September 30, 2022 and June 30, 2022, respectively, intended to be reinvested in timber and timberlands and classified as restricted cash in Other long-term assets in the Condensed Consolidated Balance Sheets.

PotlatchDeltic Corp.

Segment Information

Unaudited

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

September 30,

(in thousands)

2022

2022

2021

2022

2021

Revenues

Timberlands

$

134,576

$

105,486

$

129,543

$

363,719

$

362,675

Wood Products

193,431

266,633

187,760

755,806

814,729

Real Estate

19,008

26,736

13,497

79,809

49,808

347,015

398,855

330,800

1,199,334

1,227,212

Intersegment Timberlands revenues

(40,322

)

(39,258

)

(43,470

)

(121,694

)

(138,183

)

Consolidated revenues

$

306,693

$

359,597

$

287,330

$

1,077,640

$

1,089,029

Adjusted EBITDDA1

Timberlands

$

64,482

$

57,890

$

76,023

$

198,806

$

221,140

Wood Products

31,258

107,256

26,566

288,465

356,654

Real Estate

14,140

21,816

9,069

66,080

37,450

Corporate

(12,629

)

(13,912

)

(11,496

)

(36,125

)

(35,028

)

Eliminations and adjustments

3,839

2,120

7,021

4,596

(3,063

)

Total Adjusted EBITDDA

101,090

175,170

107,183

521,822

577,153

Interest expense, net

(8,280

)

(7,419

)

(8,641

)

(18,593

)

(20,414

)

Depreciation, depletion and amortization

(27,329

)

(20,007

)

(21,131

)

(66,838

)

(56,156

)

Basis of real estate sold

(6,845

)

(7,325

)

(6,697

)

(25,024

)

(22,733

)

CatchMark merger-related expenses

(26,007

)

-

-

(26,007

)

-

Gain on fire damage

24,913

9,868

4,394

34,505

4,394

Pension settlement charge

-

-

-

(14,165

)

-

Non-operating pension and other postretirement employee benefits

(1,808

)

(1,809

)

(3,271

)

(5,546

)

(9,956

)

Gain (loss) on disposal of fixed assets

23

13

(1,139

)

39

(1,700

)

Other

(1

)

-

-

(1

)

-

Income before income taxes

$

55,756

$

148,491

$

70,698

$

400,192

$

470,588

Depreciation, depletion and amortization

Timberlands

$

16,963

$

11,563

$

11,893

$

40,687

$

33,792

Wood Products

10,069

8,136

8,879

25,226

21,261

Real Estate

175

173

162

518

477

Corporate

122

135

197

407

626

27,329

20,007

21,131

66,838

56,156

Bond discounts and deferred loan fees2

378

372

403

1,122

1,209

Total depreciation, depletion and amortization

$

27,707

$

20,379

$

21,534

$

67,960

$

57,365

Basis of real estate sold

Real Estate

$

6,845

$

7,328

$

6,703

$

25,033

$

22,751

Eliminations and adjustments

-

(3

)

(6

)

(9

)

(18

)

Total basis of real estate sold

$

6,845

$

7,325

$

6,697

$

25,024

$

22,733

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

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

September 30,

(in thousands, except per share amount)

2022

2022

2021

2022

2021

Total Adjusted EBITDDA

Net income (GAAP)

$

45,955

$

120,222

$

65,667

$

330,057

$

384,678

Interest expense, net

8,280

7,419

8,641

18,593

20,414

Income taxes

9,801

28,269

5,031

70,135

85,910

Depreciation, depletion and amortization

27,329

20,007

21,131

66,838

56,156

Basis of real estate sold

6,845

7,325

6,697

25,024

22,733

CatchMark merger-related expenses

26,007

-

-

26,007

-

Gain on fire damage

(24,913

)

(9,868

)

(4,394

)

(34,505

)

(4,394

)

Pension settlement charge

-

-

-

14,165

-

Non-operating pension and other postretirement benefit costs

1,808

1,809

3,271

5,546

9,956

(Gain) loss on disposal of fixed assets

(23

)

(13

)

1,139

(39

)

1,700

Other

1

-

-

1

-

Total Adjusted EBITDDA

$

101,090

$

175,170

$

107,183

$

521,822

$

577,153

Adjusted Net Income

Net income (GAAP)

$

45,955

$

120,222

$

65,667

$

330,057

$

384,678

Special items:

CatchMark merger-related expenses, after tax

25,823

-

-

25,823

-

Gain on fire damage, after tax

(18,559

)

(7,351

)

(3,252

)

(25,706

)

(3,252

)

Pension settlement charge, after tax

-

-

-

10,553

-

Adjusted Net Income

$

53,219

$

112,871

$

62,415

$

340,727

$

381,426

Adjusted Net Income Per Diluted Share

Net income per diluted share (GAAP)

$

0.64

$

1.72

$

0.97

$

4.69

$

5.69

Special items:

CatchMark merger-related expenses, after tax

0.36

-

-

0.37

-

Gain on fire damage, after tax

(0.26

)

(0.11

)

(0.05

)

(0.37

)

(0.05

)

Pension settlement charge, after tax

-

-

-

0.15

-

Adjusted Net Income per diluted share

$

0.74

$

1.61

$

0.92

$

4.84

$

5.64



Contact

(Investors)
Jerry Richards
509.835.1521

(Media)
Anna Torma
509.835.1558

 
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