PotlatchDeltic Corporation reported net income of $39.2 million, or 58 cents per diluted share, on revenue of $248.4 million for the three months ended Dec. 31, 2021.
PotlatchDeltic’s Waldo plant is part of the company’s Wood Products division. The company also has significant timber and land interests in Arkansas.
Excluding a net loss on fire damage, adjusted net income was $39.9 million, or 59 cents per diluted share for the fourth quarter of 2021. Net income was $100 million dollars, or $1.48 per diluted share, on revenue of $337.4 million for the quarter ended December. 31, 2020.
Net income for the full year of 2021 was $423.9 million, or $6.26 per diluted share, on revenue of $1.3 billion. Excluding net fire damage gain, 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 revenue of $1.0 billion. Excluding after-tax pension settlement expense, adjusted net income was $198.6 million, or $2.94 per diluted share for 2020.
— Record total adjusted EBITDA generated of $652.9 million and total adjusted EBITDA margin of 49%
— Record Wood Products Adjusted EBITDA of $393.9 million driven by historic lumber prices
— Timberlands adjusted EBITDA of $262.9 million was a record high due to leveraged Idaho lumber index pricing
— Acquired $134 million of high-quality forest land
— Return of $388 million to shareholders in the form of regular dividends and a special dividend in the fourth quarter
— Maintained a strong liquidity position of $595 million as of December 31, 2021
“2021 has been an extraordinary year, with our Wood Products and Timberlands businesses far exceeding last year’s record performance,” said Eric Cremers, President and CEO. “Our lumber optimization strategy capitalized on historic lumber prices and looks set to continue delivering strong financial performance through 2022. In addition, we returned $388 million to shareholders in 2021, including a special dividend in December, and we are well positioned to continue to build shareholder value through our disciplined and opportunistic capital allocation strategy,” Cremers said.
“2022 is off to a good start with the recent spike in timber prices benefiting both our Timberlands and Wood Products businesses. long-term averages. We continue to monitor the pandemic and the trend in mortgage rates and their impact on timber demand and our business. In 2022, we expect to harvest approximately 6.1 million tonnes in our Timberlands segment, ship approximately 1 billion board feet in lumber and sell approximately 13,500 rural acres and 165 residential lots in our real estate segment.” , said Cremers.