PotlatchDeltic Corporation 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 3Q 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 3Q 2021.
“3Q 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 CEO. “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 3Q. 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.
PotlatchDeltic 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.
