SPOKANE, WA - PotlatchDeltic Corporation this week reported net income of $16.3 million on revenues of $258.0 million for the quarter that ended March 31st. Excluding CatchMark merger-related expenses, adjusted net income was $18.5 million. Net income was $163.9 million on revenues of $411.4 million for the quarter. Excluding after-tax special items consisting of a non-cash pension settlement charge and a loss on fire damage, adjusted net income was $174.6 million for the first quarter of 2022.
President and Chief Executive Officer Eric Cremers said during a conference call they are encouraged by the upward trend in lumber prices as the spring construction season gets underway.
Shifting to housing, Cremers says they believe there are strong, positive tailwinds for the company's future.
Cremers says new home sales data released this week was also favorable. The largest market for lumber is home repair and remodeling. He says those numbers also look good.
Meanwhile, Vice President, Chief Financial Officer, and Chief Accounting Officer Wayne Wasechek says the company's Idaho team leveraged favorable logging conditions and strong mill demand. They harvested 471,000 tons of saw logs in the first quarter.
Cremers says the extended winter in Idaho forests resulted in more harvesting of lumber in the Gem State.
Wasecheck says PotlatchDeltic plans to ship around 280 million board feet of lumber during the second quarter. The average price so far this quarter is about 6% higher than it was in the first quarter.
PotlatchDeltic is a timberland real estate investment trust with approximately 2.2 million acres of timberlands in seven states - including Idaho, Arkansas, Georgia, Alabama, Mississippi, South Carolina, and Louisiana. The company is headquartered in Spokane.
The company is the largest private landowner in Idaho with approximately 626,000 acres of timberlands in the northern part of the state.
"Species we grow include Douglas Fir, Western Larch, Western Red Cedar, Grand Fir, Ponderosa Pine, Engelmann Spruce, and Western White Pine," the company says on its website. "Approximately one-third of timber harvested from our Idaho lands is sold to PotlatchDeltic lumber and plywood mills in St. Maries, Idaho. The remainder is sold to other area wood products and paper manufacturers."
For more on PotlatchDeltic's first-quarter earnings, click HERE.
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