PCH - PotlatchDeltic Q3 top bottom lines beat on strong Timberlands segment

PotlatchDeltic ( NASDAQ: PCH ) third-quarter earnings came in stronger than expected on Monday as revenue from its Timberlands business offset declines in Wood Products and Real Estate.

Q3 adjusted EPS of $0.74 at September 30 topped the average analyst estimate of $0.64, but fell from $1.61 at June 30 and $0.92 in the year-ago period.

Revenue of $306.7M also exceeded the Street consensus of $298.1M and compared with $359.6M in Q2 and $287.3M at Sep. 30, 2021.

Timberlands revenue came in at $134.6M, up from $105.5M in the prior quarter and $29.1M, as northern and southern harvest volumes increased seasonally

Wood Products revenue of $193.4M, though, dipped from $266.6M in Q2, as the average lumber price decreased 34% to $572 per MBF during the quarter.

Real Estate revenue was $19.0M vs. $26.7M in Q2.

Adjusted EBITDA of $101.1M slid from $175.1M in Q2 and $107.2M a year earlier.

“Third quarter 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 President and CEO Eric Cremers.

Conference call on Tuesday at 9:00 a.m. PT (12:00 p.m. ET).

Earlier, Potlatch Non-GAAP EPS of $0.74 beats by $0.10, revenue of $306.69M beats by $8.6M .

For further details see: