CatchMark Timber Trust, Inc. reported 1Q 2022 results. The company also declared a cash dividend of $0.075 per share for its common stockholders of record as of May 31, 2022, payable on June 15, 2022.
1Q 2022 net income of $3.2 million resulted primarily from substantially higher net timber sales pricing, profits on timberland sales, and lower interest expense. Adjusted EBITDA of $14.8 million, 15% higher than prior year quarter resulted primarily from increased net timberland sales and higher net timber sales pricing.
1Q 2022 revenues of $26.9 million decreased slightly, down 3%, primarily due to lower year-over-year timber sales revenues, down 12%, resulting principally from reduced harvest volumes related to the disposition of the Bandon timberlands in the Pacific Northwest completed in third quarter 2021.
Brian M. Davis, CatchMark President and CEO, said: "1Q results again demonstrated how CatchMark's prime timberlands located in select leading U.S. South mill markets continue to deliver superior pricing for our harvests well above market averages while also registering significant year-over-year growth. For the full year, we expect to achieve sawtimber pricing of approximately 20% over 2021 as demand for new housing remains strong even in a higher interest rate environment. Retail land sales also contributed to our strong quarterly results, capturing excellent pricing for acreage with stocking and productivity characteristics below our portfolio averages. At the same time, our small-tract acquisition program has gained traction, benefiting from our improved balance sheet and strong liquidity position, and focusing on markets where our local presence gives us an advantage in finding good value."
Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in 365,300 acres of timberlands located in the U.S. South.
