PCH - PotlatchDeltic Corporation (PCH) Q4 2023 Earnings Call Transcript
2024-01-30 16:30:06 ET
PotlatchDeltic Corporation (PCH)
Q4 2023 Earnings Conference Call
January 30, 2024 12:00 pm ET
Company Participants
Eric Cremers - President and CEO
Wayne Wasechek - Vice President and CFO
Conference Call Participants
George Staphos - Bank of America
Anthony Pettinari - Citigroup
Ketan Mamtora - BMO Capital Markets
Michael Roxland - Truist Securities
Matthew McKellar - RBC Capital Markets
Kurt Yinger - D.A. Davidson
Mark Weintraub - Seaport Global
Presentation
Operator
Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the PotlatchDeltic Fourth Quarter 2023 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you.
I would now like to turn the call over to Mr. Wayne Wasechek, Vice President and Chief Financial Officer for opening remarks. Sir, you may proceed.
Wayne Wasechek
Good morning and welcome to PotlatchDeltic's fourth quarter 2023 earnings conference call. Joining me on the call is Eric Cremers, PotlatchDeltic's President and Chief Executive Officer. This call will contain forward-looking statements. Please review the warning statements in our press release, on the presentation slides and in our filings with the SEC regarding the risks associated with these forward-looking statements. Also, please note that a reconciliation of non-GAAP measures can be found on our website at www.potlatchdeltic.com.
I'll turn the call over to Eric for some comments, and then I will review our fourth quarter results and our 2024 outlook.
Eric Cremers
Well, thank you, Wayne. Good morning, everyone. We reported total adjusted EBITDA of $200 million for 2023 after the market closed yesterday. That is our fifth highest level of annual EBITDA on record since electing REIT status in 2006. We accomplished this despite a relatively weak lumber pricing environment, which reflects our strength as a company created through our past accretive acquisitions and ability to identify and monetize rural acres that have a significant premium to timberland values.
Our Timberlands segment generated adjusted EBITDA of $151 million in 2023. We harvested 7.7 million tons, which is a record annual harvest volume. This volume also reflects our first full-year of operations with our CatchMark Timberlands that we acquired in September 2022. Speaking of CatchMark, one of our operational highlights was the completion of the process of insourcing the management of CatchMark's timberlands earlier in 2023, enabling us to realize the final piece in our $21 million of annual CAD synergies from the merger....
PotlatchDeltic Corporation (PCH) Q4 2023 Earnings Call Transcript