PotlatchDeltic Corporation reported net income of $163.9 million, or $2.35 per diluted share, on revenues of $411.4 million for the 1Q ended March 31, 2022. Excluding after tax special items consisting of a non-cash pension settlement charge and a net loss on fire damage, adjusted net income was $174.6 million, or $2.50 per diluted share for the 1Q 2022. Net income was $131.1 million, or $1.94 per diluted share, on revenues of $354.2 million for the 1Q 2021.
“2022 is off to a phenomenal start with each of our businesses delivering exceptional results leading to our highest 1Q financial performance on record," said Eric Cremers, President and CEO. "Our operating results reflect our integrated operating model and leverage-to-lumber strategy combined with strong execution by our teams across all of our operations. Looking forward, we remain upbeat on lumber demand fundamentals despite the current rising interest rate environment. Our commitment to a disciplined capital allocation strategy and our strong balance sheet position us to continue to enhance shareholder value," stated Mr. Cremers.
PotlatchDeltic 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.
