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PotlatchDeltic, listed as NASDAQ:PCH, saw a reduction in Q4 EBITDDA for its Timberlands and Woods products business, but this was counterbalanced by a remarkable upsurge in its Real Estate segment.
Commenting on the results, President and CEO Eric Cremers stated, “Our Timberlands and Wood Products businesses each achieved operational milestones amongst the backdrop of challenging market conditions, while our Real Estate segment generated significant value from the stratification of our CatchMark timberlands.”
For 2024, the REIT anticipates harvesting 7.6M tons in its Timberlands unit, shipping 1.1B board feet of lumber in its Wood Products arm, and selling about 51K rural acres and 130 residential lots in its Real Estate division.
Q4 revenue reached $254.5M, surpassing the consensus analyst estimate of $241.1M, a decrease from $265.5M but an improvement from $253.1M in Q4 2022.
Costs and expenses amounted to $254.5M, up from $229.3M in Q3 and from $242.6M a year prior.
Total adjusted EBITDDA declined to $40.7M from $56.3M in Q3 and from $52.3M a year ago. The adjusted EBITDDA margin was 16.0% vs. 21.2% in Q3 and 20.7% in Q4 2022.
A conference call is scheduled for Jan. 30 at 12:00 p.m. ET, and earlier, PotlatchDeltic published its Q4 results.
