PotlatchDeltic Corporation reported net income of $17.1 million, or $0.25 per diluted share, on revenues of $215.6 million for the 2Q ended June 30, 2019. PotlatchDeltic generated $49 million of total adjusted EBITDDA and adjusted EBITDDA margin of 23% in the 2Q 2019, as the company said in the press release received by Lesprom Network.
“Our Timberlands and Real Estate businesses continued to perform well during the quarter despite extremely wet weather and difficult operating conditions in the South while our Wood Products results declined significantly due to a 35% drop in lumber prices compared to one year ago,” said Mike Covey, chairman and CEO. “Our Real Estate business closed two large transactions in the quarter, including the sale of rural land in Arkansas for $11,000 per acre. We returned $79 million to shareholders during the first half of the year in the form of dividends and share repurchases totaling $25 million. We continue to invest capital in our mills and are on pace to complete $40 million of improvements to expand capacity and increase grade recovery,” stated Mr. Covey.
PotlatchDeltic is a leading Real Estate Investment Trust (REIT) that owns nearly 1.9 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi.
