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• Total Adjusted EBITDA (2024): $232 million.

• Timberlands Adjusted EBITDA (2024): $139 million.

• Wood Products Adjusted EBITDA (2024): Loss of $8 million; $9 million in Q4.

• Real Estate Adjusted EBITDA (2024): $147 million.

• Fourth Quarter Adjusted EBITDA: $53 million.

• Timberlands Harvest Volume (2024): 7.6 million tons.

• Lumber Shipments (2024): Over 1.1 billion board feet.

• Real Estate Sales (2024): Sold over 57,000 acres at $2,300 per acre.

• Residential Lots Sold (2024): 135 lots at $146,000 per lot.

• Cash Dividends Paid (2024): $142 million.

• Share Repurchases (2024): $35 million, averaging $41 per share.

• Fourth Quarter Lumber Price Realization: $445 per thousand board feet.

• Fourth Quarter Lumber Shipments: 283 million board feet.

• Fourth Quarter Real Estate Sales: 5,900 acres at $2,900 per acre.

• Liquidity at Year-End: $451 million.

• Capital Expenditures (Q4 2024): $20 million.

• Warning! GuruFocus has detected 7 Warning Signs with PCH.

Release Date: January 28, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• PotlatchDeltic Corp (NASDAQ:PCH) reported a total adjusted EBITDA of $232 million for 2024, reflecting strong performance in its real estate business and stability in timberlands operations.

• The company achieved a record annual shipment volume of over 1.1 billion board feet of logs, despite downtime for sawmill modernization.

• The Waldo sawmill modernization and expansion project is on track, expected to increase annual capacity by 85 million board feet and generate $25 million in incremental EBITDA annually.

• The real estate segment contributed $147 million in adjusted EBITDA, with strong demand for rural properties and successful sales in the Chenal Valley community.

• PotlatchDeltic Corp (NASDAQ:PCH) made significant progress in its Natural Climate Solutions initiatives, doubling solar options under contract with an estimated net present value exceeding $400 million.

Negative Points

• The wood products segment faced challenges with a loss of $8 million in adjusted EBITDA for 2024 due to a weak lumber pricing environment.

• Cautious buyer sentiment, ample lumber supply, and soft demand in end markets exerted downward pressure on lumber markets throughout the year.

• The multifamily homebuilding segment remains weak due to an oversupply of units and restrictive construction financing, limiting starts.

• The repair and remodel segment has been subdued, particularly in the DIY sector, due to cautious consumer sentiment and higher financing costs.

• PotlatchDeltic Corp (NASDAQ:PCH) anticipates no significant contribution from Natural Climate Solutions profit pools in 2025, with major benefits expected in later years.